The South Dakota School of Mines and Technology may be the best college investment in the nation based on the comparison of total costs and average starting salaries of graduates. More importantly, based on data analysis, it appears that the School of Mines may well be the only university in the nation where starting salaries for graduates average more than the total cost of a four-year degree.
Even in uncertain times with unemployment rising, the School of Mines offers graduates starting salaries that average nearly $56,000, and 99 percent of graduates find work or are enrolled in a graduate program less than one year after graduation.
"We've always known that the South Dakota School of Mines and Technology offers a top notch education at a tremendous value, but to be the only college in the country to literally pay for itself the first year after graduation is truly impressive," South Dakota Governor Michael Rounds said. "That speaks volumes for the quality found in the faculty, staff, administration and students of this institution."
At the South Dakota School of Mines and Technology, an engineering and science university located in Rapid City, S.D. at the base of the Black Hills, the college price tag doesn't deter would-be engineers and scientists. This is because the School of Mines, with total in-state costs at approximately $13,170 and out-of-state at $14,490, offers students a return on their investment that can't be beat.
"We are extremely proud of the quality, cost-effective education provided at the School of Mines," said President Robert A. Wharton, Ph.D. "In today's economy it is even more important for significant investments like a college education to provide an incredibly worthwhile return. Of all the investments one can make, a college education has traditionally been one of the best. And if you examine total costs compared to average starting salaries, the School of Mines is the best college investment there is."
School of Mines graduates have some of the highest starting salaries in the Midwest and are among the best-paid in the nation, according to a recent report by Payscale Inc., a Seattle-based research firm. The PayScale 2008 Education and Salary Report ranks the School of Mines ninth among Midwestern universities in terms of starting salaries and salary potential. According to the report, the starting median salary for School of Mines graduates is $55,800 and mid-career median salaries were $93,500 (average of 15.5 years experience). The report also ranked the School of Mines 15th in the nation for Best Engineering Colleges.
"The School of Mines is the least expensive yet academically demanding college or university in the United States. Our annual national college survey of 1,453 accredited, residential institutions shows this to be a fact year after year," said Louis Lindsay, Jr., president of Institutional Research & Evaluation, Inc., the publisher of the America's 100 Best College Buys report. "The School of Mines provides a learning environment where the best minds from across the country and from around the globe can obtain a world-class education without concern for cost or debt."
While these numbers are outstanding, salaries and placement aren't the only measure of return on investment. School of Mines students graduate with only $15,810 in student loan debt, significantly less than the national average of nearly $20,000. School of Mines students receive average financial aid awards of $7,700 and nearly 75 percent receive aid, making an already affordable education even more so.
Students also help to finance their education by participating in co-ops and internships. More than 75 percent of School of Mines graduates increase their marketability to employers by working in meaningful engineering and science positions. This past summer, our students worked for nearly 150 employers in more than 30 states and for organizations overseas. They earned on average more than $15 an hour.
"Rigorous academic standards, an incredibly low cost and a pristine environment in which to live and study all combine to make the School of Mines the "total package" in higher education," Lindsay said. "The School of Mines can compete for the nation's top students with the best schools in California, Texas, Massachusetts or any other state in the country."
At the School of Mines, 2,000 dedicated students collaborate with award-winning, world-renowned faculty on engineering and scientific issues of critical importance to the state, the nation and the world. The university offers a safe and supportive campus, situated in one of the best locations in the country. The campus is located on Interstate 90 in the center of the nation, just 15 minutes from Rapid City Regional Airport and within five hours of most regional airports in the country. Today students from 40 states and 30 countries attend the School of Mines. They are academically strong students with high school grade point averages greater than 3.5 and test scores in the 85th percentile. They enjoy 14:1 student-to-faculty ratios and access to outstanding engineering and science degree programs.
In a time of economic uncertainty, with costs rising, jobs disappearing and returns dropping drastically, students are looking to find a solid return on one of the most important investments of their lives. At the School of Mines, they will find it.
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To view a video of the press conference, visit http://itsbin.sdsmt.edu/distance/PressRelease/(11-24).asx. To view a testimonial video and other materials regarding this announcement, visit http://news.sdsmt.edu/roi.
