Southwest Minnesota State University
Marshall, Minnesota · Public · 62.2% acceptance rate
ROI Score: 52/100 · Below Average Value
Southwest Minnesota State University scores 52 (Below Average Value), weighed down principally by a 45.1% completion rate that is the weakest single metric in its profile. Median 6-year earnings of $34,900 and a 12.3-year payback period are both below-average. Median debt of $20,500 and a debt-to-earnings ratio of 0.587 are more manageable than many peers. The repayment rate of 80.3% at three years is a relative bright spot. SMSU is a small public university in Marshall, Minnesota (2,315 students), with an ACT mid-range of 16-23 and SAT scores not reported. In-state tuition is $10,361, with a net price of $15,291. The best outcomes are in nursing ($71,933 year-one, 70 graduates), business programs in the $48,000-$49,000 year-one range, and finance and marketing at similar levels. Education programs land in the C-grade range. The Pell grant rate of 12.1% is unusually low, suggesting SMSU draws a relatively lower share of economically disadvantaged students than peer rural public institutions. The completion rate -- fewer than half of students graduate -- is the central concern and limits what the institution can deliver on ROI regardless of individual program strength.
Southwest Minnesota State University
Quick Numbers
| In-state tuition + fees | $10,361/yr |
| Out-of-state tuition + fees | $10,361/yr |
| Average net price | $15,291/yr |
| Total 4-year cost (net) | $61,164 |
| Median earnings (10yr post-entry) | $51,342 |
| Median earnings (6yr post-entry) | $34,900 |
| Median debt at graduation | $20,500 |
| Estimated monthly loan payment | $217 |
| Estimated payback period | 12.3 years |
| 6-year graduation rate | 45.1% |
| Undergraduate enrollment | 2,315 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Southwest Minnesota State University is $10,361/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $15,291/year, or roughly $61,164 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $10,559/year, while families earning over $110,000 pay $20,701/year.
The median graduate leaves with $20,500 in federal loan debt, translating to an estimated monthly payment of $217 on a standard 10-year repayment plan. Against median earnings of $51,342 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 | $10,559 |
| $30,001 - $48,000 | $11,175 |
| $48,001 - $75,000 | $13,153 |
| $75,001 - $110,000 | $18,283 |
| $110,001+ | $20,701 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning under $30,000 pay $10,559 per year at SMSU, among the lowest in the state system. Over four years that's roughly $42,000. Against $34,900 median earnings, the payback is 12.3 years -- long. The strong repayment rate (80.3% at three years) suggests most borrowers are at least making progress. Low-income students who complete the degree in a high-earning program face a manageable path; those who don't complete face debt without the earnings offset.
Middle-income families ($30K-$110K)
Middle-income families ($48,001-75,000) pay $13,153 per year; the $75,001-110,000 bracket pays $18,283. The aid taper is moderate. At $13,000-$18,000 per year, the cost is competitive with most regional publics in Minnesota. The ROI case improves for middle-income students who complete and choose business or nursing; it weakens for program choices in the C-D range.
Higher-income families ($110K+)
Families over $110,000 pay $20,701 per year at SMSU. At that price, the value proposition relative to the University of Minnesota or Mankato depends entirely on program and geography. For students who want to stay in the region and choose a program with solid outcomes, SMSU at $20k per year is defensible. The completion rate remains the variable that dominates everything else.
Earnings by Major
Top 10 most popular majors at Southwest Minnesota State University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Registered Nursing | $83,735 | C+ |
| Teacher Education | $43,904 | C |
| Business Administration, Management, and Operations | $55,559 | C+ |
| Kinesiology and Exercise Science | $54,554 | D |
| Teacher Education, Subject-Specific | $47,219 | C |
| Special Education and Teaching | $44,510 | C |
| Social Work | $45,467 | - |
| Criminal Justice and Corrections | $64,654 | B |
| Psychology | $47,249 | D |
| Biology | $31,765 | 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 is SMSU's strongest program at 70 graduates, $71,933 year-one earnings, $83,735 at year four, with a debt-to-earnings ratio of 0.467 (ROI grade C+). Median debt of $33,560 is higher than typical nursing programs, which tempers the grade. Minnesota's rural healthcare sector creates genuine demand for nurses in the region. The C+ grade reflects the debt load more than the earnings; if borrowing is minimized, the financial case improves.
Business Administration, Management, and Operations
Business Administration (38 graduates) earns $49,245 year-one and $55,559 at year four, with a debt-to-earnings ratio of 0.508 (ROI grade C+). Median debt of $25,000 against those earnings is manageable. The four-year earnings growth is modest, suggesting limited upward trajectory beyond entry-level roles. Business at this price point -- $15,291 net price -- is a reasonable bet for students who complete, but the institutional completion rate is the primary risk.
Teacher Education
Teacher Education (42 graduates) earns $41,333 year-one and $43,904 at year four -- flat earnings growth consistent with the Minnesota public school salary schedule. Debt-to-earnings ratio of 0.653 (ROI grade C) reflects median debt of $27,000. Teaching in rural Minnesota districts is a viable career path for SMSU graduates, but the earnings ceiling is real and the ROI grade reflects it. Students committed to K-12 education in the region can make this work if they borrow conservatively.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 76.4% | 52.0% |
| 3-year repayment | 80.3% | 62.0% |
| 5-year repayment | 72.2% | 68.0% |
| 7-year repayment | 76.4% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 62.2% |
| ACT Composite (25th-75th) | 16-23 |
| Enrollment | 2,315 |
| Pell Grant recipients | 12.1% |
| Avg faculty salary (monthly) | $10,672 |
SMSU's 62.2% admission rate is moderately selective for a regional public university. ACT 16-23 composite describes the typical admit. Scorecard does not report SAT ranges. The institution is accessible, but accessibility does not eliminate the completion risk -- the 45.1% completion rate suggests structural challenges that go beyond student preparation. Prospective students should ask directly about retention support, advising, and time-to-degree data before enrolling.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
SMSU's Scorecard peers include Bemidji State University, Minnesota State Mankato, University of Hawaii at Hilo, Indiana University East, and Chadron State College. Within the Minnesota State system, Mankato is a clear upgrade on program breadth and outcomes. Bemidji State is the closest peer profile. All of these institutions share the regional public challenge of modest earnings and completion rates. SMSU's 52 score is at the lower end of this peer group and reflects the completion rate problem more than cost or debt.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Southwest Minnesota State University (this school) | 52 | $15,291 | $51,342 |
| Minnesota State University-Mankato | 62 | $19,139 | $56,922 |
| Bemidji State University | 60 | $15,261 | $53,755 |
| Indiana University-East | 50 | $8,134 | $47,156 |
| Chadron State College | 50 | $12,549 | $47,002 |
| University of Hawaii at Hilo | 47 | $11,856 | $47,856 |
Who Thrives Here
SMSU admits 62.2% of applicants with an ACT mid-range of 16-23 (SAT not reported). Enrollment of 2,315 and a rural Marshall location mean the campus serves a regional Minnesota student population. The 12.1% Pell rate is notably low for a regional public. Students who complete the degree in nursing or business produce respectable outcomes, but the institutional completion rate means a large fraction of enrollees do not finish. Self-motivated students with clear program goals are best positioned here. Students who are undecided or who lack structural support for degree completion face real risk.
The Verdict: Proceed With Caution
The financial case for Southwest Minnesota State University is mixed. At $15,291 per year net cost, graduates earn a median of $51,342 ten years after entry - a payback period of 12.3 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 a 45.1% graduation rate.
Median debt of $20,500 against $51,342 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.