Low-key public colleges and minority-serving institutions, commonly known as MSIs, are serving as strong engines for economic mobility for the average American, according to new data by Third Way, a center-left think tank focused on improving learner outcomes.
Of the over 1,600 institutions evaluated, 135 helped their students recoup the cost of their credentials in less than two years on average. Of that set, 64% were public institutions. Of the 21 institutions that accomplished the same feat in less than a year, 15 were public.
“Sometimes students might say, ‘If this doesn’t sound like a school that I hear floating around on the media all day, it’s not a good school,'” says Chazz Robinson, education policy advisor at Third Way. “However, there are still great schools providing their students with similar outcomes.”
Third Way used data from the latest College Scorecard (from June 2024), which covers the 2021-22 academic year and the US Census Bureau’s American Community Survey.
The top 10 schools ranked by Third Way’s Price-to-Earning Premium:
| Name | Median Earnings 10 Years After Enrollment | Median State Salaries of a High School Graduate | Price-to-Earnings Premium (PEP) |
| CUNY Bernard M Baruch College | $75,971 | $38,037 | 0.38 |
| Princeton University | $110,066 | $39,913 | 0.46 |
| CUNY City College | $66,039 | $38,037 | 0.49 |
| United States Merchant Marine Academy | $90,610 | $38,037 | 0.49 |
| New Mexico Institute of Mining and Technology | $76,489 | $32,566 | 0.50 |
| Stanford University | $124,080 | $38,446 | 0.51 |
| CUNY Hunter College | $63,163 | $38,037 | 0.52 |
| University of Florida-Online | $71,588 | $33,773 | 0.64 |
| CUNY Brooklyn College | $60,752 | $38,037 | 0.65 |
| University of Florida | $71,588 | $33,773 | 0.66 |
As for institutions best serving our most vulnerable Americans, Stanford, Johns Hopkins University, Yale and other elite institutions boast some of the best premiums on their degrees for low-income students, according to Third Way’s Price-to-Earnings Premium.
However, these numbers don’t paint the full picture: They’re highly selective, and their proportion of Pell Grant students is demonstrably lower than regional institutions. To better contextualize which schools serve a higher percentage of low-income students well, Robinson cites the Third Way’s Economic Mobility Index.
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Of the 270 institutions that made Third Way’s “Tier 1” list, making them the most powerful drivers for upward mobility:
- 69% are public
- 62% are MSI-designated. Ninety-six are Hispanic-serving institutions, 63 are Asian American and Native American Pacific Islander-serving institutions and eight are HBCUs.
- Of the top 10, 100% are public and HSIs, and 50% are AANAPISIs.
The top 10 schools ranked by Third Way’s Economic Mobility Index:
| Institution Name | Median Earnings 10 Years After Enrollment | Median State Salaries of a High School Graduate | PEP for low-income students | Percent Pell Grant Recipients |
| California State University-Los Angeles | $58,186 | $38,446 | 0.75 | 66% |
| California State University-Dominguez Hills | $55,181 | $38,446 | 0.72 | 62% |
| CUNY City College | $64,344 | $38,037 | 0.30 | 58% |
| CUNY John Jay College of Criminal Justice | $54,619 | $38,037 | 0.51 | 58% |
| CUNY Lehman College | $55,655 | $38,037 | 0.61 | 58% |
| California State University-Stanislaus | $62,146 | $38,446 | 0.59 | 57% |
| California State University-Fresno | $58,874 | $38,446 | 0.91 | 58% |
| Texas A&M International University | $45,780 | $35,753 | 1.66 | 63% |
| California State University-Bakersfield | $54,452 | $38,446 | 1.23 | 59% |
| California State University-San Bernardino | $58,362 | $38,446 | 1.19 | 59% |
How CUNY, Cal State and Texas help create economic mobility engines
Of the top 25 schools in the Economic Mobility Index, 76% call California, New York and Texas home. Institutions involved in the California State System and City University of New York dominate the list. Aside from intentional policy frameworks, Robinson has found recurring themes among some of the strongest economic drivers in the country:
- Student and family buy-in on the opportunities available to them at each college.
- Sense of community: Strong alumni base working to create a “communal feel” on campus. A school’s strong networking opportunities also help students land jobs right after graduating.
- Conscientious financial models: Schools boast data-driven financial models trained to keep costs low for students.
