Martin Luther College
New Ulm, Minnesota · Private Nonprofit · 87.2% acceptance rate
ROI Score: 46/100 · Below Average Value
Martin Luther College scores 46 (Below Average Value) on the CampusROI scale. The institution is the seminary college of the Wisconsin Evangelical Lutheran Synod (WELS), located in New Ulm, Minnesota. It exists to train Lutheran teachers and pastors — not as a general-purpose undergraduate institution. Understanding this mission context matters for reading the data honestly. Median 6-year earnings of $29,300 and a 17.1-year payback period are weak by standard ROI metrics. The Theological and Ministerial Studies program posts an F-grade ROI (debt-to-earnings 1.236, year-one earnings of $15,327). Teacher Education posts a C+ (debt-to-earnings 0.460, $46,706 year-one). The institution's repayment rate of 95.2% at year 3 is exceptional — almost uniquely high in this database — suggesting graduates are very successfully managing their debt. This is notable given low earnings and likely reflects the tight community and financial support structures of WELS. The completion rate of 71.5% is solid. Tuition of $18,120 and net price of $18,463 are nearly identical — meaning aid is minimal and most students pay close to sticker. Enrollment is 725 students.
The data raises concerns about Martin Luther College
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- Payback period17.1 years - Most 4-year schools we track have payback periods of 4-10 years.
Martin Luther College
Quick Numbers
| In-state tuition + fees | $18,120/yr |
| Out-of-state tuition + fees | $18,120/yr |
| Average net price | $18,463/yr |
| Total 4-year cost (net) | $73,852 |
| Median earnings (10yr post-entry) | $47,491 |
| Median earnings (6yr post-entry) | $29,300 |
| Median debt at graduation | $20,177 |
| Estimated monthly loan payment | $214 |
| Estimated payback period | 17.1 years |
| 6-year graduation rate | 71.5% |
| Undergraduate enrollment | 725 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Martin Luther College is $18,120/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $18,463/year, or roughly $73,852 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $11,233/year, while families earning over $110,000 pay $22,952/year.
The median graduate leaves with $20,177 in federal loan debt, translating to an estimated monthly payment of $214 on a standard 10-year repayment plan. Against median earnings of $47,491 ten years out, the debt-to-earnings ratio is 0.69 - 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 | $11,233 |
| $30,001 - $48,000 | $11,749 |
| $48,001 - $75,000 | $12,811 |
| $75,001 - $110,000 | $18,241 |
| $110,001+ | $22,952 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Students in the 0-30000 bracket pay $11,233 per year. At $44,932 over four years against $29,300 median earnings, the raw payback math is weak. For students committed to Lutheran ministry or teaching, the career placement certainty and community support partially offset the low earnings floor. Non-ministry students should not enroll here for financial reasons.
Middle-income families ($30K-$110K)
The 48001-75000 bracket pays $12,811 per year — $51,244 over four years. Similar dynamics apply: the institutional purpose is vocational preparation for a defined ministry career, not general economic advancement. The 95.2% repayment rate at year 3 suggests graduates in this bracket manage debt effectively despite low earnings.
Higher-income families ($110K+)
Families earning $110,001+ pay $22,952 per year — $91,808 over four years. At these costs against $29,300 median earnings and a 17.1-year payback period, MLC is financially irrational for any student not entering WELS ministry or teaching. For those students, the cultural and vocational fit creates value the aggregate ROI score does not measure.
Earnings by Major
Top 2 most popular majors at Martin Luther College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Teacher Education | $56,435 | C+ |
| Theological and Ministerial Studies | $39,949 | F |
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.
Teacher Education
Teacher Education is MLC's higher-earning program at 89 graduates, $46,706 year-one and $56,435 year-four. Debt-to-earnings of 0.460 (ROI grade C+). Median debt of $21,500 against $46,706 year-one earnings is manageable. WELS school teacher salaries are modest but stable, and the community placement rate into WELS schools is essentially guaranteed for graduates — a benefit the Scorecard cannot quantify.
Theological and Ministerial Studies
Theological and Ministerial Studies had 35 graduates at $15,327 year-one and $39,949 year-four. Debt-to-earnings of 1.236 (F grade). Year-one earnings of $15,327 likely capture early ministry positions — first calls to small parishes often involve modest compensation. The four-year trajectory to $39,949 reflects a gradual earnings ramp in pastoral ministry. The F grade is technically accurate but contextually incomplete: WELS ministry provides housing allowances and benefits that partially offset the low cash salary the Scorecard measures.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 93.2% | 52.0% |
| 3-year repayment | 95.2% | 62.0% |
| 5-year repayment | 90.5% | 68.0% |
| 7-year repayment | 92.3% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 87.2% |
| ACT Composite (25th-75th) | 21-28 |
| Enrollment | 725 |
| Pell Grant recipients | 27.1% |
| Avg faculty salary (monthly) | $5,088 |
The 87.2% admission rate with ACT 21-28 mid-range makes entry accessible. SAT ranges are not reported. The more relevant filter is denominational and vocational alignment: MLC accepts students who plan careers in WELS Lutheran ministry or education. The institution serves a defined constituency and is not designed for students outside that community.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Scorecard peers include Augsburg University, Bethany Lutheran College, Briar Cliff University, Monmouth College, and Simpson University — small faith-based institutions in the Midwest. MLC's 95.2% repayment rate is the strongest distinguishing metric in this peer group. Bethany Lutheran College, also WELS-affiliated, is the most contextually comparable peer. The earnings data across this group is uniformly modest, reflecting the shared mission orientation toward pastoral and educational ministry careers.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Martin Luther College (this school) | 46 | $18,463 | $47,491 |
| Augsburg University | 53 | $23,873 | $58,829 |
| Monmouth College | 46 | $17,133 | $51,110 |
| Briar Cliff University | 46 | $23,907 | $54,475 |
| Simpson University | 44 | $27,817 | $54,340 |
| Bethany Lutheran College | 35 | $20,148 | $46,110 |
Who Thrives Here
Martin Luther College enrolls 725 students with an 87.2% admission rate. SAT data is not reported; ACT composite mid-range is 21-28. Pell grant rate is 27.1%. This institution is correctly understood as a specialized professional school for WELS Lutheran ministry and teaching, not a traditional liberal arts college. Students not aligned with the WELS mission should not attend. Students who are will find tight community infrastructure, a defined career pipeline into WELS school and parish positions, and an unusually strong repayment culture.
The Verdict: Proceed With Caution
The financial case for Martin Luther College is mixed. At $18,463 per year net cost, graduates earn a median of $47,491 ten years after entry - a payback period of 17.1 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.
Key strengths include a 71.5% graduation rate, high loan repayment success. However, the data also shows weak earnings relative to cost and high debt relative to what graduates earn and a long payback period.
Median debt of $20,177 against $47,491 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.