College degrees earned in these states will net you a higher salary

The state where you earn your college degree has a significant impact on your future earnings, but to get the higher salaries you also have to pay more in tuition and expenses, a new study from Teach Simple finds.

Massachusetts has the highest median earnings, with graduates from institutions in the state making an average of $65,319 annually. The average annual cost of attending a school in Massachusetts is $26,268, the second highest tab in the country, and students graduate at a rate of 67 percent.

On the other end, New Mexico graduates are paid the least, with students earning a median of $38,417. But the annual average cost at a New Mexico university is only $14,833, putting it among the five lowest cost states. Students are graduating at a 46 percent rate.

“Education is extremely beneficial for economic success. Individuals with higher levels of education will have access to better job opportunities, higher salaries, and greater job security,” said Cole Vineyard, founder of Teach Simple, in a release announcing the study results.

Vineyard said that the overall state where you earn your degree isn’t the only factor in the salary you can command and the costs you’ll pay.

Tuition costs can also vary based on the geographic location of the institution within a state. Universities in urban areas with higher costs of living may have higher tuition to cover expenses, for example. And more prestigious universities tend to have higher tuition fees as students are willing to pay more for the reputation and networking opportunities offered by these institutions, he pointed out.

“In addition, policies and regulations, such as minimum wage laws, tax policies, and labor regulations, differ across states, and therefore impact earnings across institutions. States with higher minimum wages or more worker-friendly policies may offer higher earnings for workers across all sectors,” Vineyard said.

Using data from the U.S. Department of Education, Teach Simple education experts analyzed institutions in each state based on the median earnings of individuals who began college 10 years ago to reveal the ranking.

The study also looked at average annual cost that a student who receives federal financial aid will pay to cover tuition and living expenses to attend a school, and the average graduation rate within eight years of entering the school.

Other schools in the top 10 include:

• Rhode Island. People who attended university there earn a median annual salary of $64,818. Institutions in Rhode Island have a graduation rate of 68 percent and the average cost of tuition is $29,083 per year.
• Connecticut. The typical person who studied at a college in the state makes an average $64,720 per year. A year’s tuition in Connecticut is an average $22,889 and the state has a graduation rate of 59 percent.
• Maryland. Students who began college there ten years ago are making a median $60,286 per year. With a 58 percent graduation rate, Maryland students pay an average $18,103 for one year of tuition.
• District of Columbia. Former students’ median earnings standing at $59,364. The annual average cost of school in DC is around $25,000 and it has a graduation rate of 40 percent.
• California, New Jersey, Pennsylvania, New Hampshire, and Illinois round out the top ten highest-earning states.

Teach Simple is an educational platform that provides unlimited access to teaching resources for a monthly fee.

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