Carthage College
Kenosha, Wisconsin · Private Nonprofit · 87.1% acceptance rate
ROI Score: 51/100 · Below Average Value
Carthage College scores 51 (Below Average Value) on the CampusROI scale — a liberal arts institution on Lake Michigan in Kenosha, WI with 2,660 enrolled undergraduates and a $38,750 sticker tuition discounted to a $26,565 net price. The score reflects an 11.2-year payback period, a 0.668 debt-to-earnings ratio, a 64.3% completion rate, and a repayment rate of 80.8% — the repayment figure is a genuine positive, above average for a school in this ROI tier. Median 6-year earnings of $38,900 are modest relative to the $26,565 net price. The program spread is wide: Finance (39 grads, $58,543 year-one, grade B) and Accounting (18 grads, $61,887 year-one, grade B) lead the portfolio, both with four-year trajectories near $87,000. Nursing (55 grads, $74,265 year-one, grade B) is strong. Music (28 grads, $24,273 year-one, grade F) and Natural Resources Conservation (14 grads, $25,553 year-one, grade F) earn the institution's worst grades. Computer and Information Sciences (20 grads, $106,611 year-four) is notable but lacks year-one data. The Scorecard does not report SAT score ranges for Carthage; ACT composite 20-25.
Carthage College
Quick Numbers
| In-state tuition + fees | $38,750/yr |
| Out-of-state tuition + fees | $38,750/yr |
| Average net price | $26,565/yr |
| Total 4-year cost (net) | $106,260 |
| Median earnings (10yr post-entry) | $56,950 |
| Median earnings (6yr post-entry) | $38,900 |
| Median debt at graduation | $26,000 |
| Estimated monthly loan payment | $276 |
| Estimated payback period | 11.2 years |
| 6-year graduation rate | 64.3% |
| Undergraduate enrollment | 2,660 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Carthage College is $38,750/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $26,565/year, or roughly $106,260 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $23,293/year, while families earning over $110,000 pay $29,176/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 $56,950 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 | $23,293 |
| $30,001 - $48,000 | $23,630 |
| $48,001 - $75,000 | $22,427 |
| $75,001 - $110,000 | $24,995 |
| $110,001+ | $29,176 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
The 0-30000 income bracket pays $23,293 per year at Carthage. This is a moderate net price for a private institution, but steep relative to the $38,900 median earnings. The 30001-48000 bracket pays $23,630, nearly the same. For low-income students, the 64.3% completion rate is the central risk — not completing while borrowing at $23,000 per year produces debt without credentials. The 80.8% repayment rate at 7 years is encouraging and above average for the institution's tier, suggesting that graduates who finish are managing their debt better than typical.
Middle-income families ($30K-$110K)
The 48001-75000 bracket pays $22,427 at Carthage — the lowest point in the entire net price schedule, meaning middle-income families with demonstrated need receive the best price. The 75001-110000 bracket rises to $24,995. At $22,000-$25,000 per year net, nursing and finance remain defensible; music, natural resources, and psychology are not. Middle-income families should focus closely on the specific program their student intends to enter.
Higher-income families ($110K+)
Families above $110,000 pay $29,176 per year at Carthage, totaling roughly $117,000 over four years. At $38,900 median earnings, full-pay Carthage is financially weak for most programs. Nursing ($74,265 year-one) and Finance ($58,543 year-one) are the exceptions. High-income families considering Carthage should compare directly with University of Wisconsin system options and Northwestern/DePaul/Loyola in Chicago — all of which offer comparable or superior outcomes at similar or lower effective costs for most programs.
Earnings by Major
Top 10 most popular majors at Carthage College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Marketing | $69,045 | C+ |
| Business Administration, Management, and Operations | $72,468 | C+ |
| Registered Nursing | $74,265 | B |
| Finance and Financial Management | $86,952 | B |
| Biology | $55,576 | C |
| Neurobiology and Neurosciences | $65,733 | D |
| Psychology | $54,636 | D |
| Music | $24,273 | F |
| Teacher Education | $48,349 | C |
| Kinesiology and Exercise Science | $54,832 | 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.
Registered Nursing
Nursing is Carthage's strongest documented program: 55 graduates, $74,265 year-one, debt-to-earnings 0.360 (grade B) on $26,758 median debt. Year-four data is not available for Carthage nursing, but year-one earnings of $74,265 in the Kenosha-Chicago metro market are competitive. At a $26,565 net price, nursing graduates face a roughly 4-year payback on median debt. The graduate count of 55 suggests meaningful throughput for a school this size. As with most private college nursing programs, prospective students should verify clinical placement availability and NCLEX pass rates.
Finance and Financial Management
Finance produces 39 graduates with $58,543 year-one earnings and $86,952 at year four, with a debt-to-earnings ratio of 0.444 (grade B) on $26,000 median debt. The year-four trajectory to $86,952 is the strongest earnings progression of any Carthage program — nearly a 50% increase from year-one. Carthage's proximity to Chicago provides access to Midwest financial sector employers, which likely drives these outcomes. For students targeting finance careers in the Chicago market, Carthage's cost and program performance represent a defensible combination.
Music
Music earns an F grade: 28 graduates, $24,273 year-one, debt-to-earnings 1.112 on $27,000 median debt. A debt-to-earnings ratio above 1.0 means graduates owe more in debt than they earn in a full year, before taxes. At $24,273 year-one — a figure below the federal poverty level for a single person in most metros — Carthage music graduates face a financially precarious early career. Carthage has a respected conservatory tradition, and the decision to study music there is primarily a vocational and artistic one. The ROI data is clear that it is not a financial investment.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 75.9% | 52.0% |
| 3-year repayment | 80.8% | 62.0% |
| 5-year repayment | 79.3% | 68.0% |
| 7-year repayment | 80.0% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 87.1% |
| ACT Composite (25th-75th) | 20-25 |
| Enrollment | 2,660 |
| Pell Grant recipients | 27.1% |
| Avg faculty salary (monthly) | $8,981 |
Carthage's 87.1% admission rate makes it broadly accessible. ACT composite mid-range of 20-25 is consistent with a regional liberal arts applicant pool. The Scorecard does not report SAT ranges for this institution. Prospective students should use the net price calculator early — at $26,565 average net price, actual costs vary significantly by income level and merit scholarship offers. Students targeting arts programs (music, drama, visual arts) should review the program-level earnings data carefully before committing, as these programs carry the institution's worst ROI grades.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Carthage's Scorecard peer schools are Alverno College, Bellin College, Campbell University, Dallas Baptist University, and Trine University — a grouping of Midwest and regional private institutions. Carthage's ROI of 51 is in the middle of this peer group. The most meaningful comparison for Kenosha-area students is the UW system — UW-Milwaukee and UW-Parkside are direct geographic competitors offering comparable programs at lower in-state net prices. Carthage's 80.8% repayment rate is its strongest institutional metric and compares well against peers, suggesting that students who complete are not defaulting at high rates.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Carthage College (this school) | 51 | $26,565 | $56,950 |
| Bellin College | 72 | $37,408 | $76,222 |
| Trine University | 52 | $25,355 | $57,165 |
| Dallas Baptist University | 51 | $28,516 | $56,807 |
| Campbell University | 49 | $24,516 | $54,886 |
| Alverno College | 39 | $22,540 | $53,145 |
Who Thrives Here
Carthage admits 87.1% of applicants. The Scorecard does not report SAT score ranges; ACT composite mid-range is 20-25. With 2,660 enrolled undergraduates and a 27.1% Pell grant rate, Carthage serves a moderately middle-income student body, drawing heavily from the Chicago metro area given its Kenosha location. The liberal arts identity means significant program diversity from music conservatory to nursing and finance. The 64.3% completion rate is slightly better than most schools in the Below Average Value tier. Students who fit Carthage's campus culture and are targeting finance, nursing, or accounting programs will find the value case more defensible than the institutional average implies.
The Verdict: Proceed With Caution
The financial case for Carthage College is mixed. At $26,565 per year net cost, graduates earn a median of $56,950 ten years after entry - a payback period of 11.2 years. That's below the average return for four-year institutions, and prospective students should carefully consider whether the investment aligns with their financial goals.
Areas of concern include weak earnings relative to cost and high debt relative to what graduates earn.
Median debt of $26,000 against $56,950 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.