Carolina University
Winston-Salem, North Carolina · Private Nonprofit · 39.5% acceptance rate
ROI Score: 12/100 · Poor Value
Carolina University posts an alarming 12 ROI score and a Poor Value tier rating -- one of the lowest scores in our universe. The fundamental problem: median earnings six years after entry are just $27,400, climbing only to $32,864 by year ten, producing a negative -2.6 percent earnings premium relative to high-school-only earners. The 999-year payback period is a placeholder meaning earnings never recoup the cost of attendance under the model's assumptions -- in plain terms, on average, graduates do not financially recoup their investment in a typical career horizon. Sticker tuition is a relatively modest $17,575 but net price climbs to $20,828 (above sticker, reflecting limited aid) and four-year cost lands at $83,312. The 21.6 percent completion rate is the most damning figure: fewer than one in four students graduate. Median debt is moderate at $20,287, but with such weak earnings the 0.74 debt-to-earnings ratio is heavy. The 69.6 percent repayment rate is the only modestly stabilizing number. This is a school where prospective students need a very specific reason -- ministry calling, family ties -- to enroll.
The data raises concerns about Carolina University
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- ROI Score12/100 - Poor Value tier (below 45). Most 4-year schools we track score 60 or higher.
- 6-year graduation rate21.6% - Well below the 60% national average. Non-completion is the fastest route to negative ROI.
- Payback period>50 years - Graduates earn at or near the level of high school completers — the cost may not recoup within a working career.
Carolina University
Quick Numbers
| In-state tuition + fees | $17,575/yr |
| Out-of-state tuition + fees | $17,575/yr |
| Average net price | $20,828/yr |
| Total 4-year cost (net) | $83,312 |
| Median earnings (10yr post-entry) | $32,864 |
| Median earnings (6yr post-entry) | $27,400 |
| Median debt at graduation | $20,287 |
| Estimated monthly loan payment | $215 |
| Estimated payback period | >50 years |
| 6-year graduation rate | 21.6% |
| Undergraduate enrollment | 460 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Carolina University is $17,575/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $20,828/year, or roughly $83,312 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $17,738/year, while families earning over $110,000 pay $24,152/year.
The median graduate leaves with $20,287 in federal loan debt, translating to an estimated monthly payment of $215 on a standard 10-year repayment plan. Against median earnings of $32,864 ten years out, the debt-to-earnings ratio is 0.74 - 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 | $17,738 |
| $30,001 - $48,000 | $17,560 |
| $48,001 - $75,000 | $22,993 |
| $75,001 - $110,000 | $23,597 |
| $110,001+ | $24,152 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Lowest-income families pay $17,738 net annually -- with the $30,001-$48,000 bracket actually paying slightly less at $17,560, a mild inversion. The $48K-$75K bracket jumps to $22,993, suggesting institutional aid is concentrated at the very lowest income tier. Roughly $71,000 over four years for a Pell-eligible student against $27K post-graduation earnings is a serious financial risk; only mission-driven students should accept this math.
Middle-income families ($30K-$110K)
Middle-income brackets pay $17,560 ($30K-$48K), $22,993 ($48K-$75K), and $23,597 ($75K-$110K) -- a steep climb at the second-tier threshold. The lower-mid tier pays meaningfully less than households just above it. Four-year totals run $70K-$94K against weak earnings; middle-income families should be especially cautious here.
Higher-income families ($110K+)
Higher-income families pay $24,152 net annually, or roughly $97K over four years -- effectively close to full sticker. With median 10-year earnings of $32,864 and a payback period flagged as 999 years (earnings never recoup costs), Carolina U is among the most difficult financial recommendations for full-pay students unless the family explicitly values the religious mission above all else.
Earnings by Major
Top 3 most popular majors at Carolina University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Business Administration, Management, and Operations | $34,325 | - |
| Bible/Biblical Studies | $56,995 | C+ |
| Theological and Ministerial Studies | $38,859 | D |
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.
Bible/Biblical Studies
Bible/Biblical Studies is Carolina University's strongest reported program, with 10 graduates and surprisingly strong outcomes -- $39,834 first-year earnings rising to $56,995 by year four. Median debt of $20,926 produces a 0.525 debt-to-earnings ratio and a C+ ROI grade. These earnings likely reflect graduates moving into denominational pastoral roles, religious nonprofits, and ministry leadership rather than secular labor markets. Career paths are narrow but apparently viable for committed graduates.
Theological and Ministerial Studies
Theological and Ministerial Studies reports zero graduates in the most recent cohort but median four-year earnings of $38,859 and median debt of $35,382, generating a heavy 0.911 debt-to-earnings ratio and a D ROI grade. The high debt against modest ministry earnings is a tough financial pattern; prospective students should investigate aggressively whether denominational scholarships or church-funded education paths are available.
Business Administration, Management, and Operations
Business Administration is Carolina U's largest reported program at 25 graduates, but with only first-year earnings reported ($34,325) and incomplete debt data, the picture is murky. ROI grade is unavailable. Without firmer four-year earnings data, students considering business at Carolina U should compare carefully against North Carolina's strong public university options.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 73.5% | 52.0% |
| 3-year repayment | 69.6% | 62.0% |
| 5-year repayment | 66.4% | 68.0% |
| 7-year repayment | 82.3% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 39.5% |
| Enrollment | 460 |
| Pell Grant recipients | 37.3% |
| Avg faculty salary (monthly) | $5,407 |
Carolina University admits 39.5 percent of applicants, suggesting somewhat selective admissions on paper. SAT and ACT mid-range data are not reported in current Scorecard data, consistent with a test-optional or test-blind policy. Despite the headline admission rate, the 21.6 percent six-year completion rate is the dominant data point: the school's selectivity numbers are not translating into student persistence, raising serious questions about retention support.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Carolina University's nearest peers are Barton College, Belmont Abbey College, Voorhees University, Southwestern Christian University, and Mission University -- all small Southern privates with religious affiliations and modest endowments. Within this peer set, Carolina University's 12 ROI score is among the lowest, particularly weak versus Belmont Abbey and Barton. Voorhees and Mission University post comparably weak completion numbers, suggesting structural retention challenges across this peer cluster.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Carolina University (this school) | 12 | $20,828 | $32,864 |
| Barton College | 24 | $23,626 | $47,913 |
| Belmont Abbey College | 24 | $24,639 | $47,937 |
| Mission University | 15 | $21,383 | $38,641 |
| Southwestern Christian University | 14 | $20,146 | $40,391 |
| Voorhees University | 8 | $13,335 | $35,339 |
Who Thrives Here
Carolina University fits applicants with a clear ministry or theological vocation calling who value the school's Christian mission. Enrollment is tiny at 460 undergraduates and Pell rate runs 37.3 percent. Strongest student outcomes -- such as they are -- come from the Bible/Biblical Studies cohort, where four-year earnings reach $56,995 (an outlier among the school's programs). Students considering Carolina U for non-vocational reasons should weigh the 21.6 percent completion rate carefully; the data suggest a meaningful share of enrollees neither graduate nor recover their investment.
The Verdict: The Numbers Don't Add Up
The financial data raises serious concerns about Carolina University. With a net cost of $20,828 per year and median graduate earnings of only $32,864 ten years out, the estimated payback period exceeds >50 years. For most students, the financial return does not justify the cost.
Areas of concern include weak earnings relative to cost and a 21.6% graduation rate and high debt relative to what graduates earn and concerning loan repayment rates and a long payback period.
Median debt of $20,287 against $32,864 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.