Carroll University
Waukesha, Wisconsin · Private Nonprofit · 66.8% acceptance rate
ROI Score: 68/100 · Fair Value
Carroll University in Waukesha, Wisconsin scores ROI 68 (Fair Value) -- a private nonprofit with 2,523 undergraduates in suburban Milwaukee. Median 6-year earnings are $40,200, reaching $58,009 at 10 years. The 8.7-year payback period and 0.672 debt-to-earnings ratio sit in the middle of the private school pack -- not great, not alarming. Completion at 70.7% is reasonable. Registered Nursing dominates by graduate count with 128 graduates annually -- a clear institutional strength. Kinesiology (118 graduates) is the second-largest program by count, though its ROI grade of D and 0.81 debt-to-earnings ratio suggest a high-enrollment, low-yield pipeline. Business Administration and Psychology are also high-enrollment. Carroll's location near Milwaukee provides proximity to the state's largest healthcare and business labor market, which benefits nursing and business graduates more than liberal arts or exercise science majors. The school has a Presbyterian heritage but operates as a secular institution in practice. Net price averages $15,193 -- low for a private school of this type.
Carroll University
Quick Numbers
| In-state tuition + fees | $38,890/yr |
| Out-of-state tuition + fees | $38,890/yr |
| Average net price | $15,193/yr |
| Total 4-year cost (net) | $60,772 |
| Median earnings (10yr post-entry) | $58,009 |
| Median earnings (6yr post-entry) | $40,200 |
| Median debt at graduation | $27,000 |
| Estimated monthly loan payment | $286 |
| Estimated payback period | 8.7 years |
| 6-year graduation rate | 70.7% |
| Undergraduate enrollment | 2,523 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Carroll University is $38,890/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $15,193/year, or roughly $60,772 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $15,718/year, while families earning over $110,000 pay $14,891/year.
The median graduate leaves with $27,000 in federal loan debt, translating to an estimated monthly payment of $286 on a standard 10-year repayment plan. Against median earnings of $58,009 ten years out, the debt-to-earnings ratio is 0.67 - 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 | $15,718 |
| $30,001 - $48,000 | $16,875 |
| $48,001 - $75,000 | $14,134 |
| $75,001 - $110,000 | $15,730 |
| $110,001+ | $14,891 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families under $30,000 pay $15,718 -- slightly above the $15,193 average, which is counterintuitive for low-income aid design. Carroll is a budget-friendly private school but does not appear to heavily frontload grants for lowest-income students. $15,718/year totals roughly $62,800 over four years, demanding borrowing even for Pell-eligible families. Against $40,200 median 6-year earnings, this requires major-specific planning.
Middle-income families ($30K-$110K)
The 30,001-48,000 bracket pays $16,875 -- slightly above the lowest tier. The 48,001-75,000 bracket drops to $14,134, the lowest across all bands. The 75,001-110,000 bracket rises modestly to $15,730. Cost stays remarkably flat across most of the middle range, which is unusual. Families in the $48-110k range are actually Carroll's sweet spot for net pricing.
Higher-income families ($110K+)
Families earning $110,000+ pay $14,891 per year -- lower than some lower-income brackets, which reflects Carroll's flat aid structure more than genuine generosity. Over four years that is roughly $59,564, lower than many peers. Against 10-year median earnings of $58,009, this is workable for high-ROI majors. Kinesiology and Genetics graduates at these prices still underperform the investment.
Earnings by Major
Top 10 most popular majors at Carroll University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Registered Nursing | $78,698 | B |
| Kinesiology and Exercise Science | $77,095 | D |
| Psychology | $55,446 | D |
| Business Administration, Management, and Operations | $64,807 | C |
| Teacher Education | $50,285 | C |
| Genetics | $39,677 | F |
| Health and Medical Administrative Services | $66,689 | C+ |
| Biology | $67,070 | C |
| Marketing | $62,400 | C |
| Graphic Communications | $47,327 | 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.
Registered Nursing
Nursing is Carroll's institutional anchor with 128 graduates per year. Median 1-year earnings of $74,323 and 4-year earnings of $78,698 reflect the Milwaukee metropolitan area's demand for RNs at health systems including Froedtert, Aurora, and Ascension. The relatively modest jump from year 1 to year 4 (under $5,000) tracks the salary band compression common in hospital RN roles absent specialty certification. The 0.363 debt-to-earnings ratio (ROI grade B) with $27,000 median debt confirms this is one of the few programs where Carroll's pricing structure delivers. Any prospective student who can get into the nursing cohort should run the math -- it works.
Business Administration, Management, and Operations
With 42 graduates, Business Administration is Carroll's broadest non-health program. Median 1-year earnings of $41,704 and 4-year earnings of $64,807 track mid-level management and analyst roles in Milwaukee and surrounding southeastern Wisconsin. The 0.647 debt-to-earnings ratio (ROI grade C) reflects the generic nature of the degree: students without a specific function or employer target often take longer to build toward the 4-year number. Milwaukee's density of insurance companies, healthcare administration, and manufacturing firms gives Carroll business graduates local options, but regional salaries run below Chicago or Minneapolis levels.
Accounting
Accounting's 14 graduates earn $61,110 at year one and $87,085 at year four -- the steepest 4-year earnings growth on campus, reflecting the CPA licensure trajectory. The 0.442 debt-to-earnings ratio (ROI grade B) against $27,000 median debt is manageable. The cohort is small: 14 graduates per year means individual outcomes vary widely. Students planning for public accounting should confirm Carroll's CPA pass rates, which are not available in this dataset, but the earnings trajectory is consistent with a standard Big Four or regional firm pipeline.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 77.9% | 52.0% |
| 3-year repayment | 82.7% | 62.0% |
| 5-year repayment | 77.9% | 68.0% |
| 7-year repayment | 82.2% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 66.8% |
| SAT Math (25th-75th) | 530-630 |
| SAT Reading (25th-75th) | 510-640 |
| ACT Composite (25th-75th) | 21-27 |
| Enrollment | 2,523 |
| Pell Grant recipients | 22.9% |
| Avg faculty salary (monthly) | $8,605 |
Carroll admits 66.8% of applicants -- moderately selective. ACT 21-27; SAT Math 530-630, Reading 510-640. The profile suggests a school that can fill seats with moderate selectivity, which helps enrollment stability but means admitted students span a wide preparation range. Students at the lower ACT end should audit completion rates carefully.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Carroll's ROI of 68 places it mid-pack among its Scorecard peers. Augustana College (ROI 67) has comparable earnings ($41,100 6yr) but better completion (72.9%) and a lower debt ratio (0.657). Salve Regina and St. John Fisher were not available for comparison. Alverno College (small women's institution) and Bellin College (nursing-focused) represent Carroll's peer anchors. Carroll's nursing pipeline is its clearest differentiator vs generalist liberal arts peers. The 8.7-year payback is average for Fair Value schools; the completion rate of 70.7% is a relative strength.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Carroll University (this school) | 68 | $15,193 | $58,009 |
| Bellin College | 72 | $37,408 | $76,222 |
| St. John Fisher University | 71 | $28,945 | $66,944 |
| Salve Regina University | 69 | $36,967 | $72,975 |
| Augustana College | 67 | $22,736 | $62,971 |
| Alverno College | 39 | $22,540 | $53,145 |
Who Thrives Here
Carroll serves students in the ACT 21-27 range (SAT 530-640 Math, 510-640 Reading) who want a mid-size private liberal arts experience with strong nursing or health sciences options. The 70.7% completion rate is solid without being exceptional. With 22.9% Pell recipients, this is primarily a middle-income student body. Nursing students get the clearest payoff; students entering Kinesiology or Genetics face debt ratios above 0.93 on poor starting salaries and need a clear graduate school plan to justify the cost.
The Verdict: A Reasonable Bet - With Caveats
Carroll University offers fair financial value, though the ROI depends heavily on individual circumstances. The net cost of $15,193 per year leads to $60,772 over four years, while graduates earn a median of $58,009 a decade out. The payback period of 8.7 years is about average - not bad, but not a standout either.
Key strengths include strong earnings premium over high school graduates, a 70.7% graduation rate, high loan repayment success. However, the data also shows high debt relative to what graduates earn.
Median debt of $27,000 against $58,009 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.