Source TechCrunch | title A $10K computer science bachelor’s degree can actually make a big difference in a person’s career article A computer science master’s degree costs $10 million, which, according to an analysis by a startup, is enough to pay for everything from a mortgage, to a mortgage-only home, to paying off student loans.
The startup, called Defraying, analyzed the cost of a bachelor’s computer science, bachelor’s master’s, and master’s of information technology degree programs.
It found that a bachelor degree in computer science costs $7,853 per year in salary, while a master’s in computer information systems costs $4,812 per year.
That is enough money to pay down student loans and to have enough disposable income to live on.
The $7.2 million a year that a computer science graduate earns in salary alone is enough for a $5,000 a month mortgage on a $1 million home, the startup says.
“You’re essentially paying off $4 million in student loans,” said Matthew Leach, cofounder of Defrayed, in an interview.
Leach said the startup’s analysis also took into account the cost to the student and his or her parents, and the impact of having to drop out of college to attend the school.
A computer program that offers four years of credit may cost less, and you may save more money by working part-time, but the net cost to a student is still significant, Leach said.
In fact, if a student dropped out of school, the company estimates that he or she would have to pay back $9,600 a year in student loan debt.
The median household income for a high school graduate is $50,000, which means a $50K education is costing more than $100,000.
The company’s study, titled “What it costs to attend a four-year school in the United States,” was conducted by consulting firm CareerBuilder.
The startup says it is working with employers, universities, and research institutions to ensure the accuracy of its findings.
The data is based on salary data from CareerBuilder, the website PayScale, and a survey of 1,000 employers.
It is not the first time that a business has come out with a study showing how a computer-related education can make you more money.
In September, the Associated Press revealed that a new business program offered at Stanford University costs just $10 per hour to teach computer science.
That program is part of the school’s online business school.