22 MN Schools Among Money’s Best Colleges In America 2023

MINNESOTA — Twenty-two institutions in Minnesota were recently named to Money Magazine’s Best Colleges In America list, an analysis that looks at graduation rates, tuition, financial aid and alumni salaries.

Rather than ranking the colleges, Money said it used a six-star rating system to develop the list of 736 colleges “where your tuition (and time) is likely to pay off.”

“While the underlying methodology is similar to previous years, the new rating system can help families with their college search by highlighting the variety (and diversity) of high-value colleges in the U.S.,” Money said, “We hope the ratings show that, depending on your individual characteristics, priorities and goals, there may be multiple top colleges to consider.”

In Minnesota, colleges selected for the list which were given a four-and-a-half star rating out of a possible six include the following. No college in Minnesota was given a rating higher than four-and-a-half stars.

Carleton College, Northfield

Acceptance rate: 18 percent

2023-24 estimated full price: $82,100

Estimated price with average grant: $34,000

Graduation rate: 92 percent

College of Saint Benedict, Saint Joseph

Acceptance rate: 92 percent

2023-24 estimated full price: $67,700

Estimated price with average grant: $34,000

Graduation rate: 79 percent

Concordia College at Moorhead, Moorhead

Acceptance rate: 72 percent

2023-24 estimated full price: $43,200

Estimated price with average grant: $25,600

Graduation rate: 72 percent

Gustavus Adolphus College, Saint Peter

Acceptance rate: 73 percent

2023-24 estimated full price: $66,300

Estimated price with average grant: $29,600

Graduation rate: 78 percent

Hamline University, Saint Paul

Acceptance rate: 76 percent

2023-24 estimated full price: $61,900

Estimated price with average grant: $21,700

Graduation rate: 68 percent

Macalester College, Saint Paul

Acceptance rate: 31 percent

2023-24 estimated full price: $80,000

Estimated price with average grant: $33,200

Graduation rate: 91 percent

Saint Johns University, Collegeville

Acceptance rate: 89 percent

2023-24 estimated full price: $67,400

Estimated price with average grant: $29,700

Graduation rate: 76 percent

St. Olaf College, Northfield

Acceptance rate: 47 percent

2023-24 estimated full price: $69,800

Estimated price with average grant: $29,700

Graduation rate: 87 percent

University of Minnesota-Twin Cities, Minneapolis

Acceptance rate: 73 percent

2023-24 estimated full price: $30,800

Estimated price with average grant: $18,700

Graduation rate: 81 percent

University of St. Thomas, Saint Paul

Acceptance rate: 76 percent

2023-24 estimated full price: $66,700

Estimated price with average grant: $32,300

Graduation rate: 75 percent

In many cases, Money said, the cost of college is a primary reason students choose not to attend college or struggle to graduate once they do. Overall, freshmen starting at a four-year college this fall will pay an average of $20,000 a year at public universities and $30,000 at private colleges if they receive financial aid.

Money started with more than 2,400 four-year public and private nonprofit colleges with at least 500 undergraduate students. To be considered, schools also had to meet graduation rate standards and meet other criteria.

Considering 26 data points, the schools were ranked in three categories:

• Quality of education (30 percent weighting);
• Affordability (40 percent weighting)
• Outcomes, including alumni earnings (30 percent weighting)

The full methodology is found on Money’s website.