Spalding University
Louisville, Kentucky · Private Nonprofit · 99.5% acceptance rate
ROI Score: 31/100 · Poor Value
Spalding University earns a CampusROI score of 31 out of 100, landing in the Poor Value tier. The Louisville Catholic university posts mixed financial data: median earnings six years out of $38,000 climb to $49,438 by year ten, the payback period is 16.8 years, and the 0.66 debt-to-earnings ratio against $25,250 in median federal debt produces a sub-score of 36. Sticker tuition is $29,200 and average net price after aid is $25,491, with four-year cost landing at $101,964. The earnings premium of 14.2% over high-school-only peers is modest. The 51.7% completion rate is decent for a small private. The biggest weakness is the repayment rate of 58.3% (sub-score 16), signaling that more than 40% of borrowers struggle to make active progress on principal. The data is bimodal by major: nursing, accounting, and business produce solid C and C+ outcomes, while psychology and fine arts post D and F grades. The school's strong Registered Nursing program (52 graduates per cohort, $65,552 in year-one earnings) is the financial anchor, and prospective students should evaluate Spalding through the lens of which program they're entering. Nursing-bound students get a defensible deal; general liberal-arts students face tougher math.
The data raises concerns about Spalding University
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- ROI Score31/100 - Poor Value tier (below 45). Most 4-year schools we track score 60 or higher.
- Payback period16.8 years - Most 4-year schools we track have payback periods of 4-10 years.
Spalding University
Quick Numbers
| In-state tuition + fees | $29,200/yr |
| Out-of-state tuition + fees | $29,200/yr |
| Average net price | $25,491/yr |
| Total 4-year cost (net) | $101,964 |
| Median earnings (10yr post-entry) | $49,438 |
| Median earnings (6yr post-entry) | $38,000 |
| Median debt at graduation | $25,250 |
| Estimated monthly loan payment | $268 |
| Estimated payback period | 16.8 years |
| 6-year graduation rate | 51.7% |
| Undergraduate enrollment | 583 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Spalding University is $29,200/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $25,491/year, or roughly $101,964 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $20,509/year, while families earning over $110,000 pay $29,278/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 $49,438 ten years out, the debt-to-earnings ratio is 0.66 - 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 | $20,509 |
| $30,001 - $48,000 | $22,475 |
| $48,001 - $75,000 | $24,378 |
| $75,001 - $110,000 | $28,122 |
| $110,001+ | $29,278 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning under $30,000 face an average net price of $20,509 per year, totaling roughly $82,000 across four years. With Pell, KY KEES, and Spalding institutional aid stacking, low-income students who finish a nursing or health-sciences credential see workable cost-versus-earnings math. General-degree borrowing at this price is harder to justify.
Middle-income families ($30K-$110K)
The $48,001 to $75,000 bracket pays $24,378 per year and the $75,001 to $110,000 bracket pays $28,122. Four-year totals are $97,500 to $112,500. At those prices, middle-income KY families should compare hard against University of Louisville's in-state nursing program, where pricing is substantially better and clinical placements are equally strong.
Higher-income families ($110K+)
Families above $110,000 pay $29,278 per year, near full sticker. Four-year cost approaches $117,100. The aid curve flattens at the top with little institutional discount remaining. At this price tier, the value proposition narrows to families specifically committed to the Catholic mission and small-class environment for whom in-state public alternatives don't fit.
Earnings by Major
Top 6 most popular majors at Spalding University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Registered Nursing | $77,983 | C+ |
| Health Services/Allied Health/Health Sciences, General | $59,761 | D |
| Business Administration and Management | $63,325 | C |
| Psychology | $41,460 | D |
| Accounting | $65,288 | C+ |
| Fine and Studio Arts | $36,416 | 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.
Registered Nursing
Registered Nursing is the dominant program at Spalding with 52 graduates per cohort, the largest cohort by far. Year-one earnings of $65,552 climb to $77,983 by year four. With $30,750 in median debt, the 0.47 debt-to-earnings ratio earns a C+ ROI grade. This is the strongest program at the school and the financial story that rescues borrowing students. Louisville-market RN demand is strong and graduates clear their debt on standard repayment in well under ten years.
Health Services/Allied Health/Health Sciences, General
Allied Health graduates 31 students per cohort, the second-largest cohort. Year-one earnings of $33,822 climb to $59,761 by year four. With $27,675 in debt, the 0.82 debt-to-earnings ratio earns a D ROI grade. The four-year trajectory suggests progression into licensed allied-health roles (radiography, sonography, similar) where licensure substantially improves earnings.
Business Administration and Management
Business graduates 22 students per cohort with year-one earnings of $47,596 rising to $63,325 by year four. With $31,000 in median debt, the 0.65 ratio earns a C ROI grade. Earnings trajectory is respectable but the debt is on the higher side relative to the school's median. Louisville-market business-graduate placement supports the four-year number.
Psychology
Psychology graduates 18 students per cohort with year-one earnings of $40,262 essentially flat at $41,460 by year four (an unusually shallow trajectory). Median debt of $31,750 produces a 0.79 ratio and a D ROI grade. The flat four-year earnings curve suggests most graduates are not pursuing the graduate study that typically drives psych-major earnings growth.
Fine and Studio Arts
Fine Arts graduates just 6 students per cohort. Year-one earnings of only $14,940 rise to $36,416 by year four. Median debt of $27,000 produces a 1.81 debt-to-earnings ratio against year-one earnings, the worst on the page, earning an F ROI grade. The cohort is small enough that the year-one data may include outliers, but the F grade reflects the structural reality of the field. Borrowing for this credential at this price is hard to justify.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 53.5% | 52.0% |
| 3-year repayment | 58.3% | 62.0% |
| 5-year repayment | 51.1% | 68.0% |
| 7-year repayment | 58.6% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 99.5% |
| SAT Math (25th-75th) | 435-525 |
| SAT Reading (25th-75th) | 440-513 |
| ACT Composite (25th-75th) | 15-22 |
| Enrollment | 583 |
| Pell Grant recipients | 35.8% |
| Avg faculty salary (monthly) | $8,066 |
Spalding admits 99.5% of applicants, an essentially universal admit posture. Reported SAT mid-ranges are 435 to 525 in math and 440 to 513 in reading; ACT composite is 15 to 22. The bands sit well below national averages, and the universal admit policy combined with the 51.7% completion rate suggests the school accepts many students who arrive without strong academic preparation but who do persist at a rate above peer regional Catholics.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Peer schools include Alice Lloyd College, Asbury University, Talmudical Seminary of Bobov, Calumet College of Saint Joseph, and North Central University. Asbury University is the strongest peer, a similarly sized KY private with notably better completion and earnings due to its stronger pre-professional and ministry programs. Calumet College of Saint Joseph and North Central University are closer comparables on size and outcomes, both small private religious-affiliated colleges with similar weak repayment rates. Alice Lloyd College is structurally different (Appalachian work-study mission). Among true peers, Spalding sits roughly in the middle.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Spalding University (this school) | 31 | $25,491 | $49,438 |
| North Central University | 33 | $25,817 | $45,064 |
| Talmudical Seminary of Bobov | 30 | $2,840 | $22,432 |
| Calumet College of Saint Joseph | 29 | $22,451 | $46,945 |
| Asbury University | 29 | $21,401 | $42,368 |
| Alice Lloyd College | 18 | $18,600 | $40,573 |
Who Thrives Here
Spalding serves about 583 students with a 35.8% Pell rate. The fit case is concentrated for Louisville-area students entering the strong nursing or allied-health pipelines (52 nursing grads, 31 health-sciences grads make up nearly 30% of program-reported graduates). The university's Catholic and social-justice identity draws students seeking a values-aligned, urban setting. Students considering general liberal-arts or fine-arts study should weigh the F-grade outcomes by major carefully and pressure-test the aid package against University of Louisville's in-state pricing.
The Verdict: The Numbers Don't Add Up
The financial data raises serious concerns about Spalding University. With a net cost of $25,491 per year and median graduate earnings of only $49,438 ten years out, the estimated payback period exceeds 16.8 years. For most students, the financial return does not justify the cost.
Areas of concern include weak earnings relative to cost and a 51.7% graduation rate and high debt relative to what graduates earn and concerning loan repayment rates and a long payback period.
Median debt of $25,250 against $49,438 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.