The university has been widely recognized as possessing a great return on investment in terms of cost of attendance and projected salaries for those earning a degree.
As budgetary issues force families across the state to adjust their financial situations, the cost of college attendance has become a concern, and one area that has fallen under the microscope has been college tuition.
More than ever, prospective students and their families seek information on the schools they are interested in for not only the areas of study they are pursuing but how much the school will cost in terms of tuition and fees and how much financial assistance is available.
Websites that calculate cost of attendance and how much graduates of certain universities can expect to earn have become more and more popular. Universities have responded by seeking ways to educate students more efficiently while keeping the cost of attendance as low as possible.
With a competitive tuition rate and overall low cost of attendance, Texas Tech University has long been one of the more affordable higher education institutions in the country.
But not only is Texas Tech much more affordable than many of its peers, the university also is recognized as having some of the most well-paid graduates in the workforce, which makes Texas Tech one of the top universities in the country for return on investment.
Several entities have recognized Texas Tech as such, placing the university in their rankings as those with the best return on investment when factoring in cost of attendance, graduation rates, availability and use of financial aid and projected salaries for graduates with bachelor's, master's and doctorate degrees.
Payscale also ranks schools according to a number of criteria: on campus vs. off-campus, with and without financial aid, and annual and 20 year net returns on investment (ROI). As an example, Texas Tech ranks No. 20 for annual ROI for students living off campus, without financial aid. For students living on campus, Texas Tech ranked No. 51.
The Texas Tech University Career Center reported that, for graduates surveyed between the fall of 2015 and spring 2016, within one year after graduation, 98 percent had made a decision on their career, whether it was full-time employment, graduate school, enlisting in the military or other areas of service, such as the Peace Corps.
"There are many benefits of the college experience and a degree earned that are not captured by salary alone," said President Lawrence Schovanec. "Nevertheless, students and their families are increasingly concerned about cost and return on investment, so it is gratifying that Texas Tech fares well in the growing number of value rankings. Like all college rankings, these are not perfect instruments, but they can be a measure of accountability, an issue that higher education needs to address. "
Both Kiplinger's Best College Values rankings and the Forbes Best Value Colleges rankings placed Texas Tech in the top 300 as schools that are worth the investment. The Forbes rankings have Texas Tech No. 61 among Carnegie schools and No. 115 among all public schools, while Kiplinger ranked Texas Tech No. 96 for in-state costs and No. 90 for out-of-state costs among public schools.