Black Hills State University
Spearfish, South Dakota · Public · 96.3% acceptance rate
ROI Score: 31/100 · Poor Value
Black Hills State University in Spearfish, South Dakota scores ROI 31 (Poor Value) -- a regional public with 1,928 undergraduates in the northern Black Hills. Median 6-year earnings land at $31,300, rising slowly to $46,674 at 10 years. The completion rate of 42.6% means fewer than half of enrolled students graduate, and the debt-to-earnings ratio of 0.831 indicates graduates carry more than 10 months' worth of annual earnings in debt. The payback period of 17.4 years is the school's starkest affordability problem at a net price of $15,911. Teacher Education is the largest program (41 graduates, C+ ROI grade) and is the primary labor market pathway for BHSU graduates into Spearfish-area school districts. Business Administration (82 graduates) and Biology (27 graduates) are the other main programs. South Dakota's economy and salary benchmarks are among the lowest in the country, which mechanically suppresses Scorecard earnings for graduates who stay in-state.
The data raises concerns about Black Hills State University
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- ROI Score31/100 - Poor Value tier (below 45). Most 4-year schools we track score 60 or higher.
- Payback period17.4 years - Most 4-year schools we track have payback periods of 4-10 years.
Black Hills State University
Quick Numbers
| In-state tuition + fees | $8,764/yr |
| Out-of-state tuition + fees | $11,866/yr |
| Average net price | $15,911/yr |
| Total 4-year cost (net) | $63,644 |
| Median earnings (10yr post-entry) | $46,674 |
| Median earnings (6yr post-entry) | $31,300 |
| Median debt at graduation | $26,000 |
| Estimated monthly loan payment | $276 |
| Estimated payback period | 17.4 years |
| 6-year graduation rate | 42.6% |
| Undergraduate enrollment | 1,928 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Black Hills State University is $8,764/year ($11,866/year out-of-state). But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $15,911/year, or roughly $63,644 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $11,863/year, while families earning over $110,000 pay $18,604/year.
The median graduate leaves with $26,000 in federal loan debt, translating to an estimated monthly payment of $276 on a standard 10-year repayment plan. Against median earnings of $46,674 ten years out, the debt-to-earnings ratio is 0.83 - within the recommended range but worth monitoring.
Net Price by Family Income
What families actually pay after grants and scholarships, by income bracket.
| Family Income | Avg Net Price/Year |
|---|---|
| $0 - $30,000 | $11,863 |
| $30,001 - $48,000 | $13,379 |
| $48,001 - $75,000 | $15,588 |
| $75,001 - $110,000 | $18,072 |
| $110,001+ | $18,604 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families under $30,000 pay $11,863 per year. Over four years that is roughly $47,452. Against median 6-year earnings of $31,300 and a 17.4-year payback, even at the lowest net price, BHSU struggles to deliver financial value for most programs. Teacher education graduates can manage their loans; most others face real pressure.
Middle-income families ($30K-$110K)
The 30,001-48,000 bracket pays $13,379. The 48,001-75,000 bracket rises to $15,588, and the 75,001-110,000 bracket climbs to $18,072. The cost slope through the middle range is moderate -- about a $6,200 increase across the full middle band. South Dakota's lower state income levels mean the 75,001-110,000 bracket likely represents a smaller share of BHSU's enrollment than it would at urban schools.
Higher-income families ($110K+)
Families earning $110,000+ pay $18,604 per year. Over four years that is roughly $74,416. At this cost level, the 17.4-year payback is still very long for a public school. High-income South Dakota families considering BHSU are likely drawn by geography and cultural fit; the ROI data does not argue for BHSU over the University of South Dakota or South Dakota State on financial grounds.
Earnings by Major
Top 10 most popular majors at Black Hills State University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Business Administration, Management, and Operations | $59,626 | C |
| Teacher Education | $44,958 | C+ |
| Biology | $40,967 | D |
| Kinesiology and Exercise Science | $55,622 | D |
| Community Organization and Advocacy | $42,781 | D |
| Psychology | $42,417 | D |
| Teacher Education, Subject-Specific | $52,883 | - |
| Sociology | $49,833 | D |
| Communication and Media Studies | $45,537 | - |
| Special Education and Teaching | $48,332 | C+ |
Earnings reflect median 4-year post-completion (or 1-year where 4-year unavailable). Grades based on debt-to-earnings ratio.
Program Analysis
Why these programs deliver their earnings outcomes.
Business Administration, Management, and Operations
Business Administration is BHSU's largest program by graduate count at 82 students. Median 1-year earnings of $45,682 and 4-year earnings of $59,626 track entry-level management and operations roles in the Black Hills economy, which is dominated by tourism, small retail, and local services. The 0.591 debt-to-earnings ratio (ROI grade C) with $27,000 median debt is marginally functional. Business graduates who relocate to Rapid City or Sioux Falls -- South Dakota's two employment centers -- will see higher 4-year earnings than the Spearfish-anchored Scorecard median reflects.
Teacher Education
Teacher Education produces 41 graduates annually -- BHSU's clearest career pathway. Median 1-year earnings of $47,978 and 4-year earnings of $44,958 show a slight negative trajectory, which likely reflects salary compression in South Dakota teacher pay scales. The 0.548 debt-to-earnings ratio (ROI grade C+) with $26,312 median debt is workable. South Dakota's public school system has ongoing demand for certified teachers, particularly in rural districts, and BHSU's geographic placement in Spearfish puts it in direct proximity to western South Dakota school districts with openings.
Biology
Biology produces 27 graduates per year with median 1-year earnings of $33,518 and 4-year earnings of $40,967. The 0.794 debt-to-earnings ratio (ROI grade D) with $26,613 median debt signals real financial stress. The low 4-year earnings suggest most BHSU biology graduates either stay in South Dakota in entry-level science roles or pursue graduate education with additional debt. Biology as a terminal degree in Spearfish, South Dakota delivers poor financial outcomes by the data.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 73.2% | 52.0% |
| 3-year repayment | 77.7% | 62.0% |
| 5-year repayment | 68.7% | 68.0% |
| 7-year repayment | 73.1% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 96.3% |
| SAT Math (25th-75th) | 500-570 |
| SAT Reading (25th-75th) | 465-565 |
| ACT Composite (25th-75th) | 18-24 |
| Enrollment | 1,928 |
| Pell Grant recipients | 20.0% |
| Avg faculty salary (monthly) | $8,430 |
BHSU admits 96.3% of applicants -- effectively open-enrollment. ACT 18-24; SAT Math 500-570, Reading 465-565. The ACT floor of 18 includes students who will need developmental support. The 42.6% completion rate is the downstream effect of broad admission at a school with limited academic support infrastructure.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Black Hills State (ROI 31) sits above Cameron University (ROI 20) but below Dakota State University (ROI 43, earn6yr $35,400) and Northern State University (ROI 41, earn6yr $33,400) in its peer set. Missouri Western State is in the peer set. BHSU's 42.6% completion rate is below Northern State (48.9%) and significantly below Dakota State (51.3%). The debt-to-earnings ratio of 0.831 is the worst in the South Dakota peer group. BHSU's rural western South Dakota setting creates genuine labor market access limitations that drive most of the gaps.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Black Hills State University (this school) | 31 | $15,911 | $46,674 |
| Dakota State University | 43 | $21,057 | $50,970 |
| Northern State University | 41 | $15,812 | $47,618 |
| Sul Ross State University | 31 | $13,286 | $41,871 |
| Missouri Western State University | 29 | $13,251 | $42,647 |
| University of Maryland Eastern Shore | 28 | $13,338 | $47,697 |
Who Thrives Here
BHSU fits students who are South Dakota residents, committed to education or small business careers, and need the most affordable path into a state-affiliated credential. ACT 18-24; SAT Math 500-570, Reading 465-565 -- accessible range. With 20% Pell recipients (low for a public school at this ROI level), the financial pressure is moderate on a per-student basis. The 42.6% completion rate is the primary risk factor for any student considering BHSU. Students committed to becoming South Dakota teachers face a realistic pathway here; students seeking higher-paying careers will likely need to leave the state.
The Verdict: The Numbers Don't Add Up
The financial data raises serious concerns about Black Hills State University. With a net cost of $15,911 per year and median graduate earnings of only $46,674 ten years out, the estimated payback period exceeds 17.4 years. For most students, the financial return does not justify the cost.
Areas of concern include weak earnings relative to cost and a 42.6% graduation rate and high debt relative to what graduates earn and a long payback period.
Median debt of $26,000 against $46,674 in earnings is reasonable, though major choice matters significantly. Students in higher-earning programs will see better returns.
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Data: College Scorecard API (U.S. Department of Education)
Vintage: 2024-2025 · Last updated: 2026-03-25
Earnings reflect median outcomes for all federal financial aid recipients. Individual results vary by major, effort, and career path.