Top 10 colleges to attend if you want to make a lot of money—Harvard and Yale didn't make the list

Many factors determine how much money you'll earn after college. But where you go to school may also play an important role.

If your goal after college is to earn the highest possible salary, California Institute of Technology may be the best choice, according to a new New York Times ranking tool. The tool allows you rank colleges based on your own priorities, whether that's post-grad earnings, net price, campus safety or more. 

The Times used Department of Education data to inform the tool's rankings, and specifically looked at median income in 2020 among those who attended the schools 10 years ago — regardless of completion — and received federal aid. 

Former Caltech attendees earn a median income of $112,166 a decade after starting school, making them the highest earners among the nearly 900 colleges ranked. 

Only two Ivy League schools — known for their top academic rankings, along with strong records of churning out high-earners — make the top 10 for highest median incomes.

Overall, the median annual income for all full-time workers ages 25 to 34 — roughly the age range of those who would have started college 10 years ago — was $52,832 at the end of 2022, Labor Department data shows. 

College graduates bring in significantly more than those who don't finish. Bachelor's degree holders ages 25 to 34 earned a median annual income of $59,600 in 2020, compared with $36,600 for those in the same age group who only completed high school, according to the National Center for Education Statistics.

Of course, the field you major in and the job you're able to get after college can also affect your earnings. 

But going to a prestigious college or university appears to pay off. The five colleges with the highest-paid former students all have median incomes above $100,000.

Here are the 10 schools whose previous attendees are earning the most, according to the New York Times' analysis:

1. California Institute of Technology

• Median income 10 years after attendance: $112,166
• Median debt among graduates: $17,747

2. Massachusetts Institute of Technology

• Median income 10 years after attendance: $111,222
• Median debt among graduates: $13,418

3. Harvey Mudd College

• Median income 10 years after attendance: $108,988
• Median debt among graduates: $22,089

4. Bentley University

• Median income 10 years after attendance: $107,974
• Median debt among graduates: $25,000

5. University of Pennsylvania

• Median income 10 years after attendance: $103,246
• Median debt among graduates: $16,763

6. Carnegie Mellon University

• Median income 10 years after attendance: $99,998
• Median debt among graduates: $22,014

7. Stevens Institute of Technology

• Median income 10 years after attendance: $98,159
• Median debt among graduates: $27,000

8. Stanford University

• Median income 10 years after attendance: $97,798
• Median debt among graduates: $12,000

9. Georgetown University

• Median income 10 years after attendance: $96,375
• Median debt among graduates: $16,500

10. Princeton University

• Median income 10 years after attendance: $95,689
• Median debt among graduates: $10,450

It shouldn't be too surprising to see several technical colleges make the list. These schools specialize in vocational and job-specific training, especially in science, technology, engineering and math (STEM) fields, which are also the best-paying college majors.

While many future college students may look for the best financial outcome, there are plenty of other factors to consider when it comes to choosing a school, such as location, available majors, athletic programs and more.

There are a number of holistic or factor-specific rankings available that can help you see which schools are the best fit for you. The New York Times' tool is helpful because you're able to prioritize a number of different factors to create a ranking unique to your personal desires.

One key component for many: the cost of attendance. Some schools may boast high earnings for former students, but be pricey to attend. That shouldn't necessarily deter you from your dream school, however. Financial aid and scholarships may ease the burden of tuition costs and even help you avoid taking out loans.

When evaluating the cost of college, make sure to look at all the different prices out there. The sticker price is typically what the school says it charges students for tuition and fees, but the net price is what you'll pay after any scholarships, grants and financial aid.

Princeton, for example, has a fairly high sticker price ($78,490), but maintains a low average net price or cost of attendance ($9,836), due to the aid it gives to students.

Also worth keeping in mind: Even if your school of choice reports high earnings among former students, there are no guarantees you'll land a job right out of school or that it will pay as much as you hope.

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