Gustavus Adolphus College
Saint Peter, Minnesota · Private Nonprofit · 61.0% acceptance rate
ROI Score: 73/100 · Fair Value
Gustavus Adolphus College earns a strong overall ROI score of 73 out of 100 -- Fair Value, sitting near the top of that tier and within reach of Strong Value. The fundamentals are excellent: 76.7% completion rate (87/100 sub-score), 87.1% three-year repayment rate (90/100), and a 7.6-year median payback period (79/100). Median earnings six years after enrollment are $43,400, climbing to $65,607 by year 10 -- well above the Minnesota regional median. The headline sticker tuition is $56,076 but the average net price is just $22,900, meaning Gustavus discounts roughly $33,000 per year in institutional aid for the typical student. Median debt of $26,774 produces a 0.617 debt-to-earnings ratio, which is the one moderate weakness in the profile (47/100). Gustavus is a Swedish Lutheran liberal arts college in southern Minnesota with strong outcomes in nursing, accounting, physics, and economics -- the kind of small selective college where the published list price misrepresents what most families actually pay.
Gustavus Adolphus College
Quick Numbers
| In-state tuition + fees | $56,076/yr |
| Out-of-state tuition + fees | $56,076/yr |
| Average net price | $22,900/yr |
| Total 4-year cost (net) | $91,600 |
| Median earnings (10yr post-entry) | $65,607 |
| Median earnings (6yr post-entry) | $43,400 |
| Median debt at graduation | $26,774 |
| Estimated monthly loan payment | $284 |
| Estimated payback period | 7.6 years |
| 6-year graduation rate | 76.6% |
| Undergraduate enrollment | 1,878 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Gustavus Adolphus College is $56,076/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $22,900/year, or roughly $91,600 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $12,015/year, while families earning over $110,000 pay $29,674/year.
The median graduate leaves with $26,774 in federal loan debt, translating to an estimated monthly payment of $284 on a standard 10-year repayment plan. Against median earnings of $65,607 ten years out, the debt-to-earnings ratio is 0.62 - 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 | $12,015 |
| $30,001 - $48,000 | $10,783 |
| $48,001 - $75,000 | $13,875 |
| $75,001 - $110,000 | $19,015 |
| $110,001+ | $29,674 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families under $30,000 pay a net price of $12,015 per year -- roughly $44,000 below sticker. Pell, federal loans, and substantial institutional need-based aid combine to make Gustavus genuinely affordable for low-income students. Over four years that is roughly $48,000 against median graduate earnings of $43,400 -- excellent economics. The 76.7% completion rate means most low-income enrollees actually graduate, which is the critical multiplier.
Middle-income families ($30K-$110K)
The $30,001-$48,000 bracket pays $10,783 -- counterintuitively the lowest published rate -- and the $48,001-$75,000 bracket pays $13,875. Both are remarkable values. This is exactly the bracket where Gustavus competes most effectively against the University of Minnesota: a more expensive sticker but very competitive net price, with a higher completion rate and stronger residential experience.
Higher-income families ($110K+)
The $75,001-$110,000 bracket pays $19,015 and the $110,001-plus bracket pays $29,674 -- still about half of sticker. High-income families pay real money but get a residential liberal arts experience with strong outcomes. At $30,000 per year for four years, the math is reasonable if the student lands in a high-ROI major, marginal otherwise.
Earnings by Major
Top 10 most popular majors at Gustavus Adolphus College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Psychology | $53,277 | D |
| Biology | $54,202 | D |
| Kinesiology and Exercise Science | $57,870 | C |
| Business Administration and Management | $79,260 | C+ |
| Registered Nursing | $86,114 | B |
| Communication and Media Studies | $69,423 | C+ |
| Economics | $91,252 | C+ |
| Natural Resources Conservation | $49,758 | C |
| Accounting | $95,200 | B |
| English Language and Literature | $46,987 | 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 graduates 32 students per year with $71,294 first-year earnings climbing to $86,114 by year four. Median debt of $27,000 produces a 0.379 debt-to-earnings ratio and a B ROI grade. Graduates enter the Twin Cities and southern Minnesota nursing markets at competitive wages, with strong NCLEX pass rates and a residential BSN credential that is well-regarded by Mayo Clinic and the regional hospital systems. This is one of the strongest small-liberal-arts nursing programs in the Upper Midwest.
Accounting
Accounting graduates 28 students annually with $64,094 first-year earnings rising sharply to $95,200 by year four -- one of the strongest four-year earnings trajectories in the entire school profile. Median debt of $26,959 produces a 0.421 ratio and a B ROI grade. Graduates pipeline into Twin Cities Big Four and regional public accounting firms, plus corporate accounting at Minnesota Fortune 500s (Target, 3M, Best Buy, UnitedHealth).
Economics
Economics graduates 31 students with $52,439 first-year earnings climbing to $91,252 by year four -- an exceptional growth curve that suggests graduates land at Twin Cities financial services firms, consultancies, and corporate strategy roles. Median debt of $24,474 produces a 0.467 ratio and a C+ ROI grade (held back by the moderate first-year wage). The year-four wage is what makes this major a genuine value.
Business Administration and Management
Business Administration is the largest graduating cohort at 46 students. First-year earnings of $49,881 climb to $79,260 by year four with median debt of $25,625 -- a 0.514 ratio and C+ ROI grade. Solid but unspectacular outcomes; the specialized business tracks (accounting, economics) deliver materially better ROI for the same investment.
Psychology
Psychology graduates 58 students -- one of the largest cohorts. First-year earnings of $33,174 climb to $53,277 by year four, with median debt of $25,914 producing a 0.781 ratio and a D ROI grade. As with most undergraduate psychology programs, ROI requires graduate school to fully materialize. Many Gustavus psychology grads do pursue graduate study, but the undergraduate-only path delivers weak immediate returns.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 85.5% | 52.0% |
| 3-year repayment | 87.1% | 62.0% |
| 5-year repayment | 85.9% | 68.0% |
| 7-year repayment | 90.4% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 61.0% |
| ACT Composite (25th-75th) | 24-30 |
| Enrollment | 1,878 |
| Pell Grant recipients | 20.7% |
| Avg faculty salary (monthly) | $8,374 |
Gustavus admits 61% of applicants with an ACT composite mid-range of 24-30. SAT data is not separately reported, suggesting most applicants submit ACT scores typical of the Upper Midwest. The selectivity is meaningful but not extreme -- this is a school for solidly above-average students who want a residential liberal arts experience. The 76.7% completion rate aligns well with this selectivity, and the combination of academic preparation, residential intimacy, and Lutheran-affiliated community produces graduate outcomes that materially outpace the school's regional public alternatives.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Gustavus's peer set includes both Minnesota Lutheran schools and national small liberal arts peers. Augsburg University (MN) is the closest geographic and denominational peer with similar Lutheran identity but weaker ROI fundamentals. Bethany Lutheran College is a much smaller affinity peer. Hobart William Smith Colleges (NY) and DePauw University (IN) are stronger national liberal-arts peers with comparable or stronger ROI profiles. Daemen University (NY) rounds out the set. Among this group, Gustavus's 7.6-year payback period and 87.1% repayment rate are among the strongest.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Gustavus Adolphus College (this school) | 73 | $22,900 | $65,607 |
| DePauw University | 78 | $22,264 | $70,527 |
| Daemen University | 73 | $18,693 | $61,808 |
| Hobart William Smith Colleges | 70 | $31,563 | $68,831 |
| Augsburg University | 53 | $23,873 | $58,829 |
| Bethany Lutheran College | 35 | $20,148 | $46,110 |
Who Thrives Here
Enrollment of 1,878 with a 20.7% Pell rate signals Gustavus draws heavily from comfortable middle-and-upper-middle-class Minnesota families, particularly those with Lutheran or Scandinavian heritage. The student body is small enough for genuine relationships with faculty -- a structural advantage that supports the 76.7% completion rate. Strong fit: students targeting nursing, physics, accounting, or economics (the four B-or-better ROI programs), or planning graduate school in biology and psychology where the institutional pedigree helps. Weak fit: students primarily focused on cost minimization, who would do better at the University of Minnesota system.
The Verdict: A Reasonable Bet - With Caveats
Gustavus Adolphus College offers fair financial value, though the ROI depends heavily on individual circumstances. The net cost of $22,900 per year leads to $91,600 over four years, while graduates earn a median of $65,607 a decade out. The payback period of 7.6 years is about average - not bad, but not a standout either.
The data highlights several strengths: a 76.6% graduation rate, high loan repayment success.
Median debt of $26,774 against $65,607 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.