New York Institute of Technology is now providing “Return on College,” an online return-on-investment calculator on its website. The tool is designed to help current and perspective students fully grasp the financial costs and potential long term gains of various undergraduate degrees and career paths.
NYIT partnered with Vantage Point Consulting, which designed the tool through a U.S. Department of Education Small Business Innovation Research grant. NYIT volunteered to serve as a beta site in 2021 to provide input into the tool design before unveiling it in late 2022.
“New York Tech is proud to be the first higher education institution in the nation to implement this robust ROI tool,” Karen Vahey, dean of admissions and financial aid, who spearheaded this initiative at NYIT, said in a statement. “Our prospective and current students along with their families will benefit from the transparency into the cost of and return on a New York Tech degree that this tool provides.”
With insights from the US Census Bureau, Department of Labor, Bureau of Labor Statistics, Department of Education and others, the platform helps students assess the return on investment in a NYIT degree. The tool helps break down data points such as college outcomes and costs by institution, opportunity cost and expected future wages by degree program and location, and the cost of student loans, to provide a clearer picture of anticipated costs and earning potential by degree program.
The tool is currently available for undergraduate degrees, with plans for graduate degrees in the future.
Adina Genn
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