Shenandoah University
Winchester, Virginia · Private Nonprofit · 77.0% acceptance rate
ROI Score: 53/100 · Below Average Value
Data: 2024-25 College Scorecard release
Shenandoah University earns a Below Average Value ROI score of 53. The profile is a familiar mid-size private mismatch: high sticker tuition ($36,950) and full 4-year cost of $121,192 against modest earnings outcomes. Net price after aid is $30,298 - still heavy. Median earnings sit at $42,300 six years after entry, climbing to $58,433 by year 10. Median debt of $25,000 produces a debt-to-earnings ratio of 0.591 (subscore 53). The 11.1-year payback period is long. Completion rate is the relative strength at 66.8% (subscore 72), and repayment runs 76.5%. Earnings premium of 19.3% is modest (subscore 39). Nursing remains the strongest pathway here - a familiar pattern at performing-arts-strong privates with healthcare programs. The performing arts (music, theatre) earn weak ROI grades reflecting market realities. For full-pay students, the math is hard to make work outside the nursing track.
Shenandoah University
Quick Numbers
| In-state tuition + fees | $36,950/yr |
| Out-of-state tuition + fees | $36,950/yr |
| Average net price | $30,298/yr |
| Total 4-year cost (net) | $121,192 |
| Median earnings (10yr post-entry) | $58,433 |
| Median earnings (6yr post-entry) | $42,300 |
| Median debt at graduation | $25,000 |
| Estimated monthly loan payment | $265 |
| Estimated payback period | 11.1 years |
| 6-year graduation rate | 66.8% |
| Undergraduate enrollment | 2,116 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The first number you'll see is the sticker price: $36,950/year. Here's the part that matters - almost nobody pays that. After grants, scholarships, and aid, the average student here pays a net price of $30,298/year, or roughly $121,192 over four years. That's the number to plan around.
What you actually pay depends a lot on what your family earns. Families making under $30,000/year pay an average of $24,356/year here, while families earning over $110,000 pay $33,591/year.
Most students borrow to get here. The median graduate leaves owing $25,000 in federal loans, which works out to about $265 a month on the standard 10-year repayment plan. Hold that up against the $58,433 the typical graduate earns ten years out: the debt-to-earnings ratio comes to 0.59, within the range advisors call workable but worth keeping an eye on.
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 | $24,356 |
| $30,001 - $48,000 | $26,715 |
| $48,001 - $75,000 | $26,635 |
| $75,001 - $110,000 | $30,332 |
| $110,001+ | $33,591 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families under $30,000 pay $24,356 net annually - still heavy in absolute terms. Across four years that's roughly $97,000. The $30,001-$48,000 bracket pays $26,715 - slightly higher despite lower nominal income, a mild aid inversion to flag. Pell-eligible students should weigh community-college transfer pathways and Virginia public universities (like JMU or VCU) that offer materially better aid posture.
Middle-income families ($30K-$110K)
The $48,001-$75,000 bracket pays $26,635, and $75,001-$110,000 climbs to $30,332. Total 4-year cost runs $107,000-$121,000. Middle-income families targeting nursing get a defensible ROI; humanities, arts, and general business pathways at this borrowing scale are tougher to justify against Virginia's strong public alternatives.
Higher-income families ($110K+)
Families above $110,000 pay $33,591 net annually, totaling roughly $134,000 across four years. Full-pay families should compare directly with James Madison University ($14k in-state tuition) and other Virginia publics. The Shenandoah brand premium does not offset the cost difference outside niche programs (nursing, conservatory) where the fit is highly specific.
Earnings by Major
Top 10 most popular majors at Shenandoah University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Registered Nursing | $91,096 | B |
| Business Administration, Management, and Operations | $66,673 | C |
| Drama/Theatre Arts and Stagecraft | $40,457 | F |
| Physiology, Pathology and Related Sciences | $54,490 | D |
| Psychology | $58,144 | D |
| Biology | $66,070 | C |
| Criminal Justice and Corrections | $63,290 | C |
| Music | $30,758 | D |
| Kinesiology and Exercise Science | $64,373 | D |
| Teacher Education, Subject-Specific | $51,601 | 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.
Registered Nursing
Nursing is the strongest program with 114 graduates and a B grade. First-year earnings of $81,678 grow to $91,096 by year four against $29,749 in debt (0.364 ratio). The Northern Virginia and DC-region healthcare labor market provides robust placement. For students choosing Shenandoah, nursing delivers the cleanest economic case.
Business Administration, Management, and Operations
Business administration produces 63 graduates with a C grade. First-year earnings of $45,499 grow to $66,673 by year four against $27,000 in debt (0.593 ratio). The pathway is generalist; outcomes depend heavily on internships and student-driven differentiation. Solid but not standout.
Psychology
Psychology graduates 39 students with a D grade. First-year earnings of $34,531 against $26,000 in debt produce a 0.753 ratio. By year four earnings reach $58,144 - improvement, but graduate study is essentially required to translate the major into livable earnings. Bachelor-only borrowers face a tough trajectory.
Drama/Theatre Arts and Stagecraft
Drama/Theatre Arts earns an F grade with 49 graduates - a sizable program. First-year earnings of just $17,818 against $27,000 in debt produce a 1.515 debt-to-earnings ratio: typical graduates carry debt 1.5x their first-year salary. Even by year four, earnings only reach $40,457. Conservatory training has clear artistic value, but the financial math is severe; students should pursue this only with substantial outside funding or a clear acceptance of the economic tradeoff.
Physiology, Pathology and Related Sciences
Physiology graduates 43 students with a D grade. First-year earnings of $24,058 against $20,750 in debt produce a 0.862 ratio. By year four earnings climb to $54,490 - consistent with a pre-PT/pre-OT graduate-bridge program. Bachelor-only outcomes are weak; the pathway only makes sense as a feeder into doctoral health-professional programs.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 71.9% | 52.0% |
| 3-year repayment | 76.5% | 62.0% |
| 5-year repayment | 65.9% | 68.0% |
| 7-year repayment | 69.4% | 72.0% |
Completion Rate
Trends Over Time
How Shenandoah University’s cost and outcomes have moved across College Scorecard releases (2009-2023).
Average Net Price
Completion Rate
Median Earnings, 10 Years After Entry (as reported)
Earnings reflect borrowers measured 10 years after entry and publish on an irregular cadence with a multi-year reporting lag, so this series shows only the years the Department of Education reported - the data is never interpolated.
Source: U.S. Department of Education College Scorecard, release years shown. Net price and completion are reported annually.
Admissions Snapshot
| Acceptance rate | 77.0% |
| Enrollment | 2,116 |
| Pell Grant recipients | 18.9% |
| Avg faculty salary (monthly) | $8,154 |
Shenandoah's admission rate of 76.9% indicates moderate-to-broad selectivity. SAT and ACT mid-ranges are not reported in current data, consistent with the school's test-optional posture and arts-conservatory admit pathway. The 66.8% completion rate is decent, suggesting reasonable academic support despite open admissions.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Peers include Averett University, Bluefield University, DeSales University, Messiah University, and Saint Ambrose University. Among these, DeSales and Messiah are the strongest comparators with similar mid-sized private religious profiles and ROI scores in the 55-65 range. Saint Ambrose performs comparably. Averett and Bluefield post weaker outcomes and pull below Shenandoah on most metrics. Shenandoah's distinctive performing-arts conservatory programs differentiate it structurally from peers but generally weaken aggregate ROI.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Shenandoah University (this school) | 53 | $30,298 | $58,433 |
| Saint Ambrose University | 57 | $24,691 | $59,531 |
| DeSales University | 56 | $31,643 | $61,295 |
| Messiah University | 51 | $26,502 | $54,064 |
| Averett University | 37 | $22,925 | $51,516 |
| Bluefield University | 32 | $25,573 | $48,896 |
Who Thrives Here
Enrollment is small at 2,116 students, with a Pell rate of 18.9% - a moderately privileged student body. Shenandoah fits students drawn to a strong nursing or pre-health pathway, performing-arts conservatory training (music, theatre), or pharmacy/PT graduate-bridge tracks. Best-fit students are nursing-bound or pre-professional; performing-arts students should expect weak earnings outcomes consistent with their fields. The Northern Virginia/Winchester location offers a small-campus environment with reasonable proximity to DC and Baltimore healthcare markets.
The Verdict: Proceed With Caution
The money case for Shenandoah University is mixed, and worth a hard look before you commit. At $30,298 per year after aid, the typical graduate earns $58,433 ten years after entry, which means it takes about 11.1 years to earn the cost back - slower than most four-year schools. Whether it's worth it comes down to your major and your aid package.
What to keep an eye on: weak earnings relative to cost.
Median debt of $25,000 against $58,433 in earnings is reasonable, though your major matters a lot here. Graduates in higher-earning fields will see the better end of this.
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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.