2022 Best Value Colleges for Economics (Income $0-$30k) in Illinois
Students have lots of options to chooose from today when trying to decide which college to attend. One of our goals at College Factual is to give you as much information as we can - such as our “Best Value Economics Schools in Illinois For Those Making $0-$30k” ranking - to help you make that decision.
Economics is the 18th most popular major in the country with 48,831 degrees awarded in 2019-2020. In 2017-2018, economics graduates who were awarded their degree in 2015-2017, earned an average of $47,295 and had an average of $21,978 in loans still to pay off.
Across Illinois, there were 2,106 economics graduates with average earnings and debt of $49,350 and $22,044 respectively.
For this year’s “Best Value Economics Schools in Illinois For Those Making $0-$30k” ranking, we looked at 27 colleges that offer a degree in economics. Not only do the schools that top this list have excellent economics programs, but they also cost less that schools of similar quality.
Some of the factors we look at when determining these rankings are overall quality of the economics program at the school and the cost of the school after aid is awarded among other things. Check out our ranking methodology for more information.
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The economics school you choose to invest your time and money in matters. To help you make the decision that is right for you, we’ve developed a number of major-specific rankings, including this list of “Best Value Economics Schools in Illinois For Those Making $0-$30k”.
We’ve created a tool called College Combat that lets you create your own customized comparisons based on the factors that matter the most to you. When you have some time, check it out - you may want to bookmark the link so you don’t forget it.
Best Value Economics Schools in Illinois For Those Making $0-$30k
The following schools top our list of the Best Best Value Economics Schools in Illinois For Those Making $0-$30k.
Top 25 Best Value Colleges for Economics (Income $0-$30k) in Illinois
Out of the 27 schools in the Best Value Economics Schools in Illinois For Those Making $0-$30k that were part of this year’s ranking, Northwestern University landed the #1 spot on the list. Northwestern is a large school located in Evanston, Illinois that handed out 392 ’s economics degrees in 2019-2020.
Northwestern did well in our major quality rankings, too. It placed #2 on our “Best Economics Schools in Illinois” list. The yearly cost to attend Northwestern is $1,866 for Illinois Economics students whose families make $0-$30k.
The school has an excellent freshman retention rate of 97%, which means students like the school well enough to return for a second year. The student-to-faculty ratio of 6 to 1 is a sign that students will have more opportunities to engage with their professors one-on-one. The low student loan default rate of 0.8% is a good sign that students have an easier time paying off their loans than they might at other schools. For comparison, the national default rate is 10.1%.
Out of the 27 schools in the Best Value Economics Schools in Illinois For Those Making $0-$30k that were part of this year’s ranking, University of Chicago landed the #2 spot on the list. Chicago, Illinois is the setting for this fairly large institution of higher learning. The private not-for-profit school handed out ’s economics degrees to 525 students in 2019-2020.
UChicago did well in our major quality rankings, too. It placed #1 on our “Best Economics Schools in Illinois” list. The yearly cost to attend University of Chicago is $2,712 for Illinois Economics students whose families make $0-$30k.
Students who start out at the school are likely to stick around. The freshman retention rate is 100%. Since the school has a student-to-faculty ratio of 5 to 1, those pursuing a degree will have more opportunities to interact with their professors. The low student loan default rate of 0.6% is a good sign that students have an easier time paying off their loans than they might at other schools. For comparison, the national default rate is 10.1%.
You’ll be in good company if you decide to attend University of Illinois at Urbana-Champaign. It ranked #3 on our 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k list. University of Illinois at Urbana-Champaign is a public institution located in Champaign, Illinois. The school has a large population, and it awarded 581 ’s degrees in 2019-2020.
UIUC also took the #3 spot in our “Best Economics Schools in Illinois” ranking. It costs about $5,477 for Illinois Economics students whose families make $0-$30k per year to attend University of Illinois at Urbana-Champaign.
The student loan default rate at the school is 2.4%, which is quite low when compared to the national default rate of 10.1%. With a freshman retention rate of 94%, the school does an excellent job of retaining its students.
Full University of Illinois at Urbana-Champaign Economics Report
Out of the 27 schools in the Best Value Economics Schools in Illinois For Those Making $0-$30k that were part of this year’s ranking, University of Illinois at Chicago landed the #4 spot on the list. UIC is a public institution located in Chicago, Illinois. The school has a large population, and it awarded 128 ’s degrees in 2019-2020.
As a testament to the quality of education offered at UIC, the school also landed the #8 spot in our “Best Economics Schools in Illinois” ranking. The yearly cost to attend UIC is $10,648 for Illinois Economics students whose families make $0-$30k.
The low student loan default rate of 3.4% is a good sign that students have an easier time paying off their loans than they might at other schools. For comparison, the national default rate is 10.1%.
Out of the 27 schools in the Best Value Economics Schools in Illinois For Those Making $0-$30k that were part of this year’s ranking, Southern Illinois University Edwardsville landed the #5 spot on the list. Southern Illinois University Edwardsville is a fairly large school located in Edwardsville, Illinois that handed out 9 ’s economics degrees in 2019-2020.
SIUE also made our “Best Economics Schools in Illinois” list, coming in at #18. The yearly cost to attend SIUE is $8,055 for illinois economics students whose families make $0-$30k.
Read more about Economics at Southern Illinois University Edwardsville
Wheaton College Illinois came in at #6 in this year’s edition of the Best Value Economics Schools in Illinois For Those Making $0-$30k ranking. Wheaton College Illinois is a private not-for-profit institution located in Wheaton, Illinois. The school has a small population, and it awarded 40 ’s degrees in 2019-2020.
Wheaton College Illinois also took the #4 spot in our “Best Economics Schools in Illinois” ranking. The yearly cost to attend Wheaton College Illinois is $18,440 for illinois economics students whose families make $0-$30k.
Students who start out at the school are likely to stick around. The freshman retention rate is 90%. The student loan default rate at the school is 0.7%, which is quite low when compared to the national default rate of 10.1%. The student-to-faculty ratio of 10 to 1 is a sign that students will have more opportunities to engage with their professors one-on-one.
University of Illinois at Springfield did quite well in the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking, coming in at #7. University of Illinois at Springfield is a small school located in Springfield, Illinois that handed out 4 ’s economics degrees in 2019-2020.
UIS also took the #13 spot in our “Best Economics Schools in Illinois” ranking. It costs about $9,771 for illinois economics students whose families make $0-$30k per year to attend UIS.
With a ranking of #8, Northern Illinois University did quite well on the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k list. NIU is a fairly large school located in Dekalb, Illinois that handed out 30 ’s economics degrees in 2019-2020.
NIU not only placed well in this ranking. It is also #19 on our “Best Economics Schools in Illinois” list. It costs about $15,281 for illinois economics students whose families make $0-$30k per year to attend Northern Illinois University.
Read full report on Economics at Northern Illinois University
Eastern Illinois University landed the #9 spot on the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking. EIU is a medium-sized public school situated in Charleston, Illinois. It awarded 14 ’s economics degrees in 2019-2020.
EIU also took the #21 spot in our “Best Economics Schools in Illinois” ranking. It costs about $12,350 for Illinois Economics students whose families make $0-$30k per year to attend EIU.
With a ranking of #10, Illinois State University did quite well on the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k list. Illinois State is a large school located in Normal, Illinois that handed out 60 ’s economics degrees in 2019-2020.
Illinois State not only placed well in this ranking. It is also #10 on our “Best Economics Schools in Illinois” list. It costs about $14,470 for Illinois Economics students whose families make $0-$30k per year to attend Illinois State.
The low student loan default rate of 4.4% is a good sign that students have an easier time paying off their loans than they might at other schools. For comparison, the national default rate is 10.1%.
Southern Illinois University Carbondale landed the #11 spot on the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking. Carbondale, Illinois is the setting for this fairly large institution of higher learning. The public school handed out ’s economics degrees to 23 students in 2019-2020.
SIUC also made our “Best Economics Schools in Illinois” list, coming in at #23. The estimated yearly cost for SIUC is $13,658 for Illinois Economics students whose families make $0-$30k.
Illinois College ranked #12 on this year’s Best Value Economics Schools in Illinois For Those Making $0-$30k list. Illinois College is located in Jacksonville, Illinois and, has a small student population. In 2019-2020, this school awarded 14 ’s economics degrees to qualified students.
Illinois College also made our “Best Economics Schools in Illinois” list, coming in at #20. The yearly cost to attend Illinois College is $11,376 for Illinois Economics students whose families make $0-$30k.
With a ranking of #13, Lake Forest College did quite well on the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k list. Lake Forest is a private not-for-profit institution located in Lake Forest, Illinois. The school has a small population, and it awarded 21 ’s degrees in 2019-2020.
Lake Forest also made our “Best Economics Schools in Illinois” list, coming in at #6. It costs about $18,192 for illinois economics students whose families make $0-$30k per year to attend Lake Forest College.
The student loan default rate at the school is 2.5%, which is quite low when compared to the national default rate of 10.1%.
Illinois Wesleyan University ranked #14 on this year’s Best Value Economics Schools in Illinois For Those Making $0-$30k list. Illinois Wesleyan is located in Bloomington, Illinois and, has a small student population. In 2019-2020, this school awarded 14 ’s economics degrees to qualified students.
As a testament to the quality of education offered at Illinois Wesleyan, the school also landed the #5 spot in our “Best Economics Schools in Illinois” ranking. The yearly cost to attend Illinois Wesleyan University is $18,570 for Illinois Economics students whose families make $0-$30k.
With a freshman retention rate of 87%, the school does an excellent job of retaining its students. The low student loan default rate of 1.4% is a good sign that students have an easier time paying off their loans than they might at other schools. For comparison, the national default rate is 10.1%.
Western Illinois University came in at #15 in this year’s edition of the Best Value Economics Schools in Illinois For Those Making $0-$30k ranking. WIU is located in Macomb, Illinois and, has a medium-sized student population. In 2019-2020, this school awarded 18 ’s economics degrees to qualified students.
WIU also took the #24 spot in our “Best Economics Schools in Illinois” ranking. The yearly cost to attend WIU is $13,942 for Illinois Economics students whose families make $0-$30k.
Knox College did quite well in the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking, coming in at #16. Knox College is a small private not-for-profit school situated in Galesburg, Illinois. It awarded 18 ’s economics degrees in 2019-2020.
Knox also made our “Best Economics Schools in Illinois” list, coming in at #12. The yearly cost to attend Knox is $16,828 for illinois economics students whose families make $0-$30k.
With a student-to-faculty ratio of 10 to 1, it’s easy to see that the school is committed to helping their undergraduates succeed. The student loan default rate at the school is 4.8%, which is quite low when compared to the national default rate of 10.1%.
Elmhurst University landed the #17 spot on the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking. This small school is located in Elmhurst, Illinois, and it awarded 11 ’s economics degrees in 2019-2020.
Elmhurst did well in our major quality rankings, too. It placed #15 on our “Best Economics Schools in Illinois” list. The estimated yearly cost for Elmhurst University is $16,903 for Illinois Economics students whose families make $0-$30k.
The low student loan default rate of 3.0% is a good sign that students have an easier time paying off their loans than they might at other schools. For comparison, the national default rate is 10.1%.
Augustana College did quite well in the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking, coming in at #18. Augustana is a private not-for-profit institution located in Rock Island, Illinois. The school has a small population, and it awarded 8 ’s degrees in 2019-2020.
As a testament to the quality of education offered at Augustana, the school also landed the #7 spot in our “Best Economics Schools in Illinois” ranking. It costs about $20,355 for Illinois Economics students whose families make $0-$30k per year to attend Augustana.
With a freshman retention rate of 85%, the school does an excellent job of retaining its students. The low student loan default rate of 3.4% is a good sign that students have an easier time paying off their loans than they might at other schools. For comparison, the national default rate is 10.1%.
Bradley University landed the #19 spot on the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking. Bradley University is a medium-sized school located in Peoria, Illinois that handed out 5 ’s economics degrees in 2019-2020.
Bradley not only placed well in this ranking. It is also #11 on our “Best Economics Schools in Illinois” list. It costs about $17,205 for illinois economics students whose families make $0-$30k per year to attend Bradley University.
The low student loan default rate of 2.5% is a good sign that students have an easier time paying off their loans than they might at other schools. For comparison, the national default rate is 10.1%. The school has an excellent freshman retention rate of 86%, which means students like the school well enough to return for a second year.
Northeastern Illinois University did quite well in the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking, coming in at #20. Chicago, Illinois is the setting for this medium-sized institution of higher learning. The public school handed out ’s economics degrees to 17 students in 2019-2020.
In addition to being on our illinois economics students whose families make $0-$30k list, Northeastern Illinois University has also earned the #25 rank in our “Best Economics Schools in Illinois” ranking. The estimated yearly cost for Northeastern Illinois University is $14,816 for Illinois Economics students whose families make $0-$30k.
With a ranking of #21, Dominican University did quite well on the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k list. Dominican U is a private not-for-profit institution located in River Forest, Illinois. The school has a small population, and it awarded 6 ’s degrees in 2019-2020.
Dominican U also made our “Best Economics Schools in Illinois” list, coming in at #14. It costs about $17,060 for Illinois Economics students whose families make $0-$30k per year to attend Dominican U.
The impressive student-to-faculty ratio of 10 to 1 means that students may have more opportunities to work more closely with their professors than they would at other schools.
Olivet Nazarene University came in at #22 in this year’s edition of the Best Value Economics Schools in Illinois For Those Making $0-$30k ranking. This small school is located in Bourbonnais, Illinois, and it awarded 33 ’s economics degrees in 2019-2020.
Olivet Nazarene also took the #16 spot in our “Best Economics Schools in Illinois” ranking. The estimated yearly cost for Olivet Nazarene University is $15,806 for Illinois Economics students whose families make $0-$30k.
The student loan default rate at the school is 3.4%, which is quite low when compared to the national default rate of 10.1%.
McKendree University landed the #23 spot on the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking. McKendree University is a small school located in Lebanon, Illinois that handed out 17 ’s economics degrees in 2019-2020.
McKendree not only placed well in this ranking. It is also #22 on our “Best Economics Schools in Illinois” list. The yearly cost to attend McKendree University is $15,184 for illinois economics students whose families make $0-$30k.
North Central College came in at #24 in this year’s edition of the Best Value Economics Schools in Illinois For Those Making $0-$30k ranking. North Central is located in Naperville, Illinois and, has a small student population. In 2019-2020, this school awarded 31 ’s economics degrees to qualified students.
North Central not only placed well in this ranking. It is also #9 on our “Best Economics Schools in Illinois” list. It costs about $18,889 for illinois economics students whose families make $0-$30k per year to attend North Central College.
The low student loan default rate of 3.9% is a good sign that students have an easier time paying off their loans than they might at other schools. For comparison, the national default rate is 10.1%.
Roosevelt University did quite well in the 2022 Best Value Economics Schools in Illinois For Those Making $0-$30k ranking, coming in at #25. Roosevelt University is a private not-for-profit institution located in Chicago, Illinois. The school has a small population, and it awarded 6 ’s degrees in 2019-2020.
The yearly cost to attend Roosevelt University is $20,398 for illinois economics students whose families make $0-$30k.
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Notes and References
References
- The Integrated Postsecondary Education Data System (IPEDS) from the National Center for Education Statistics (NCES), a branch of the U.S. Department of Education (DOE) serves as the core of our data about colleges.
- Some other college data, including much of the graduate earnings data, comes from the U.S. Department of Education’s (College Scorecard).
- Information about the national average student loan default rate is from the U.S. Department of Education and refers to data about the 2016 borrower cohort tracking period for which the cohort default rate (CDR) was 10.1%.
Read more about our data sources and methodologies
Footnotes
- *Average salary, average net price, and average tuition and fees are for the top schools only.
- Some schools otherwise deserving of recognition may have been removed from this ranking in the event that new data identified post-publication warranted it, or at the request of the school.
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