Thomas College
Waterville, Maine · Private Nonprofit · 96.3% acceptance rate
ROI Score: 28/100 · Poor Value
Thomas College, a private nonprofit in Waterville, ME, scores 28 on the ROI index in Poor Value tier. Sticker tuition is $31,824 with a net price of $18,885 -- meaningful aid leverage, the most aggressive discounting in this batch. Median earnings at six years are $31,700, rising to $44,991 at 10 years. Payback period is 21.6 years, debt-to-earnings is 0.765 against $24,250 median debt, and completion rate is 53.7%. Three-year repayment rate is 71%, the strongest in the batch's bottom-tier cluster. Earnings premium is 13.2%. Enrollment is 647 with a 18% Pell rate -- the lowest in this batch, signaling a moderately middle-class student body. Thomas operates as a small Maine private with a strong career-oriented curriculum: accounting, computer science, business administration, and criminal justice all show C-level ROI grades, while psychology and clinical psychology trail. The accounting and business graduates clear $42K-$47K first-year, decent for the Maine market.
The data raises concerns about Thomas College
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- ROI Score28/100 - Poor Value tier (below 45). Most 4-year schools we track score 60 or higher.
- Payback period21.6 years - Most 4-year schools we track have payback periods of 4-10 years.
Thomas College
Quick Numbers
| In-state tuition + fees | $31,824/yr |
| Out-of-state tuition + fees | $31,824/yr |
| Average net price | $18,885/yr |
| Total 4-year cost (net) | $75,540 |
| Median earnings (10yr post-entry) | $44,991 |
| Median earnings (6yr post-entry) | $31,700 |
| Median debt at graduation | $24,250 |
| Estimated monthly loan payment | $257 |
| Estimated payback period | 21.6 years |
| 6-year graduation rate | 53.7% |
| Undergraduate enrollment | 647 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Thomas College is $31,824/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $18,885/year, or roughly $75,540 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $12,655/year, while families earning over $110,000 pay $26,770/year.
The median graduate leaves with $24,250 in federal loan debt, translating to an estimated monthly payment of $257 on a standard 10-year repayment plan. Against median earnings of $44,991 ten years out, the debt-to-earnings ratio is 0.77 - 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 | $12,655 |
| $30,001 - $48,000 | $11,904 |
| $48,001 - $75,000 | $16,227 |
| $75,001 - $110,000 | $18,145 |
| $110,001+ | $26,770 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Households at $0-$30,000 pay $12,655 net -- a striking discount from the $31K sticker -- and $30,001-$48,000 pays $11,904, the lowest band. These are excellent prices for a private nonprofit and the four-year cost (~$50K) is workable against $31,700 six-year earnings.
Middle-income families ($30K-$110K)
$48,001-$75,000 pays $16,227, $75,001-$110,000 pays $18,145 -- a steady progressive aid curve. Middle-income Maine families see Thomas as cost-competitive with state options.
Higher-income families ($110K+)
Households above $110,000 pay $26,770 -- a substantial step up from middle-income bands. Total 4-year cost over $107,000. At this price tier, families should weigh the small-cohort, career-focused environment against state-school alternatives that deliver higher ROI.
Earnings by Major
Top 8 most popular majors at Thomas College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Business Administration, Management, and Operations | $52,490 | C |
| Teacher Education | $46,988 | C |
| Accounting | $65,028 | C |
| Criminal Justice and Corrections | $54,649 | C |
| Kinesiology and Exercise Science | $51,014 | D |
| Clinical Psychology | $35,065 | D |
| Computer Science | $76,089 | - |
| Psychology | $49,253 | 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.
Accounting
Accounting has 14 graduates, $47,356 first-year earnings, $65,028 at four years, $27,000 median debt, 0.57 debt-to-earnings, and a C ROI grade. Solid wage progression (37%) reflects CPA-track and corporate-accounting placement. Maine has a small but established accounting market; career paths route through Portland and regional firm hiring. The C grade is fair.
Business Administration, Management, and Operations
Business Administration has 22 graduates, $42,478 first-year earnings, $52,490 at four years, $23,707 median debt, 0.558 debt-to-earnings, and a C ROI grade. Earnings progression is moderate. Career paths run through Maine regional business and small-firm management. Manageable debt produces a defensible if unspectacular ROI.
Criminal Justice and Corrections
Criminal Justice has 14 graduates, $42,174 first-year earnings, $54,649 at four years, $27,000 median debt, 0.64 debt-to-earnings, and a C ROI grade. Maine criminal-justice salaries are higher than the national average, helping the program clear a C grade despite moderate debt. Career paths route through state policing, corrections, and probation.
Teacher Education
Teacher Education has 16 graduates, $38,994 first-year earnings, $46,988 at four years, $27,000 median debt, 0.692 debt-to-earnings, and a C ROI grade. Maine K-12 teacher salaries are mid-pack nationally. The C grade reflects moderate debt against modest earnings; income-driven repayment makes the math workable.
Psychology
Psychology has 6 graduates, $33,368 first-year earnings, $49,253 at four years, $27,000 median debt, 0.809 debt-to-earnings, and a D ROI grade. Earnings are typical for a psych bachelor's, but the $27K debt load against $33K first-year earnings produces the D grade. Graduate study often follows; students should weigh the cumulative debt of a master's or doctoral path.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 60.4% | 52.0% |
| 3-year repayment | 70.9% | 62.0% |
| 5-year repayment | 69.6% | 68.0% |
| 7-year repayment | 71.0% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 96.3% |
| Enrollment | 647 |
| Pell Grant recipients | 18.1% |
| Avg faculty salary (monthly) | $7,625 |
Admission rate is 96.3%, essentially open admission. SAT and ACT scores are not reported -- Thomas is test-optional. The combination of near-universal admission and a 53.7% completion rate is on the better end of the open-access pattern: roughly half finish, which exceeds many similarly-positioned regional privates. Maine's overall college-readiness profile and Thomas's career-oriented curriculum likely both contribute to the slightly stronger persistence.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Peer institutions include College of the Atlantic, Bates College, William Peace University, Drury University-College of Continuing Professional Studies, and Talmudical Seminary of Bobov. Bates is a different category -- elite Maine liberal arts with very strong ROI. College of the Atlantic is a Maine peer in scale. William Peace and Drury are functional regional-private peers with similar ROI scores. Talmudical Seminary is population-mismatched. Thomas's 28 is below College of the Atlantic but in line with William Peace and Drury.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Thomas College (this school) | 28 | $18,885 | $44,991 |
| Bates College | 82 | $29,351 | $69,498 |
| Talmudical Seminary of Bobov | 30 | $2,840 | $22,432 |
| William Peace University | 27 | $21,649 | $46,643 |
| College of the Atlantic | 25 | $25,184 | $40,264 |
| Drury University-College of Continuing Professional Studies | 24 | $10,566 | $40,694 |
Who Thrives Here
Fits Maine-region students seeking a small private with career-oriented business, accounting, and criminal-justice programs. Enrollment of 647 keeps cohorts small; the 18% Pell rate -- lowest in this batch -- signals a moderately middle-class student body, less Pell-dependent than typical regional privates. Outcomes are decent for accounting and business graduates and weaker for psychology paths. Thomas's value proposition is the heavy net-price discount from a $31K sticker to $18K median, which makes it accessible to families at multiple income levels.
The Verdict: The Numbers Don't Add Up
The financial data raises serious concerns about Thomas College. With a net cost of $18,885 per year and median graduate earnings of only $44,991 ten years out, the estimated payback period exceeds 21.6 years. For most students, the financial return does not justify the cost.
Areas of concern include weak earnings relative to cost and high debt relative to what graduates earn and concerning loan repayment rates and a long payback period.
Median debt of $24,250 against $44,991 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.