We’ve all seen the lists of the “best colleges in the country” — and it’s never a surprise which ones come out on top.
Harvard, Yale, Princeton … but how about St. Paul’s School of Nursing in Queens? Forbes recently published a list of the top 30 two-year trade schools in the country, and St. Paul’s was No. 1.
Here are the benefits of attending a trade school, the trade schools with the best return on investment (ROI), and the steps you should take before making any decisions about your education.
Why go to a trade school?
When it comes to choosing a college, two of the most important factors are affordability and ROI. That’s why trade schools are worth your consideration.
For one thing, attending a trade school could mean you’ll graduate with less student loan debt.
Here are the average costs of attending different types of colleges:
- Two years at a trade school: $33,000
- Four years of in-state tuition at a public institution: $37,640
- Four years at a private institution: $129,620
The cost difference between a trade school and an in-state public university isn’t huge. But keep in mind that most trade schools are two years or less. That means you’ll graduate and earn money sooner than you would with a four-year degree.
And because you’ll have skills that prepare you for a specific career, you’ll be less likely to float around and work minimum-wage jobs while you figure out what you want to do with your life after graduation.
Lastly, and perhaps most importantly, the need for workers in skilled trades is growing. If you get a trade degree, you could help fill that gap.
10 trade schools with excellent ROI
Forbes analyzed more than 400 two-year trade schools and ranked them based on earnings, affordability, and quality to determine which ones provided the biggest bang for your buck.
It looked at data such as:
- Graduates’ average earnings six and 10 years after graduation
- Sticker price, median student loan debt, and repayment success
- Retention and completion rates and student-faculty ratio
We included a sampling from the top 30 schools below. We chose not to include an ordered list of the top 10 because the majority were nursing schools — and we wanted to offer a diverse selection.
Based on the data above, here are some of the best trade schools in order of best to worst ROI.
1. St Paul’s School of Nursing (Queens)
Location: Rego Park, New York
Early career salary: $75,800
Most popular area of study: health professions and related programs
2. Los Angeles County College of Nursing and Allied Health
Location: Los Angeles, California
Early career salary: $87,200
Most popular area of study: health professions and related programs
3. Pittsburgh Institute of Aeronautics
Location: West Mifflin, Pennsylvania
Early career salary: $52,900
Most popular area of study: transportation and materials moving
4. Island Drafting and Technical Institute
Location: Amityville, New York
Early career salary: $42,900
Most popular area of study: engineering technologies and engineering-related fields
5. Triangle Tech (Greensburg)
Location: Greensburg, Pennsylvania
Early career salary: $42,900
Most popular area of study: construction trades
6. Morrison Institute of Technology
Location: Morrison, Illinois
Early career salary: $43,900
Most popular area of study: engineering technologies and engineering-related fields
7. West Coast Ultrasound Institute
Location: Beverly Hills, California
Early career salary: $50,100
Most popular area of study: health professions and related programs
8. Wyotech (Laramie)
Location: Laramie, Wyoming
Early career salary: $42,500
Most popular area of study: mechanic and repair technologies/technicians
9. ITI Technical College
Location: Baton Rouge, Louisiana
Early career salary: $46,100
Most popular area of study: engineering technologies and engineering-related fields
10. Nebraska College of Technical Agriculture
Location: Curtis, Nebraska
Early career salary: $43,500
Most popular area of study: agriculture, agriculture operations, and related sciences
3 steps to take before choosing a school
If you’re tempted by the idea of trade school, the important thing is that you compare your options carefully.
Here are three steps you should take before saying yes to any school.
1. Gather information
Knowledge is power — especially when it comes to choosing a college. For each school you’re considering, find out everything you can.
Here are some action steps we recommend:
- Read rankings (and methodologies).
- Talk to current students and alumni.
- Research retention rates and average salaries of graduates.
- Ask about specifics that matter to you: study abroad programs, student-faculty ratios, professional organizations, job placement services, etc.
2. Crunch the numbers
Once you receive your financial aid package, it’s time to break out the calculator.
If your package includes student loans, remember that it’s not funny money. It’s money you’ll have to pay back each month while trying to enjoy your 20s.
To estimate your monthly payment — and maybe open your eyes to the reality of loans — use our monthly payment calculator.
For example, if you took out $35,000 of loans at a 5.70% weighted interest rate, you’d be on the hook for $383 per month for 10 years after graduation.
If that won’t put a dent in your social life, we don’t know what will!
3. Find ways to lower the cost
Whichever path you choose, look for ways to lower the cost.
You can negotiate with your financial aid office, work while you’re in school, and apply for scholarships (although you should make sure you won’t be subject to scholarship displacement before doing so).
Whether it’s a trade school, community college, four-year university, or gap year, don’t take your decision lightly. The financial repercussions of your education will last for far longer than your college years will.
Need a student loan?
Here are our top student loan lenders of 2022!Lender | Variable APR | Eligibility | |
---|---|---|---|
![]() | 1.19% – 11.98%1 | Undergraduate Graduate | |
![]() | 1.62% – 11.73%*,2 | Undergraduate Graduate | |
![]() | 0.94% – 11.44%3 | Undergraduate Graduate | |
![]() | 1.64% – 11.45%4 | Undergraduate Graduate | |
![]() | 1.89% – 11.92%5 | Undergraduate Graduate | |
![]() | 0.00%6 | Undergraduate Graduate | |
![]() | N/A7 | Undergraduate Graduate | |
![]() | 0.00% – 23.00%8 | Undergraduate Graduate | |
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers. 1 Important Disclosures for College Ave. CollegeAve DisclosuresCollege Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 4/19/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. 2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply. 3 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest. Earnest DisclosuresActual rate and available repayment terms will vary based on your income. Fixed rates range from 3.49% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.19% APR to 10.14% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. 4 Important Disclosures for Ascent. Ascent DisclosuresAscent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs Rates are effective as of 05/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions, please visit AscentFunding.com/Cashback. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner. 5 Important Disclosures for SoFi. Sofi DisclosuresUNDERGRADUATE LOANS: Fixed rates from 3.47% to 11.16% annual percentage rate (“APR”) (with autopay), variable rates from 1.89% to 11.92% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.60to 11.06% APR (with autopay), variable rates from 2.59% to 11.82% APR (with autopay). PARENT LOANS: Fixed rates from 4.48% to 11.16% APR (with autopay), variable rates from 1.69% to 11.92% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 05/04/2022. Enrolling in autopay is not required to receive a loan from SoFi. Loans originated by SoFi Lending Corp. or an affiliate (dba SoFi), licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org). 6 Important Disclosures for Citizens Bank. Citizens Bank DisclosuresUndergraduate Rate Disclosure: Fixed interest rates range from 3.48% – 11.64% (3.48% – 10.78% APR). Graduate Rate Disclosure: Fixed interest rates range from 4.89% – 11.64% (4.89% – 11.34% APR). Business/Law Rate Disclosure: Fixed interest rates range from 4.49% – 10.39% (4.49% – 9.68% APR). Medical/Dental Rate Disclosure: Fixed interest rates range from 4.43% – 9.19% (4.44% – 8.89% APR). Parent Loan Rate Disclosure: Fixed interest rates range from 4.80%-8.23% (4.80%-8.24% APR). Bar Study Rate Disclosure: Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.83% APR). Medical Residency Rate Disclosure: Fixed interest rates range from 6.99% – 10.49% (6.98% – 10.09% APR). ERL Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of May 1, 2022, the 30-day average SOFR index is 0.29%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%. Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review. Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. 7 Important Disclosures for Funding U. Funding U DisclosuresOffered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service. 8 Important Disclosures for Edly. Edly Disclosures1. Loan Example:
About this example The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment. 2. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. |