Carolina University
Winston-Salem, North Carolina · Private Nonprofit · 39.5% acceptance rate
ROI Score: 12/100 · Below Benchmark
Data: 2024-25 College Scorecard release
Carolina University posts a 12 ROI score and the Below Benchmark tier rating. The fundamental problem: average earnings six years after entry are just $27,400, climbing only to a median $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.
How Carolina University scores under our methodology
These are the College Scorecard measures that pull this school's CampusROI score down. They describe the published figures, not the quality of the education, and they are our reading of the data. Check them against your own aid offer and intended major.
- ROI Score12/100 - Below Benchmark tier of our scale (below 45). For context, 38% of the schools we score reach 60 or higher.
- 6-year graduation rate21.6% - The national average for four-year schools is 64% (NCES, 2022). Completion is 15% of our score, since a degree that is not finished rarely pays back.
- Payback period>50 years - In our estimate, the earnings premium over a high school completer is small next to the cost, so the cost may not be recouped 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 |
| Average 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 first number you'll see is the sticker price: $17,575/year, which covers tuition and fees only. The net price counts books, supplies, and average living costs on top of tuition and fees, then subtracts grants and scholarships. For the average student here it comes to $20,828/year, or roughly $83,312 over four years. That's the number to plan around.
What you actually pay depends a lot on what your family earns. Families making under $30,000/year pay an average of $17,738/year here, while families earning over $110,000 pay $24,152/year.
Among graduates who borrowed, the median federal loan debt from this school is $20,287, which works out to about $215 a month on the standard 10-year repayment plan. Our debt-to-earnings ratio divides that debt by average earnings six years after entry ($27,400) and comes to 0.74, under 1.0, meaning median debt is less than a full year of those earnings.
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). 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.
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.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Median of schools we score |
|---|---|---|
| 1-year repayment | 73.5% | 68.8% |
| 3-year repayment | 69.6% | 73.6% |
| 5-year repayment | 66.4% | 67.7% |
| 7-year repayment | 82.3% | 72.8% |
Completion Rate
Trends Over Time
How Carolina University’s cost and outcomes have moved across College Scorecard releases (2016-2024).
Average Net Price
Completion Rate
Source: U.S. Department of Education College Scorecard, release years shown. Net price and completion are reported annually.
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 ROI score is 12.
| 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: Below Benchmark Under Our Scoring
Under our methodology, Carolina University scores 12/100, which falls in the Below Benchmark tier (below 45). At a net price of $20,828 per year, with typical graduate earnings of $32,864 ten years after entry, we estimate the payback period at more than 50 years. In our view that makes the financial case a hard one to make on the numbers alone, but those numbers are averages: your major, your aid package and what you want from a degree all change the picture, so run your own numbers before you commit.
What to keep an eye on: weak earnings relative to cost, its 21.6% graduation rate, a debt-to-earnings ratio of 0.74 (median across the schools we score: 0.61), a three-year loan repayment rate of 69.6% (median across the schools we score: 73.6%), a long payback period.
Median debt of $20,287 among graduates who borrowed, against average earnings of $27,400 six years after entry, gives a debt-to-earnings ratio of 0.74. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. Your major - and how much you borrow - really matters.
Carolina University: Common Questions
Is Carolina University worth it?
In our view, the financial case is a hard one to make on the numbers alone. Carolina University scores 12/100 on our ROI scale, in the Below Benchmark tier (below 45). At $20,828 a year after aid against $32,864 in typical earnings ten years out, we estimate the payback period at more than 50 years. Your major and aid package can change the picture, so run your own numbers.
How much does Carolina University cost after financial aid?
The average net price - the cost of attendance (tuition, fees, books, supplies and average living costs) minus grants and scholarships, for full-time, first-time students receiving federal aid - is about $20,828 a year, or roughly $83,312 over four years. Because it counts living costs, it can run above tuition alone. That is the number to plan around. Actual cost varies by family income, per the U.S. Department of Education's College Scorecard.
What do Carolina University graduates earn?
The typical graduate earns about $32,864 ten years after enrolling, at or below the $41,800 median for high-school graduates (NCES, 2022). With little earnings gap to cover the cost, the financial return is hard to make.
How long does it take to pay off Carolina University?
We estimate the payback period - the time it takes for the earnings bump over a high-school graduate to cover what you spent - at more than 50 years for Carolina University. The median across the schools we track is about 12 years.
How much debt do Carolina University graduates take on?
Among graduates who borrowed, median federal loan debt from this school is about $20,287, against average earnings of $27,400 six years after entry - a debt-to-earnings ratio of 0.74. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. How much you borrow really matters.
What is the graduation rate at Carolina University?
The six-year graduation rate is 21.6%. The national average for four-year schools is 64% (NCES, 2022). Completion is 15% of our ROI score, since a degree you don't finish rarely pays back.
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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.