So, you’re thinking about sending your kid to an Ivy League school, right? You’re hoping it’ll give them a leg up in life, maybe even a fatter paycheck. But let’s take a closer look at the numbers.
You’d think that graduates from top-tier schools like Harvard, Yale, or Princeton would be raking in the cash right off the bat. But surprisingly, the median income for Ivy League grads isn’t as high as you might expect, especially considering these schools are consistently ranked in the top 20 out of nearly 4,000 colleges in the U.S.
So, what’s the median income for Ivy League grads ten years after starting school? You might guess it’s somewhere in the ballpark of $100,000, $150,000, or even $200,000. But according to the Department of Education Scorecard, it’s actually around $90,500.
Now, don’t get me wrong, $90,500 isn’t chump change. But it’s not exactly the top-tier income you might expect from a graduate of a top-tier university. In fact, it’s more like a top 25 percent income for their age group, not a top one percent income.
To put it in perspective, a top one percent income for the 27-to-31-year-old age group was about $170,000 in 2014. For the 32-36-year-old age group, it was about $210,000. Fast forward to 2023, and those numbers have inflated to about $222,000 and $274,000, respectively. So, $90,500 is quite a bit short of the mark.
But let’s break it down a bit further. If you’re looking to maximize your earnings ten years after graduation, the University of Pennsylvania is your best bet, with median earnings of $103,246. On the other hand, if money isn’t your top priority, consider Brown University, known for its open curriculum and greater freedom for students to study what they want. Brown grads have median earnings of $78,943.
Now, there’s a catch to these numbers. They only reflect students who received federal student aid. Students and families who could afford to pay for college without federal financial aid aren’t included. So, it’s possible that the median income for Ivy League grads could be higher.
Interestingly, Brown, which has the lowest percentage of financial aid applicants, also has the lowest median earnings ten years after graduation. This could be because Brown students come from wealthier families who don’t need as much financial aid and can afford to major in areas that don’t always lead to jobs in the highest-paying industries.
But let’s not stop there. I wanted to know how much Ivy League and non-Ivy League graduates earn more than 10 years after attending. According to US News & World Report and PayScale, early-career median pay in 2022 was $86,025 for Ivy League graduates, compared to $58,643 for those who graduated from other universities. Mid-career median pay was $161,888 for Ivy League graduates, compared to $101,777 for those from other institutions. That’s a pretty significant difference!
So, what’s the takeaway here? If you’re thinking about attending an Ivy League school, consider the long game. Work as long as possible to maximize your return on investment. And remember, it’s not just about the money. It’s also about building relationships and doing something meaningful with your life.
And if you don’t get into an Ivy League school? Don’t sweat it. There are plenty of other great colleges out there that can provide similar opportunities. Plus, just having a college degree can boost your earning power. According to the National Center For Education Statistics, the median annual earnings for 25-34-year-olds with a Bachelor’s degree is $59,600.
So, whether you’re aiming for an Ivy League school or not, remember this: it’s not just about the money. It’s about finding a career that brings you joy and meaning. And who knows? Maybe you’ll be the one to cure cancer.
