Grace College and Theological Seminary
Winona Lake, Indiana · Private Nonprofit · 82.2% acceptance rate
ROI Score: 44/100 · Poor Value
Grace College and Theological Seminary, a small private Christian institution in Winona Lake, Indiana, posts an ROI score of 44 out of 100 and lands in the Poor Value tier. The headline numbers explain why: median 10-year earnings of $45,411 sit barely above a high-school baseline, the modeled payback period stretches to 21.1 years, and debt-to-earnings runs 0.60 -- meaning typical median debt of $19,500 swallows roughly 60 cents of every earnings-premium dollar. The school does have real strengths underneath that tier label. Completion rate is 68.8%, which is solid for a small private with a 29% Pell share, and the 5-year repayment rate of 85.1% says graduates are servicing their loans even when earnings are modest. Sticker tuition is $31,200, but average net price falls to $19,932 after aid, and low-income families pay closer to $11,000. The fundamental problem is the earnings ceiling. Grace's program mix leans heavily toward education, ministry, psychology, and human services -- fields with strong mission fit but compressed pay. Two business and accounting tracks earn B+ ROI grades, but they are dwarfed by lower-paying majors. For students who are clear-eyed about choosing a faith-aligned campus and a teaching, ministry, or service career, the value math can pencil; for students primarily chasing earnings ROI, this is not the place.
The data raises concerns about Grace College and Theological Seminary
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- ROI Score44/100 - Poor Value tier (below 45). Most 4-year schools we track score 60 or higher.
- Payback period21.1 years - Most 4-year schools we track have payback periods of 4-10 years.
Grace College and Theological Seminary
Quick Numbers
| In-state tuition + fees | $31,200/yr |
| Out-of-state tuition + fees | $31,200/yr |
| Average net price | $19,932/yr |
| Total 4-year cost (net) | $79,728 |
| Median earnings (10yr post-entry) | $45,411 |
| Median earnings (6yr post-entry) | $32,500 |
| Median debt at graduation | $19,500 |
| Estimated monthly loan payment | $207 |
| Estimated payback period | 21.1 years |
| 6-year graduation rate | 68.8% |
| Undergraduate enrollment | 1,464 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Grace College and Theological Seminary is $31,200/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $19,932/year, or roughly $79,728 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $10,998/year, while families earning over $110,000 pay $26,884/year.
The median graduate leaves with $19,500 in federal loan debt, translating to an estimated monthly payment of $207 on a standard 10-year repayment plan. Against median earnings of $45,411 ten years out, the debt-to-earnings ratio is 0.60 - 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 | $10,998 |
| $30,001 - $48,000 | $12,459 |
| $48,001 - $75,000 | $17,103 |
| $75,001 - $110,000 | $22,963 |
| $110,001+ | $26,884 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning under $30,000 pay a net price of $10,998 -- about 35% of sticker. That is genuinely modest, and Pell plus institutional aid carries most of the load. Even so, the math has to be paired with a major that earns above $40,000 within a few years for the four-year total of roughly $44,000 to pencil. A Pell-eligible student majoring in business or accounting can clear a positive ROI; a ministry or psychology major likely cannot.
Middle-income families ($30K-$110K)
The $48,001-$75,000 bracket pays $17,103 net -- the steepest middle-income jump in the schedule. Four years runs to about $68,000 before any borrowing. Combined with median 10-year earnings of $45,411, that produces the 21-year payback and 0.60 debt-to-earnings ratio that drag the school's ROI score down. Middle-income families need either a major upgrade (business, accounting, engineering physics) or a substantial merit-aid award to make Grace competitive with in-state public options.
Higher-income families ($110K+)
Families above $110,000 pay $26,884 net annually -- close to a six-figure four-year price tag at roughly $107,500 before borrowing. With median 10-year earnings under $46,000, the implied lifetime ROI is weak unless the student lands in the engineering physics, business, or accounting tracks. For high-income families, Grace is a values-based choice, not a financial one.
Earnings by Major
Top 10 most popular majors at Grace College and Theological Seminary with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Psychology | $44,424 | D |
| Business Administration, Management, and Operations | $66,597 | B+ |
| Kinesiology and Exercise Science | $42,123 | D |
| Teacher Education | $48,406 | B |
| Pastoral Counseling and Specialized Ministries | $44,733 | F |
| Design and Applied Arts | $51,338 | - |
| Accounting | $65,541 | B+ |
| Marketing | $54,734 | C+ |
| Clinical Psychology | $39,291 | C+ |
| Human Services, General | $40,727 | 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 is Grace's strongest earnings track and the program where the value math actually pencils. With 30 graduates, $62,251 first-year median earnings, and $66,597 by year four, business majors clear typical net price within a reasonable horizon. Median debt of $20,104 against those earnings yields a 0.32 debt-to-earnings ratio and a B+ ROI grade -- well above the school average. This is the program prospective students should weigh most heavily when evaluating Grace.
Accounting
Accounting graduates (13 per year) earn $55,997 first-year and $65,541 at four years, with median debt of $19,500 producing a 0.35 debt-to-earnings ratio and a B+ ROI grade. The CPA pathway adds a clear professional licensure ladder that can lift mid-career earnings further. Small cohort, but the math is sound and the field is durable -- one of two majors at Grace where the school clearly delivers ROI.
Psychology
Psychology is Grace's largest cohort at 34 graduates but one of the weakest earnings tracks. First-year earnings are $27,357 and four-year earnings reach only $44,424, while median debt of $22,009 pushes debt-to-earnings to 0.81 -- a D ROI grade. Psychology only earns its keep with graduate school, and prospective students should plan for that path or accept that the bachelor's-only outcomes here do not justify the cost.
Kinesiology and Exercise Science
Kinesiology graduates 29 students per year but posts a D ROI grade. First-year earnings of $32,549 and four-year earnings of $42,123 are paired with median debt of $23,250, producing a 0.71 debt-to-earnings ratio. As with psychology, this major typically requires DPT, OT, athletic-training, or other graduate credentials to convert into competitive earnings. Undergraduates here should plan for that step or rethink the major.
Pastoral Counseling and Specialized Ministries
Pastoral counseling graduates 20 students per year and posts the school's only F ROI grade. First-year earnings are $25,060 and median debt of $25,500 produces a debt-to-earnings ratio above 1.0 -- meaning debt exceeds annual earnings, which is the textbook definition of an unaffordable borrowing burden. The mission case for this major is real, but students entering the field should minimize debt aggressively or pursue denominational support.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 79.1% | 52.0% |
| 3-year repayment | 84.7% | 62.0% |
| 5-year repayment | 85.1% | 68.0% |
| 7-year repayment | 89.3% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 82.2% |
| SAT Math (25th-75th) | 490-590 |
| SAT Reading (25th-75th) | 510-610 |
| ACT Composite (25th-75th) | 21-27 |
| Enrollment | 1,464 |
| Pell Grant recipients | 29.1% |
| Avg faculty salary (monthly) | $7,538 |
Grace admits 82.2% of applicants, putting it in the broadly accessible band where mission fit and basic college preparation matter more than test scores. SAT mid-range runs 490-590 math and 510-610 reading; ACT spans 21-27. Those scores read as solidly average, and the school's 68.8% completion rate suggests admitted students who matriculate generally finish -- the admissions funnel is not letting in unprepared students en masse.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Grace's named peers are Anderson University (IN), Bethel University (IN), Neumann University, Seton Hill University, and Mount Vernon Nazarene University. This is a tight cluster of small private Christian colleges with mid-Atlantic and Midwest footprints, modest endowments, and program mixes weighted toward education, business, ministry, and helping professions. Most peers in this cohort score in the high 30s to low 50s on ROI, with similar payback-period drag from compressed earnings. Grace's 85% repayment rate is a relative bright spot in the peer set; its 21-year payback is roughly typical for the group.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Grace College and Theological Seminary (this school) | 44 | $19,932 | $45,411 |
| Neumann University | 44 | $27,804 | $57,817 |
| Mount Vernon Nazarene University | 42 | $22,421 | $49,555 |
| Seton Hill University | 42 | $22,204 | $51,748 |
| Bethel University | 34 | $18,610 | $48,860 |
| Anderson University | 32 | $25,021 | $48,899 |
Who Thrives Here
Grace fits a narrow but real profile: students drawn to a Christ-centered campus culture in a small-town Indiana setting, with enrollment of 1,464 keeping classes intimate. The 29% Pell rate signals meaningful socioeconomic diversity, and need-based aid does compress net price for lower-income families. Students who plan to enter teaching, accounting, business, or ministry -- and who are willing to keep undergraduate debt close to or below the $19,500 median -- can make this work. Students chasing high-earnings STEM or finance ROI should look elsewhere.
The Verdict: The Numbers Don't Add Up
The financial data raises serious concerns about Grace College and Theological Seminary. With a net cost of $19,932 per year and median graduate earnings of only $45,411 ten years out, the estimated payback period exceeds 21.1 years. For most students, the financial return does not justify the cost.
Key strengths include a 68.8% graduation rate, high loan repayment success. However, the data also shows weak earnings relative to cost and a long payback period.
Median debt of $19,500 against $45,411 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.