After graduating college, most students begin to see the return of their investment into higher education. Some states see a large return, and some don’t. New Mexico happens to be one of those states that does according to recent poll conducted by Student Loan Hero.
According to the poll, Top 20 states where college pays off, The University of New Mexico ranks second in the nation for college return on investment. College return on investment or ROI, compares the cost of their degrees, to how much they’re able to earn with their degree.
Student Loan Hero calculated each state’s average return on investment of a college degree five years after graduation. This was done by finding the typical pay difference between workers in that state with a high school diploma versus a bachelor’s degree, then using state-specific college costs to calculate the ROI.
In New Mexico, those who have earned a bachelor’s degree will earn 68 percent more than if they didn’t have a college education. New Mexico also has the third-lowest college costs in the nation, $34,945 for a bachelor’s degree, making education in the state more accessible to the public. This allows for the investment to payed off within only two years.
Overall, college proves to be a good bet for most students. A typical college grad will break even on college costs in about 3.7 years, and see an average pay bump of around $19,400. What’s more, five years post-graduation, an average graduate’s ROI is about 52 percent.
Another paper put out by the Brookings Institute recently, emphasized the public and economic benefits that higher education provides, including that “universities act as ladders for social mobility,” as well as laboratories for research and knowledge creation.
UNM was ranked No. 8 as a “leader in equal access to higher education,” as a place where important research is conducted, while at the same time extending social opportunity to low-income students.