SCAD rated Biggest Rip off in America?

artsmarts
Fri, 22 Jun 2012 16:47:55 +0000

arch dad
“Oh btw - good news…if I estimate the next three years of earnings to give a 30 year ROI it is 82%. … Garbage in Garbage out.”

So I got really curious. Arch Dad I would like to know how you came up with that figure. While it is true that these sorts of stats show averages and don’t or won’t reflect everyone’s experience I think this information can be useful to people thinking about enrolling especially those who are considering extremely high debt loads in order to do so.

First of all you would have to use the same methodology to get a percentage that corresponds accurately to PayScales. I did finally manage to get some more information on how these figures were calculated.

First of all, the second number is the ranking overall of the schools in the study. Therefore Pratt ranks 245th, SVA ranks 585th, SCAD ranks 1248th. I don’t know how many schools were in the study but obviously more than 1248.

Here is how the figures were arrived at and why Arch Dad I’m wondering how you came up with that 60-80% figures.

The schools cost of attending (investment) were calculated based on actual tuition, housing and grant awards. PayScale used a lengthy process of calculating the costs explained in their methodology section which also factored in cost of living increases etc.

This investment was then compared to how much money a high school only graduate makes over a 30 year period. They used the 75 percentile figure for this calculation to adjust partly in their explanation for the fact that high school only grads have actually seen a drop in income.

So they compared the cost of attending each school (investment) against the actual income reported by graduates of each school over a 30 year period (projected) and the 75% figure for income earned over 30 years by high school only graduates (this is how they calculated the return). So the 1.5% figure for SAIC mean that over 30 years the average SAIC graduate earned 1.5% more than a high school only graduate in the 75% percentile. The average Pratt graduate will earn 6.5% more than a high school only graduate in the 75% percentage. And so on. Now these are averages and granted to be taken with a grain of salt but Arch Dad I don’t see how you could have come up with that 60% and/or 80% figure without knowing the figures PayScale used. So I’m curious how you came up with your figures.