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Date: 7/31/2015
GREATER SPRINGFIELD – With students securing financial aid and loans in the summer months for the upcoming school year, those attending the College of Our Lady of the Elms can breathe easier about their return on investment.
Money's recently unveiled its 2015 Best Colleges rankings, with the Elms receiving high marks.
The school ranked 189th, and tops among Hampden County institutions of higher education, in what was described as a compilation of “the 736 schools that provide the best value for your tuition dollar” by Money.
“We are very pleased to be recognized as one of Money magazine’s Best Colleges,” Mary Reap, IHM, Ph.D., president of the College of Our Lady of the Elms, said. “Providing value – a great education at an affordable price – is so important to our mission, which is to combine liberal arts with professional studies, educating and empowering students. We give them the tools and inspiration to create meaningful careers, and we strive to do so as affordably as possible for our students.”
To make the list, schools had to have graduation rates at or above median standards and could not be facing any financial difficulties. Those who qualified were then rated based on 21 factors under three weighted categories – quality of education, affordability, and alumni earnings from PayScale.com.
The methodology also included a “value added” grade for students’ academic achievement versus expectations based on “their economic and academic backgrounds and the institution's mix of majors.” Money indicated the study also focused on the institutions’ affordability, considering merit aid, parent and student borrowing, the length of time to graduate, tuition increases among its criteria.
Elms College’s “value added” grade was an A. According to the report, 68 percent of freshmen graduate within six years with a net cost of a degree of $145,009. The average annual earnings of those who graduated within the past five years is $43,100.
Just outside of Hampden County, Mount Holyoke College was 202nd, achieving a B-minus “value added” grade. Money found that 82 percent of freshmen graduated within six years, with an early career earning average of $42,200. The average cost of the degree was $157,187.
Westfield State University ranked 284th on the list, earning a “value added” grade of a B. Fifty-nine percent of students graduated within six years, with a total tuition cost of $99,202 and an annual early salary of $42,500.
Western New England University finished 437th, earning an “added value” grade of a B-minus. While the average total cost of a degree was $154,985, the early career earnings of graduates ($52,900) were higher than most local schools. Fifty-nine percent of students earned a degree within six years.
Bay Path College finished slightly behind at No. 483, receiving an A-minus “value added” grade. Average total cost was $174,242 with early career earnings of slightly less than $41,000.
Springfield College lagged behind at 712 with a C-plus “value added” rating. Sixty-nine percent of students earned a degree in six years, but it cost on average $135,704 with early career earnings of just $31,400.
Other notable Western Massachusetts schools on the list were Amherst College (9), Williams College (28), Smith College (127), the University of Massachusetts Amherst (268), Hampshire College (537) and Massachusetts College of Liberal Arts (546).