Montana State University
Bozeman, Montana · Public · 82.1% acceptance rate
ROI Score: 52/100 · Below Average Value
Montana State University, the flagship land-grant in Bozeman, lands at an ROI score of 52 (Below Average Value tier) despite its strong engineering and nursing programs. The math is straightforward: $8,460 in-state tuition is among the lowest in the West, but a $22,499 average net price after aid pushes the four-year sticker to roughly $89,996, and median earnings six years after entry sit at just $38,000. That earnings figure is dragged down by the school's broad mix of agricultural, education, liberal arts, and sciences graduates whose Montana-region wages run well below national averages. By 10 years out, median earnings recover to $53,263 and the typical graduate's $22,500 federal debt load looks manageable, which is why the payback period of 12.6 years is acceptable rather than alarming. Completion rate of 57.1% is mediocre for a flagship and is the single biggest drag on score, alongside a debt-to-earnings ratio of 0.59 that reflects modest early-career pay rather than runaway borrowing. Repayment performance is the bright spot at 85% (3-year), suggesting graduates who finish reliably service their loans. MSU is a value if you finish a STEM program; if you don't finish, or you graduate into a low-wage field, the price-tag advantage evaporates.
Montana State University
Quick Numbers
| In-state tuition + fees | $8,460/yr |
| Out-of-state tuition + fees | $33,287/yr |
| Average net price | $22,499/yr |
| Total 4-year cost (net) | $89,996 |
| Median earnings (10yr post-entry) | $53,263 |
| Median earnings (6yr post-entry) | $38,000 |
| Median debt at graduation | $22,500 |
| Estimated monthly loan payment | $239 |
| Estimated payback period | 12.6 years |
| 6-year graduation rate | 57.1% |
| Undergraduate enrollment | 14,451 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Montana State University is $8,460/year ($33,287/year out-of-state). But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $22,499/year, or roughly $89,996 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $17,797/year, while families earning over $110,000 pay $25,905/year.
The median graduate leaves with $22,500 in federal loan debt, translating to an estimated monthly payment of $239 on a standard 10-year repayment plan. Against median earnings of $53,263 ten years out, the debt-to-earnings ratio is 0.59 - 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 | $17,797 |
| $30,001 - $48,000 | $18,570 |
| $48,001 - $75,000 | $21,977 |
| $75,001 - $110,000 | $24,732 |
| $110,001+ | $25,905 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning under $30,000 pay $17,797 net annually at MSU, the lowest bracket. That's roughly $71K over four years and a real lift on a low-income budget, but Pell plus state aid covers most of tuition. For a student finishing in nursing or engineering at $70K+ starting wages, the math works decisively. For liberal arts or education majors, the same net price becomes a much heavier 15+ year payback.
Middle-income families ($30K-$110K)
Middle-income families ($48,001-$75,000) pay $21,977 net per year, totaling about $88K across four years. With median graduate earnings of $38K at 6 years, the typical middle-income family is buying a degree at roughly 2.3x annual median income, which is workable for STEM majors but tight for everything else. This is the most pressure-tested bracket at MSU.
Higher-income families ($110K+)
High-income families ($110K+) pay $25,905 net per year, only about $4,000 more than the lowest income bracket. The aid grading is shallow, meaning high-income families aren't subsidizing low-income peers as heavily as at private peers. Sticker is essentially close to net here, so out-of-state high-income families should benchmark against in-state alternatives in their home state.
Earnings by Major
Top 10 most popular majors at Montana State University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Business Administration and Management | $71,578 | C+ |
| Registered Nursing | $76,146 | B |
| Mechanical Engineering | $88,653 | B |
| Family and Consumer Sciences | $52,702 | D |
| Psychology | $53,623 | D |
| Computer Science | $111,728 | B+ |
| Biology | $50,711 | D |
| Teacher Education | $45,523 | C |
| Civil Engineering | $82,785 | B+ |
| Chemical Engineering | $87,590 | B |
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 MSU's largest professional program with 284 graduates and a clean ROI story. Median 1-year earnings of $71,915 and a 0.39 debt-to-earnings ratio earn a B grade. The $28,000 median debt is moderate for a clinical degree, and Montana plus regional Pacific Northwest demand for BSN-prepared nurses is structural. Graduates licensed and working within a year of graduation reliably hit the program's payback math, making this MSU's most ROI-defensible flagship-scale program.
Mechanical Engineering
Mechanical Engineering produces 171 graduates a year with $68,469 starting and $88,653 at 4 years, earning a B grade on a 0.37 debt-to-earnings ratio. Debt of $25,011 is in line with MSU averages and the program plugs directly into Montana's energy, mining, aerospace, and Pacific Northwest manufacturing sectors. This is one of MSU's clearest sticker-to-payoff trades, particularly for in-state students.
Computer Science
Computer Science is MSU's strongest long-run earnings bet at $111,728 by year four, against $22,500 median debt and a 0.34 debt-to-earnings ratio for a B+ grade. Starting earnings of $66,918 are slightly below national CS averages, reflecting Bozeman's smaller tech labor market, but graduates landing in Seattle, Salt Lake, or Denver close that gap fast. With 102 graduates annually, scale is meaningful.
Business Administration and Management
Business is MSU's largest non-nursing program at 291 graduates, but the ROI is weaker: $48,164 starting, 0.48 debt-to-earnings, and a C+ grade. $23,000 median debt is reasonable, but starting wages reflect Montana's regional labor market more than national business benchmarks. Students choosing business at MSU should plan to either pursue an MBA or relocate to a higher-wage metro to lift the ROI to acceptable levels.
Civil Engineering
Civil Engineering posts a B+ on $67,373 starting earnings, $82,785 at 4 years, and just $21,031 in median debt against a 0.31 debt-to-earnings ratio. Civil work is geographically distributed across infrastructure projects, public agencies, and private firms, and Montana plus regional Mountain West demand is steady. This is one of the cleanest ROI profiles in MSU's catalog at 73 graduates per year.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 80.2% | 52.0% |
| 3-year repayment | 85.3% | 62.0% |
| 5-year repayment | 77.7% | 68.0% |
| 7-year repayment | 83.3% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 82.1% |
| SAT Math (25th-75th) | 525-640 |
| SAT Reading (25th-75th) | 540-645 |
| ACT Composite (25th-75th) | 21-27 |
| Enrollment | 14,451 |
| Pell Grant recipients | 16.4% |
| Avg faculty salary (monthly) | $9,762 |
MSU is broadly accessible with an 82.1% admission rate, and the SAT mid-range (Math 525-640, Reading 540-645) plus an ACT composite mid of 21-27 indicate a student body that skews to academically prepared but not elite applicants. That selectivity profile aligns with the 57% completion rate: open enrollment patterns and a wide academic bench mean some students arrive underprepared and don't finish, which is the single biggest threat to ROI here.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Among MSU's listed peers, Montana Tech and Ball State both run cleaner ROI profiles thanks to either tighter program portfolios (Tech's mining/engineering focus) or higher completion rates. Western Michigan and UT Chattanooga score in similar Below Average territory, sharing MSU's pattern of a broad public university serving a regional labor market with modest median wages. Montana State University Billings, a smaller sister institution, posts weaker outcomes overall. MSU clearly out-earns Billings on STEM majors but trails Montana Tech on engineering-specific ROI.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Montana State University (this school) | 52 | $22,499 | $53,263 |
| Montana Technological University | 69 | $16,481 | $54,329 |
| Ball State University | 54 | $14,940 | $51,833 |
| The University of Tennessee-Chattanooga | 52 | $14,265 | $51,151 |
| Western Michigan University | 50 | $15,273 | $53,562 |
| Montana State University Billings | 34 | $16,524 | $44,296 |
Who Thrives Here
MSU fits the 14,451-student flagship model: residential, research-active, with strong outdoor culture and a 16.4% Pell rate that signals a relatively middle-class student body for a public university. The fit case is clearest for in-state Montana students targeting engineering, computer science, nursing, or the applied sciences, where program-level earnings ($66K-$77K at 1 year out) easily justify the in-state cost. Out-of-state students paying $33,287 tuition plus living costs face a much harder ROI calculation unless they commit to a high-earning STEM track.
The Verdict: Proceed With Caution
The financial case for Montana State University is mixed. At $22,499 per year net cost, graduates earn a median of $53,263 ten years after entry - a payback period of 12.6 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 high loan repayment success. However, the data also shows weak earnings relative to cost.
Median debt of $22,500 against $53,263 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.