Yale University

New Haven, CT 6,758 Undergrads 97.9% Grad Rate

School Website|Financial Calculator

Total Cost

$88,300

Sticker Price

Avg Net Price

$23,777

After Aid

Median Earnings

$112,971

4yr Post-Grad

Vs. Peer Institutions

Net Price$23,777

Peer Midpoint: $20,081

Earnings (4yr Post-Grad)Completers only after graduation

$112,971

Peer Midpoint: $60,428

Earnings (10yr Post-Enroll)All enrolled after enrollment

$100,533

Peer Midpoint: $53,763

Graduation Rate97.9%

Peer Midpoint: 58.9%

Average Starting Age19.5

Socio-Economic Diversity

Pell Grant Recipients19.8%

Enrollment Status

Full-Time99.9%

Economic Outcomes

Earn More than HS89.9%

Admissions Profile

Acceptance

3.9%

SAT Avg

1,534

SAT Reading

25th: 73075575th: 780

SAT Math

25th: 74077575th: 790

ACT Composite

25th: 333475th: 35

ROI Sensitivity Analysis

This analysis tests three cost scenarios (Scholarship, Average Net Price, Full Sticker Price) to show how college costs impact your long-term return compared to the average student and a high school graduate.

Lifetime Value Added (NPV)

Institution Lifetime NPV

Vs Median Peer

Vs HS Grad

Zero Cost (Scholarship)$0

+$942k

+$475k

+$457k

Median Cost$24k/yr

+$856k

+$389k

+$372k

Full Cost$88k/yr

+$624k

+$157k

+$139k

ROI Efficiency Metrics

Break-Even Age

Return on Inv. %

Zero Cost (Scholarship)$0

∞

Median Cost$24k/yr

434%

Full Cost$88k/yr

44%

Analysis Assumptions:

Starting Salary: Estimated from the 4-year post-graduation median earnings (assuming 2% annual growth from graduation).
Comparisons: "Vs Median Peer" compares to the median student nationwide in a similar level program. "Vs HS Grad" compares to a median high school graduate.
Break-Even: The age at which the college investment net income exceeds the median high school graduate's lifetime earnings.
NPV: Net Present Value of all future earnings minus costs and taxes, discounted at 7.8%.

Social Impact ROINew

Measures the societal return on a donor's investment. Calculated as the incremental pre-tax lifetime earnings vs. HS grad, divided by the tax-adjusted donation cost.

Donor Return173%

Gov. Pell Grant ROINew

Measures the government's return on Pell Grants via increased tax revenue. Calculated as the portion of incremental lifetime taxes (discounted at 5.4%) attributed to the Pell Grant investment.

Taxpayer Return-14%

Important Note: Your ROI with any major will depend on the cost you pay to attend the program, and your starting salary. Both vary significantly across institutions. We encourage you to explore the ROI of a specific program variant by selecting the Program title of the credential level you are interested in. You will then have a more detailed return analysis for programs at specific institutions. We also encourage you to use the ROI calculator with your specific estimates of cost and salary.

Program ROI Analysis

Bachelor's Degrees

Anthropology

BachCIP: 4502

Median Debt

Earnings (4yr)

Natl Median: $46,676

Lifetime Value Added

N/A

Applied Mathematics

BachCIP: 2703

Median Debt

Earnings (4yr)

Natl Median: $91,532

Lifetime Value Added

N/A

Archeology

BachCIP: 4503

Median Debt

Earnings (4yr)

Natl Median: $41,748

Lifetime Value Added

N/A

Architecture

BachCIP: 0402

Median Debt

Earnings (4yr)

Natl Median: $66,914

Lifetime Value Added

N/A

Area Studies

BachCIP: 0501

Median Debt

Earnings (4yr)

$67,230

Natl Median: $56,625

Lifetime Value Added

+$23k

Biochemistry, Biophysics and Molecular Biology

BachCIP: 2602

Median Debt

Earnings (4yr)

Natl Median: $65,466

Lifetime Value Added

N/A

Biomedical/Medical Engineering

BachCIP: 1405

Median Debt

Earnings (4yr)

Natl Median: $93,451

Lifetime Value Added

N/A

Cell/Cellular Biology and Anatomical Sciences

BachCIP: 2604

Median Debt

$19,500

Earnings (4yr)

$92,646

Natl Median: $66,697

Lifetime Value Added

+$217k

Chemical Engineering

BachCIP: 1407

Median Debt

Earnings (4yr)

Natl Median: $98,158

Lifetime Value Added

N/A

Chemistry

BachCIP: 4005

Median Debt

Earnings (4yr)

Natl Median: $65,120

Lifetime Value Added

N/A

Classics and Classical Languages, Literatures, and Linguistics

BachCIP: 1612

Median Debt

Earnings (4yr)

Natl Median: $49,429

Lifetime Value Added

N/A

Cognitive Science

BachCIP: 3025

Median Debt

Earnings (4yr)

Natl Median: $81,496

Lifetime Value Added

N/A

Computer and Information Sciences, General

BachCIP: 1101

Median Debt

$15,000

Earnings (4yr)

$188,157

Natl Median: $92,374

Lifetime Value Added

+$937k

Computer Programming

BachCIP: 1102

Median Debt

Earnings (4yr)

Natl Median: $83,439

Lifetime Value Added

N/A

Drama/Theatre Arts and Stagecraft

BachCIP: 5005

Median Debt

Earnings (4yr)

Natl Median: $39,775

Lifetime Value Added

N/A

East Asian Languages, Literatures, and Linguistics

BachCIP: 1603

Median Debt

Earnings (4yr)

Natl Median: $51,642

Lifetime Value Added

N/A

Ecology, Evolution, Systematics, and Population Biology

BachCIP: 2613

Median Debt

Earnings (2yr)

$30,771

Natl Median: $48,842

Lifetime Value Added

-$271k

Economics

BachCIP: 4506

Median Debt

$12,562

Earnings (4yr)

$142,936

Natl Median: $82,686

Lifetime Value Added

+$597k

Electrical, Electronics, and Communications Engineering

BachCIP: 1410

Median Debt

Earnings (4yr)

Natl Median: $100,647

Lifetime Value Added

N/A

Engineering Physics

BachCIP: 1412

Median Debt

Earnings (4yr)

Natl Median: $89,154

Lifetime Value Added

N/A

Engineering Science

BachCIP: 1413

Median Debt

Earnings (4yr)

Natl Median: $93,782

Lifetime Value Added

N/A

English Language and Literature, General

BachCIP: 2301

Median Debt

Earnings (4yr)

$62,440

Natl Median: $48,590

Lifetime Value Added

-$15k

English Language and Literature/Letters, Other

BachCIP: 2399

Median Debt

Earnings (4yr)

Natl Median: $46,634

Lifetime Value Added

N/A

Environmental/Environmental Health Engineering

BachCIP: 1414

Median Debt

Earnings (4yr)

Natl Median: $81,171

Lifetime Value Added

N/A

Ethnic, Cultural Minority, Gender, and Group Studies

BachCIP: 0502

Median Debt

$13,107

Earnings (4yr)

$65,213

Natl Median: $51,710

Lifetime Value Added

+$7k

Film/Video and Photographic Arts

BachCIP: 5006

Median Debt

Earnings (4yr)

Natl Median: $43,765

Lifetime Value Added

N/A

Fine and Studio Arts

BachCIP: 5007

Median Debt

Earnings (4yr)

Natl Median: $41,367

Lifetime Value Added

N/A

Geological and Earth Sciences/Geosciences

BachCIP: 4006

Median Debt

Earnings (4yr)

Natl Median: $60,190

Lifetime Value Added

N/A

Germanic Languages, Literatures, and Linguistics

BachCIP: 1605

Median Debt

Earnings (4yr)

Natl Median: $55,459

Lifetime Value Added

N/A

History

BachCIP: 5401

Median Debt

$8,250

Earnings (4yr)

$109,947

Natl Median: $50,680

Lifetime Value Added

+$349k

International Relations and National Security Studies

BachCIP: 4509

Median Debt

Earnings (2yr)

$52,107

Natl Median: $66,596

Lifetime Value Added

-$81k

Liberal Arts and Sciences, General Studies and Humanities

BachCIP: 2401

Median Debt

$15,750

Earnings (4yr)

$113,788

Natl Median: $53,072

Lifetime Value Added

+$378k

Linguistic, Comparative, and Related Language Studies and Services

BachCIP: 1601

Median Debt

Earnings (4yr)

Natl Median: $49,984

Lifetime Value Added

N/A

Mathematics and Computer Science

BachCIP: 3008

Median Debt

Earnings (4yr)

Natl Median: $118,943

Lifetime Value Added

N/A

Mathematics

BachCIP: 2701

Median Debt

Earnings (4yr)

Natl Median: $69,562

Lifetime Value Added

N/A

Mechanical Engineering

BachCIP: 1419

Median Debt

Earnings (4yr)

Natl Median: $92,135

Lifetime Value Added

N/A

Multi/Interdisciplinary Studies, Other

BachCIP: 3099

Median Debt

$15,000

Earnings (5yr)

$130,467

Natl Median: $55,693

Lifetime Value Added

+$484k

Music

BachCIP: 5009

Median Debt

Earnings (4yr)

Natl Median: $42,892

Lifetime Value Added

N/A

Natural Resources Conservation and Research

BachCIP: 0301

Median Debt

Earnings (2yr)

$60,161

Natl Median: $55,012

Lifetime Value Added

-$14k

Philosophy

BachCIP: 3801

Median Debt

Earnings (4yr)

Natl Median: $54,455

Lifetime Value Added

N/A

Physics

BachCIP: 4008

Median Debt

Earnings (4yr)

Natl Median: $76,786

Lifetime Value Added

N/A

Political Science and Government

BachCIP: 4510

Median Debt

$14,749

Earnings (4yr)

$90,764

Natl Median: $63,293

Lifetime Value Added

+$203k

Psychology, General

BachCIP: 4201

Median Debt

Earnings (4yr)

$63,396

Natl Median: $50,706

Lifetime Value Added

-$7k

Research and Experimental Psychology

BachCIP: 4227

Median Debt

Earnings (4yr)

$65,752

Natl Median: $55,695

Lifetime Value Added

+$11k

Romance Languages, Literatures, and Linguistics

BachCIP: 1609

Median Debt

Earnings (4yr)

Natl Median: $55,000

Lifetime Value Added

N/A

Sociology

BachCIP: 4511

Median Debt

Earnings (4yr)

Natl Median: $52,657

Lifetime Value Added

N/A

Statistics

BachCIP: 2705

Median Debt

Earnings (4yr)

Natl Median: $92,425

Lifetime Value Added

N/A

Master's Degrees

Allied Health Diagnostic, Intervention, and Treatment Professions

MastCIP: 5109

Median Debt

$138,003

Earnings (4yr)

$147,204

Natl Median: $127,347

Lifetime Value Added

+$606k

Archeology

MastCIP: 4503

Median Debt

Earnings (4yr)

Natl Median: $55,995

Lifetime Value Added

N/A

Architectural Sciences and Technology

MastCIP: 0409

Median Debt

$61,500

Earnings (4yr)

$88,967

Natl Median: $77,466

Lifetime Value Added

+$100k

Architecture

MastCIP: 0402

Median Debt

Earnings (5yr)

$87,905

Natl Median: $74,139

Lifetime Value Added

+$76k

Area Studies

MastCIP: 0501

Median Debt

Earnings (4yr)

Natl Median: $68,936

Lifetime Value Added

N/A

Arts, Entertainment, and Media Management

MastCIP: 5010

Median Debt

Earnings (4yr)

Natl Median: $59,685

Lifetime Value Added

N/A

Bible/Biblical Studies

MastCIP: 3902

Median Debt

Earnings (4yr)

Natl Median: $56,028

Lifetime Value Added

N/A

Biomathematics, Bioinformatics, and Computational Biology

MastCIP: 2611

Median Debt

Earnings (4yr)

Natl Median: $110,121

Lifetime Value Added

N/A

Business Administration, Management and Operations

MastCIP: 5202

Median Debt

$59,278

Earnings (4yr)

$234,034

Natl Median: $103,485

Lifetime Value Added

+$1341k

Computer and Information Sciences, General

MastCIP: 1101

Median Debt

Earnings (4yr)

Natl Median: $124,201

Lifetime Value Added

N/A

Design and Applied Arts

MastCIP: 5004

Median Debt

Earnings (2yr)

$59,169

Natl Median: $70,073

Lifetime Value Added

-$142k

Drama/Theatre Arts and Stagecraft

MastCIP: 5005

Median Debt

Earnings (5yr)

$44,472

Natl Median: $49,978

Lifetime Value Added

-$313k

Ecology, Evolution, Systematics, and Population Biology

MastCIP: 2613

Median Debt

$66,000

Earnings (4yr)

$93,163

Natl Median: $82,527

Lifetime Value Added

+$137k

Economics

MastCIP: 4506

Median Debt

Earnings (4yr)

Natl Median: $100,743

Lifetime Value Added

N/A

Engineering, General

MastCIP: 1401

Median Debt

Earnings (4yr)

Natl Median: $120,215

Lifetime Value Added

N/A

Ethnic, Cultural Minority, Gender, and Group Studies

MastCIP: 0502

Median Debt

Earnings (4yr)

Natl Median: $62,705

Lifetime Value Added

N/A

Film/Video and Photographic Arts

MastCIP: 5006

Median Debt

Earnings (4yr)

Natl Median: $51,486

Lifetime Value Added

N/A

Finance and Financial Management Services

MastCIP: 5208

Median Debt

Earnings (4yr)

Natl Median: $110,694

Lifetime Value Added

N/A

Fine and Studio Arts

MastCIP: 5007

Median Debt

$36,700

Earnings (4yr)

$44,265

Natl Median: $49,079

Lifetime Value Added

-$306k

Health and Medical Administrative Services

MastCIP: 5107

Median Debt

Earnings (4yr)

$113,304

Natl Median: $89,981

Lifetime Value Added

+$313k

Health Professions and Related Clinical Sciences, Other

MastCIP: 5199

Median Debt

Earnings (4yr)

Natl Median: $81,651

Lifetime Value Added

N/A

History

MastCIP: 5401

Median Debt

Earnings (4yr)

Natl Median: $55,360

Lifetime Value Added

N/A

Intercultural/Multicultural and Diversity Studies

MastCIP: 3023

Median Debt

Earnings (4yr)

Natl Median: $63,289

Lifetime Value Added

N/A

International Relations and National Security Studies

MastCIP: 4509

Median Debt

Earnings (2yr)

$74,576

Natl Median: $95,627

Lifetime Value Added

+$225

Missions/Missionary Studies and Missiology

MastCIP: 3903

Median Debt

Earnings (4yr)

Natl Median: $55,204

Lifetime Value Added

N/A

Music

MastCIP: 5009

Median Debt

Earnings (4yr)

$29,895

Natl Median: $48,285

Lifetime Value Added

-$449k

Natural Resources Conservation and Research

MastCIP: 0301

Median Debt

$41,000

Earnings (4yr)

$100,347

Natl Median: $74,607

Lifetime Value Added

+$200k

Philosophy

MastCIP: 3801

Median Debt

Earnings (4yr)

Natl Median: $60,272

Lifetime Value Added

N/A

Public Health

MastCIP: 5122

Median Debt

$62,532

Earnings (4yr)

$105,402

Natl Median: $82,751

Lifetime Value Added

+$244k

Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing

MastCIP: 5138

Median Debt

$118,849

Earnings (4yr)

$131,639

Natl Median: $120,193

Lifetime Value Added

+$472k

Religion/Religious Studies

MastCIP: 3802

Median Debt

Earnings (4yr)

Natl Median: $57,737

Lifetime Value Added

N/A

Religious Music and Worship

MastCIP: 3905

Median Debt

Earnings (5yr)

$51,142

Natl Median: $57,264

Lifetime Value Added

-$249k

Statistics

MastCIP: 2705

Median Debt

Earnings (4yr)

Natl Median: $123,816

Lifetime Value Added

N/A

Theological and Ministerial Studies

MastCIP: 3906

Median Debt

$39,785

Earnings (4yr)

$70,736

Natl Median: $61,300

Lifetime Value Added

-$60k

Graduate Certificates

Drama/Theatre Arts and Stagecraft

Gr-CertCIP: 5005

Median Debt

Earnings (4yr)

Natl Median: $62,409

Lifetime Value Added

N/A

Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing

Gr-CertCIP: 5138

Median Debt

Earnings (4yr)

Natl Median: $126,911

Lifetime Value Added

N/A

Doctoral Degrees

Anthropology

DocCIP: 4502

Median Debt

Earnings (4yr)

Natl Median: $77,473

Lifetime Value Added

N/A

Applied Mathematics

DocCIP: 2703

Median Debt

Earnings (4yr)

Natl Median: $123,729

Lifetime Value Added

N/A

Architecture

DocCIP: 0402

Median Debt

Earnings (4yr)

Natl Median: $80,586

Lifetime Value Added

N/A

Area Studies

DocCIP: 0501

Median Debt

Earnings (4yr)

Natl Median: $69,249

Lifetime Value Added

N/A

Astronomy and Astrophysics

DocCIP: 4002

Median Debt

Earnings (4yr)

Natl Median: $92,233

Lifetime Value Added

N/A

Biochemistry, Biophysics and Molecular Biology

DocCIP: 2602

Median Debt

Earnings (4yr)

Natl Median: $112,683

Lifetime Value Added

N/A

Biomathematics, Bioinformatics, and Computational Biology

DocCIP: 2611

Median Debt

Earnings (4yr)

Natl Median: $153,586

Lifetime Value Added

N/A

Business Administration, Management and Operations

DocCIP: 5202

Median Debt

Earnings (4yr)

Natl Median: $113,566

Lifetime Value Added

N/A

Cell/Cellular Biology and Anatomical Sciences

DocCIP: 2604

Median Debt

Earnings (4yr)

Natl Median: $99,578

Lifetime Value Added

N/A

Chemistry

DocCIP: 4005

Median Debt

Earnings (4yr)

$125,373

Natl Median: $115,386

Lifetime Value Added

+$196k

Classics and Classical Languages, Literatures, and Linguistics

DocCIP: 1612

Median Debt

Earnings (4yr)

Natl Median: $66,710

Lifetime Value Added

N/A

Computer and Information Sciences, General

DocCIP: 1101

Median Debt

Earnings (4yr)

Natl Median: $154,538

Lifetime Value Added

N/A

Drama/Theatre Arts and Stagecraft

DocCIP: 5005

Median Debt

Earnings (4yr)

Natl Median: $64,704

Lifetime Value Added

N/A

East Asian Languages, Literatures, and Linguistics

DocCIP: 1603

Median Debt

Earnings (4yr)

Natl Median: $72,231

Lifetime Value Added

N/A

Ecology, Evolution, Systematics, and Population Biology

DocCIP: 2613

Median Debt

Earnings (4yr)

Natl Median: $97,173

Lifetime Value Added

N/A

Engineering, General

DocCIP: 1401

Median Debt

Earnings (4yr)

$132,716

Natl Median: $133,630

Lifetime Value Added

+$250k

English Language and Literature, General

DocCIP: 2301

Median Debt

Earnings (4yr)

Natl Median: $65,831

Lifetime Value Added

N/A

Ethnic, Cultural Minority, Gender, and Group Studies

DocCIP: 0502

Median Debt

Earnings (4yr)

Natl Median: $81,271

Lifetime Value Added

N/A

Film/Video and Photographic Arts

DocCIP: 5006

Median Debt

Earnings (4yr)

Natl Median: $73,797

Lifetime Value Added

N/A

Fine and Studio Arts

DocCIP: 5007

Median Debt

Earnings (4yr)

Natl Median: $68,718

Lifetime Value Added

N/A

Genetics

DocCIP: 2608

Median Debt

Earnings (4yr)

Natl Median: $102,123

Lifetime Value Added

N/A

Geological and Earth Sciences/Geosciences

DocCIP: 4006

Median Debt

Earnings (4yr)

Natl Median: $92,039

Lifetime Value Added

N/A

History

DocCIP: 5401

Median Debt

Earnings (2yr)

$42,682

Natl Median: $70,550

Lifetime Value Added

-$417k

Law

DocCIP: 2201

Median Debt

$140,977

Earnings (4yr)

$188,189

Natl Median: $105,518

Lifetime Value Added

+$658k

Legal Research and Advanced Professional Studies

DocCIP: 2202

Median Debt

Earnings (4yr)

Natl Median: $113,071

Lifetime Value Added

N/A

Linguistic, Comparative, and Related Language Studies and Services

DocCIP: 1601

Median Debt

Earnings (4yr)

Natl Median: $77,285

Lifetime Value Added

N/A

Mathematics

DocCIP: 2701

Median Debt

Earnings (4yr)

Natl Median: $89,656

Lifetime Value Added

N/A

Medical Clinical Sciences/Graduate Medical Studies

DocCIP: 5114

Median Debt

Earnings (4yr)

Natl Median: $110,755

Lifetime Value Added

N/A

Medicine

DocCIP: 5112

Median Debt

$62,778

Earnings (4yr)

$100,955

Natl Median: $118,504

Lifetime Value Added

+$16k

Microbiological Sciences and Immunology

DocCIP: 2605

Median Debt

Earnings (4yr)

Natl Median: $101,435

Lifetime Value Added

N/A

Middle/Near Eastern and Semitic Languages, Literatures, and Linguistics

DocCIP: 1611

Median Debt

Earnings (4yr)

Natl Median: $74,328

Lifetime Value Added

N/A

Music

DocCIP: 5009

Median Debt

Earnings (4yr)

Natl Median: $59,592

Lifetime Value Added

N/A

Natural Resources Conservation and Research

DocCIP: 0301

Median Debt

Earnings (4yr)

Natl Median: $87,076

Lifetime Value Added

N/A

Neurobiology and Neurosciences

DocCIP: 2615

Median Debt

Earnings (4yr)

Natl Median: $96,176

Lifetime Value Added

N/A

Pharmacology and Toxicology

DocCIP: 2610

Median Debt

Earnings (4yr)

Natl Median: $108,943

Lifetime Value Added

N/A

Philosophy

DocCIP: 3801

Median Debt

Earnings (4yr)

Natl Median: $70,449

Lifetime Value Added

N/A

Physics

DocCIP: 4008

Median Debt

Earnings (4yr)

Natl Median: $130,153

Lifetime Value Added

N/A

Physiology, Pathology and Related Sciences

DocCIP: 2609

Median Debt

Earnings (4yr)

Natl Median: $93,640

Lifetime Value Added

N/A

Political Science and Government

DocCIP: 4510

Median Debt

Earnings (4yr)

Natl Median: $90,908

Lifetime Value Added

N/A

Psychology, General

DocCIP: 4201

Median Debt

Earnings (4yr)

Natl Median: $98,707

Lifetime Value Added

N/A

Public Health

DocCIP: 5122

Median Debt

Earnings (2yr)

$100,414

Natl Median: $108,962

Lifetime Value Added

+$42k

Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing

DocCIP: 5138

Median Debt

$66,900

Earnings (4yr)

$159,655

Natl Median: $138,131

Lifetime Value Added

+$448k

Religion/Religious Studies

DocCIP: 3802

Median Debt

Earnings (4yr)

Natl Median: $67,164

Lifetime Value Added

N/A

Research and Experimental Psychology

DocCIP: 4227

Median Debt

Earnings (4yr)

Natl Median: $103,410

Lifetime Value Added

N/A

Romance Languages, Literatures, and Linguistics

DocCIP: 1609

Median Debt

Earnings (4yr)

Natl Median: $69,860

Lifetime Value Added

N/A

Slavic, Baltic and Albanian Languages, Literatures, and Linguistics

DocCIP: 1604

Median Debt

Earnings (4yr)

Natl Median: $59,812

Lifetime Value Added

N/A

Sociology

DocCIP: 4511

Median Debt

Earnings (4yr)

Natl Median: $88,618

Lifetime Value Added

N/A

Statistics

DocCIP: 2705

Median Debt

Earnings (4yr)

Natl Median: $156,733

Lifetime Value Added

N/A

Note: Lifetime Value Added is the Net Present Value (NPV) of estimated career earnings relative to a median high school graduate (for undergraduate programs) or a median bachelor's degree holder (for graduate programs), accounting for this institution's average cost and taxes. Computed over a career to retirement age.

For graduate programs (Master's, Doctoral, etc.), the calculation assumes a starting age of 22 (after undergraduate completion) and does not include the sunk costs of prior degrees. It represents the value added of the graduate decision moving forward. These Lifetime Value Added results for graduate degrees should not be compared with those for Undergraduate Certificates, Associates or Bachelors.

Completers Only: Federal median earnings data strictly reflects outcomes for students who successfully graduated. Students who do not complete their degree typically earn significantly less and face higher risks of debt default.