St Olaf College
Northfield, Minnesota · Private Nonprofit · 48.3% acceptance rate
ROI Score: 73/100 · Fair Value
St. Olaf College earns a 73 ROI score (Fair Value)--strong for an elite private liberal-arts college. The composite is anchored by exceptional completion (84%, sub-score 92) and repayment (91% three-year, sub-score 96) rates: students at St. Olaf finish and stay current on loans at flagship-tier rates. Sticker tuition is steep at $59,760, but average net price drops dramatically to $23,874 thanks to substantial need-based aid; total four-year cost lands around $95,496. Median earnings of $41,500 at six years climb to $65,543 at ten--solid for a liberal-arts college whose graduates often go to graduate school first. The 7.7-year payback period (sub-score 78) is notably fast for a private college at this price point. Median debt of $26,000 produces a $276/month payment and a 0.627 debt-to-earnings ratio (sub-score 45)--the one weaker dimension. The strong six-year-to-ten-year earnings growth ($24K of growth) reflects a heavy graduate-school pipeline; that's the St. Olaf model.
St Olaf College
Quick Numbers
| In-state tuition + fees | $59,760/yr |
| Out-of-state tuition + fees | $59,760/yr |
| Average net price | $23,874/yr |
| Total 4-year cost (net) | $95,496 |
| Median earnings (10yr post-entry) | $65,543 |
| Median earnings (6yr post-entry) | $41,500 |
| Median debt at graduation | $26,000 |
| Estimated monthly loan payment | $276 |
| Estimated payback period | 7.7 years |
| 6-year graduation rate | 84.0% |
| Undergraduate enrollment | 3,093 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at St Olaf College is $59,760/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $23,874/year, or roughly $95,496 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $10,404/year, while families earning over $110,000 pay $33,166/year.
The median graduate leaves with $26,000 in federal loan debt, translating to an estimated monthly payment of $276 on a standard 10-year repayment plan. Against median earnings of $65,543 ten years out, the debt-to-earnings ratio is 0.63 - 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 | $10,404 |
| $30,001 - $48,000 | $11,342 |
| $48,001 - $75,000 | $12,584 |
| $75,001 - $110,000 | $20,367 |
| $110,001+ | $33,166 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families at $0-$30,000 pay just $10,404 net (~$42K over four years)--exceptional for a $59K-sticker private college. $30,001-$48,000 pay $11,342. The need-based aid here is genuinely meaningful, and Pell-eligible students who get admitted should run individual scenarios because actual outcomes can be even better than the bracket average. This is one of the strongest low-income value plays among elite private colleges.
Middle-income families ($30K-$110K)
$48,001-$75,000 households pay $12,584 and $75,001-$110,000 pay $20,367. Total four-year cost ranges $50K-$81K. The middle-income discounting is substantial--families at the $48-75K level effectively pay in-state-public prices for an elite-private experience. Bracket structure rises smoothly through tiers (no inversions to flag).
Higher-income families ($110K+)
Families above $110,000 pay $33,166 (~$133K over four years). At full pay, St. Olaf competes with Carleton (across town in Northfield) and Macalester within Minnesota, plus Grinnell, Lawrence, and Kenyon nationally. For high-income families committed to liberal-arts education, St. Olaf is competitively priced within that elite cluster.
Earnings by Major
Top 10 most popular majors at St Olaf College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Biology | $62,818 | C |
| Mathematics | $87,691 | B |
| Economics | $84,559 | C+ |
| Research and Experimental Psychology | $56,282 | D |
| International Relations | $57,869 | D |
| Chemistry | $44,020 | C |
| Natural Resources Conservation | $48,137 | D |
| Music | $42,439 | D |
| English Language and Literature | $49,382 | D |
| Computer Science | $122,912 | 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.
Computer Science
Computer science is the top program: 33 graduates with $82,278 first-year earnings rising to a remarkable $122,912 by year four against $23,875 debt (0.29 ratio, B+ grade). Twin Cities tech employers (3M, Best Buy, Target, Optum, plus Twin Cities startups) absorb graduates strongly. The 49% jump from year-one to year-four earnings reflects rapid promotion or graduate-school finish. Outstanding ROI.
Mathematics
Mathematics enrolls 75 graduates with a B grade. First-year earnings of $58,825 climb to $87,691 by year four against $23,000 debt (0.391 ratio). The math program has a strong grad-school pipeline; many graduates pursue PhDs or actuarial credentials. Solid ROI for a non-applied STEM track.
Economics
Economics pulls 75 graduates with a C+ grade. First-year earnings of $56,238 grow to $84,559 by year four against $27,000 debt (0.48 ratio). Twin Cities financial services and consulting absorb graduates well. The C+ grade reflects relatively heavy debt against earnings; a small number of high-finance placements pull the median up.
Biology
Biology is the largest STEM program at 91 graduates with a C grade. First-year earnings of $36,429 climb to $62,818 by year four against $24,500 debt (0.673 ratio). The 73% earnings jump from year 1 to year 4 is huge--clear evidence of medical school, PA school, or graduate program completion driving the recovery. Plan that pathway clearly.
Music
Music is St. Olaf's signature program (the St. Olaf Choir is internationally renowned), with 43 graduates. ROI grade is D: first-year earnings of $24,732 against $23,750 debt produces a 0.96 ratio. As at every school, music is a passion choice rather than a financial one. Students choosing this should be honest about the long-run economics.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 88.8% | 52.0% |
| 3-year repayment | 91.0% | 62.0% |
| 5-year repayment | 92.0% | 68.0% |
| 7-year repayment | 92.0% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 48.3% |
| SAT Math (25th-75th) | 640-730 |
| SAT Reading (25th-75th) | 660-740 |
| ACT Composite (25th-75th) | 28-32 |
| Enrollment | 3,093 |
| Pell Grant recipients | 21.2% |
| Avg faculty salary (monthly) | $9,218 |
St. Olaf admits 48.3% of applicants with SAT mid-ranges of 640-730 math and 660-740 reading, and ACT 28-32. That's genuinely selective--well above any other school in this batch. Strong academic preparation plus the Lutheran-rooted academic culture explain the 84% completion rate. For prepared students with stats in the upper end of the range, St. Olaf's discounting practices typically produce substantially better net-price outcomes than the published averages.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Among peers, St. Olaf compares favorably to Augsburg University and Bethany Lutheran College on completion and earnings, and tracks closely with Providence College. Furman University and Dickinson College are similarly elite small-private peers with strong ROI profiles. Within the elite-small-private cluster, St. Olaf's combination of 84% completion, 91% repayment, and 7.7-year payback is at the top end. The institutional commitment to need-based aid produces unusually strong dollar-value outcomes for low and middle-income students.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| St Olaf College (this school) | 73 | $23,874 | $65,543 |
| Providence College | 76 | $48,523 | $87,054 |
| Dickinson College | 73 | $37,607 | $70,204 |
| Furman University | 72 | $30,308 | $68,635 |
| Augsburg University | 53 | $23,873 | $58,829 |
| Bethany Lutheran College | 35 | $20,148 | $46,110 |
Who Thrives Here
St. Olaf fits academically strong students--especially from Minnesota and the Upper Midwest--who value a Lutheran-affiliated liberal-arts environment with strong music, sciences, and pre-professional pathways. Pell rate of 21.2% reflects a more middle-to-upper-middle-class profile, but the institution's aggressive need-based aid means low-income students who get in pay dramatically less than the headlines suggest. Enrollment of 3,093 keeps things small enough for genuine community. The strongest individual outcomes cluster in computer science, math, economics, nursing, and sociology/anthropology; weaker in music, fine arts, and humanities tracks.
The Verdict: A Reasonable Bet - With Caveats
St Olaf College offers fair financial value, though the ROI depends heavily on individual circumstances. The net cost of $23,874 per year leads to $95,496 over four years, while graduates earn a median of $65,543 a decade out. The payback period of 7.7 years is about average - not bad, but not a standout either.
The data highlights several strengths: a 84.0% graduation rate, high loan repayment success.
Median debt of $26,000 against $65,543 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.