Earlier this week, the United States Department of Education released a new website called College Scorecard, a site that gives the earnings of people who attended nearly every domestic college and University. College Scorecard is a product of the federal government’s attempts to inform people of expected earnings within a decade of graduation—when taking on the financial burden of secondary education, it is important to have a firm grasp on the returns of investment, especially when attending prestigious, private, and incredibly expensive institutions such as Boston College.
BC alumni who received federal financial aid are making a $67,000 salary ten years after graduating from BC, which represents an impressive return on investment compared to the $33,000 a semester of tuition. But, it is important to remember that College Scorecard is only dealing with those graduates who received financial aid during their time at BC, and that College Scorecard does not take major or school of study into account. Instead, the report combines the entire student body under one set of statistics. Many other schools, too, that got lower-than-expected scores are contesting the data, saying that the study’s information wasn’t collected in a statistically appropriate way.
Regardless, College Scorecard represents a noteworthy attempt by the federal government to increase transparency for people who are concerned financially when looking to apply for college. By developing a platform that makes it clear which institutions are helping the students in the long run, and which are failing, schools will be held more accountable for where their allotted federal financial aid is going. In turn, the cost of those universities and colleges that do not achieve a stipulated standard can be cut down, making education affordable proportionate to the expected returns after one graduates. BC is already doing well in this department, and the school deserves credit for that. With 67 percent of the student body receiving financial aid, that means a good chunk of the student body can be expected to be financially prosperous in the future.
Featured Image by Francisco Ruela / Heights Graphic