NJ college graduates earn more than others, report says
A new study suggests students who graduate from New Jersey colleges and universities earn more money than grads from other schools in other states.
The Record analysis of data from PayScale, a business-information company, concludes New Jersey college grads are more likely to make more than $50,000 a year early in their careers, and also make more than $90,000 annually by the middle of their professional careers, slightly higher totals compared to grads from other higher education institutions.
Additionally, the analysis indicates students that graduate from public colleges and universities in New Jersey, compared to private ones with much higher tuition costs, don’t lose much earning power over the course of their careers.
“I have to say that I’m not surprised. We have always maintained that the level of excellence at our public schools are tremendous,” said Pam Hersh, director of communications and public affairs for the New Jersey Association of State Colleges and Universities.
She noted New Jersey public colleges and universities have “an excellent graduation rate, they have high standards and they also have kept their tuition in check.”
She said while we do have top-notch colleges and universities, outmigration of college-aged New Jerseyans continues to be a problem, and the state Legislature is studying exactly why this is happening.
“New Jersey is a very small state, other states and other schools are very nearby, and there must be something attractive to want to leave your home nest during those college years,” she said.
She added while operational support for public colleges and universities has dropped in recent years, “the individual tuition aid grants have increased; there is a good level of financial support for the students to stay in the state.”
The analysis found the New Jersey schools where students earned the highest salaries after graduation were Princeton University, Stevens Institute of Technology and New Jersey Institute of Technology, which is a public school.