Hanover College
Hanover, Indiana · Private Nonprofit · 83.7% acceptance rate
ROI Score: 49/100 · Below Average Value
Hanover College is a small private liberal arts institution in Hanover, Indiana, enrolling about 1,031 students. Its ROI score of 49 places it in the Below Average Value tier. Tuition is $44,638 annually, with a net price of $21,829—producing a four-year cost estimate of $87,316. Six-year median earnings of $34,600 are low for a private college at this price point, and ten-year median earnings of $53,957 indicate slow initial career growth followed by meaningful mid-career gains. The payback period of 12 years is long. Median debt of $25,250 and a debt-to-earnings ratio of 0.730 reflect moderate financial leverage. The completion rate of 67.1% is solid for a small private institution. Repayment rates at year three are 78.8%, acceptable but not outstanding. Pell Grant recipients make up 25.8% of the student body. Hanover's economics and kinesiology programs show the widest variation in outcomes. The college's small residential environment on the Ohio River in southeastern Indiana offers a distinctive collegiate experience, but the financial case hinges on program selection and the size of merit awards.
Hanover College
Quick Numbers
| In-state tuition + fees | $44,638/yr |
| Out-of-state tuition + fees | $44,638/yr |
| Average net price | $21,829/yr |
| Total 4-year cost (net) | $87,316 |
| Median earnings (10yr post-entry) | $53,957 |
| Median earnings (6yr post-entry) | $34,600 |
| Median debt at graduation | $25,250 |
| Estimated monthly loan payment | $268 |
| Estimated payback period | 12 years |
| 6-year graduation rate | 67.1% |
| Undergraduate enrollment | 1,031 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Hanover College is $44,638/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $21,829/year, or roughly $87,316 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $16,832/year, while families earning over $110,000 pay $27,030/year.
The median graduate leaves with $25,250 in federal loan debt, translating to an estimated monthly payment of $268 on a standard 10-year repayment plan. Against median earnings of $53,957 ten years out, the debt-to-earnings ratio is 0.73 - 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 | $16,832 |
| $30,001 - $48,000 | $18,773 |
| $48,001 - $75,000 | $16,944 |
| $75,001 - $110,000 | $23,824 |
| $110,001+ | $27,030 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Students with family incomes below $30,000 pay a net price of $16,832 per year—about $67,000 over four years. Against median six-year earnings of $34,600 and a 12-year payback, this creates serious financial strain. Hanover's completion rate of 67.1% mitigates but does not eliminate the risk. Low-income Indiana students should compare Ball State, Purdue Fort Wayne, and other public options with stronger financial aid structures.
Middle-income families ($30K-$110K)
Middle-income families ($30,001–$75,000) face net prices of $16,944–$18,773—surprisingly favorable for a private institution, though variability across the band is notable. Families at the low end of the middle-income range have a reasonable deal if the student targets economics or a graduate-school-bound program. Those paying toward $19,000 per year should model the full 12-year payback scenario.
Higher-income families ($110K+)
Higher-income families ($75,001 and above) pay $23,824–$27,030. At these prices, Hanover competes on the quality of its small-college experience against Indiana's public universities. For families comfortable with the costs, the residential setting and faculty accessibility offer genuine differentiation—but the financial metrics don't favor Hanover for income-sensitive planning.
Earnings by Major
Top 5 most popular majors at Hanover College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Kinesiology and Exercise Science | $56,668 | D |
| Communication and Media Studies | $58,227 | D |
| Psychology | $59,512 | D |
| Biology | $61,030 | D |
| Economics | $73,827 | 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.
Economics
Economics is Hanover's strongest program with year-one earnings of $45,740 and four-year earnings of $73,827. Median debt of $26,898 and a ratio of 0.588 earn a C grade—the best on campus. With only 5 graduates tracked, inferences are limited, but economics graduates appear to enter finance or consulting roles with solid compensation.
Kinesiology and Exercise Science
Kinesiology (37 graduates) earns a D grade with year-one earnings of $35,085 and four-year earnings of $56,668. Median debt of $27,000 and a ratio of 0.770 are concerning relative to early-career wages. Many graduates likely pursue physical therapy or similar graduate programs; students considering this path should model additional educational debt.
Psychology
Psychology (19 graduates) earns a D grade with year-one earnings of $34,528 and four-year earnings of $59,512. Median debt of $27,000 and a ratio of 0.782 reflect significant debt pressure. Psychology at a small liberal arts college typically leads to graduate school—students should budget accordingly and consider whether Hanover's specific program justifies costs versus in-state public options.
Biology
Biology (12 graduates) earns a D grade with year-one earnings of $31,321 and four-year earnings of $61,030. Median debt of $27,000 and a ratio of 0.862 are high. The four-year earnings growth suggests graduate or professional school entry after a few years, but students must plan for the extended payback period that combines undergraduate and graduate debt.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 74.1% | 52.0% |
| 3-year repayment | 78.8% | 62.0% |
| 5-year repayment | 77.3% | 68.0% |
| 7-year repayment | 87.2% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 83.7% |
| SAT Math (25th-75th) | 550-630 |
| SAT Reading (25th-75th) | 560-650 |
| ACT Composite (25th-75th) | 23-29 |
| Enrollment | 1,031 |
| Pell Grant recipients | 25.8% |
| Avg faculty salary (monthly) | $8,708 |
Hanover admits 83.7% of applicants. SAT math scores range from 550 to 630, SAT reading from 560 to 650, and ACT composites fall between 23 and 29. Admission is broadly accessible; virtually all reasonably prepared students will receive an offer, making scholarship negotiation more consequential than admission strategy.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Against peers like Anderson University and Transylvania University, Hanover's 49 ROI score is below average for small Midwestern private colleges. The 67.1% completion rate is a relative strength. However, the 12-year payback and weak earnings premium of 0.217 lag institutions like DePauw University and Wabash College in Indiana's comparable-cost liberal arts peer group. Hanover's value case depends almost entirely on aggressive merit aid.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Hanover College (this school) | 49 | $21,829 | $53,957 |
| Bay Path University | 52 | $14,271 | $55,383 |
| Transylvania University | 51 | $21,913 | $54,705 |
| Central College | 49 | $23,377 | $54,317 |
| Bethel University | 34 | $18,610 | $48,860 |
| Anderson University | 32 | $25,021 | $48,899 |
Who Thrives Here
Hanover suits students drawn to a small, residential liberal arts environment in rural Indiana who receive substantial merit aid reducing their net price. Economics majors and students planning graduate school are the most financially defensible candidates. Students in communication, biology, or psychology must ensure net price is well below $20,000 to justify the long payback period and modest early-career earnings.
The Verdict: Proceed With Caution
The financial case for Hanover College is mixed. At $21,829 per year net cost, graduates earn a median of $53,957 ten years after entry - a payback period of 12 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 high debt relative to what graduates earn.
Median debt of $25,250 against $53,957 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.