30 BEST LIBERAL ARTS COLLEGES IN THE MIDWEST, RANKED BY RETURN ON INVESTMENT (ROI)

20-Year Net ROI: $169,000
University of Evansville is a small private university of about 2,500 students. This unique institution is perhaps best known for its prestigious theater department, though its poetry and literature programs are also known internationally and have each produced various books and anthologies. Interestingly, University of Evansville also has a sister school in Grantham, England called Harlaxton College, where many of Evansville's students take the opportunity to study abroad.

20-Year Net ROI: $155,000
Prestigious Kenyon College is so serious about the liberal arts, students are required to complete a series of classes in the Fine Arts, Humanities, Natural Sciences, and Social Sciences. Kenyon was recently ranked by U.S. News & World Report as the 27th best liberal arts college in the country, while Forbes and Newsweek also included it on their lists of the best American colleges.

20-Year Net ROI: $150,000
Augustana University is a liberal arts school with a proud Norwegian heritage. It's affiliated with the Lutheran Church and is even named for one of Lutheranism's founding documents, the Augsburg Confession. Students at Augustana have the choice of more than 50 fields of study, plus several pre-professional programs. Consistent with a liberal arts education, Augustana encourages its students to become involved in extracurricular activities such as musical programs or athletics. Augustana is consistently ranked among the best colleges and universities in the Midwest by publications such as The Princeton Review and U.S. News & World Report.

20-Year Net ROI: $147,000
Yet another Midwestern liberal arts college featured in Loren Pope's "Colleges That Change Lives" is Kalamazoo College, a private liberal arts college located in Michigan. Affectionately referred to as K, the college ranks among the top schools for producing graduates who go on to pursue doctorate degrees. It has also been ranked by Forbes as one of the America's Best Colleges, and in 2012 was called the best private college in Michigan.

20-Year Net ROI: $147,000
Macalester College, a private liberal arts college in Minnesota, has been providing students with a quality liberal arts education since it was founded in 1874. Its approximately 2,000 students come from all over the world to enjoy the top-notch curriculum. Indeed, Macalester was ranked by U.S. News & World Report as the 23rd best liberal arts college in America, while Forbes called it the 68th best college in the country. Macalester has also been included on "best of" lists by Washington Monthly, The Wall Street Journal, and The New York Times, among others.

20-Year Net ROI: $142,000
Social responsibility is a major focus at Grinnell College, a private liberal arts college located in Iowa. Known for its rigorous academics, Grinnell encourages students to take control of their education throughout their college career. First year students are required to take a seminar covering writing skills and various methods of inquiry and analysis. Once completed, students choose the remainder of their classes with the guidance of a counselor in the area of their chosen major.

20-Year Net ROI: $131,000
St. Olaf College was founded in 1874 by a group of Norwegian immigrants. Today it is one of the best liberal arts colleges in the Midwest. St. Olaf's impressive reputation is due in part to its curriculum. Before graduating, students must complete a series of foundation courses in subjects such as writing, speech, a foreign language, mathematical reasoning, Biblical studies, literature, and more. In 2017, St. Olaf was ranked by U.S. News & World Report as the 53rd best liberal arts college in the nation, while also making Washington Monthly's list as #88.

20-Year Net ROI: $117,000
Thanks to its location between two Michigan lakes, beautiful Hope College is often included amongst the country's most beautiful collegiate institutions. Hope also happens to be one of the premiere liberal arts colleges in the Midwest. Hope students have their choice of nearly 100 majors, and each student participates in a core curriculum deeply rooted in Christian faith. The college also offers its students the unique opportunity to take part in off-campus study programs in places like Washington, D.C., Chicago, and Philadelphia.

20-Year Net ROI: $113,000
Lawrence University, located in Appleton, Wisconsin, has the unique distinction of being both a liberal arts college and a music conservatory. While cooperative degree programs in engineering, environmental studies, and health sciences are offered, most Lawrence students choose to major in a liberal arts discipline. Students are even given the opportunity to design their own majors. Regardless of their ultimate degree, every Lawrence freshman is required to take a series of core classes focusing on the Great Books.

20-Year Net ROI: $109,000
Cornell College is a private liberal arts school located in Iowa. Uniquely, students at Cornell College study only one course at a time, each of which lasts approximately three-and-a-half weeks. This intensive "block plan" results in an entire semester's worth of a class being covered in few than 18 class days — but don't worry, there is a four day break between each "block." Classes at Cornell average 10-19 students, and the most popular majors include economics, history, and psychology.

20-Year Net ROI: $102,000
The College of Wooster is a top-ranked liberal arts college located in Wooster, Ohio. The college is well known for its unique curriculum that emphasizes mentored research and independent study. To pursue the latter, students work one-on-one with an advisor to complete a thesis or project over the course of senior year. According to tradition, students turn in their projects and receive a yellow "I did it!" button and a Tootsie Roll. U.S. News & World Report ranked Wooster's independent study program as the second best "senior capstone experience" in the nation. College of Wooster is almost always included on lists of the top colleges, and is also one of Loren Pope's "colleges that change lives."

20-Year Net ROI: $89,800
Luther College in Iowa is a private liberal arts school which was founded as a Lutheran seminary and is today associated with the Evangelical Lutheran Church in America. The college is home to just under 2,500 students, each of whom can choose from an impressive list of liberal arts majors. The college also has an impressive music program, with various student organizations that tour and sell their recordings worldwide.

20-Year Net ROI: $82,100
Founded in 1833, Oberlin College in Ohio happens to be the oldest co-ed liberal arts school in the country. Therefore, it shouldn't be too surprising that it makes our list of the best liberal arts colleges in the Midwest. Oberlin students can choose from more than 50 majors, plus myriad options for minors and concentrations. Oberlin is also home to an impressive music conservatory.

20-Year Net ROI: $76,800
Moorhead, Minnesota's Concordia College was founded in 1891 by Norwegian settlers. Today, the private liberal arts college is well known for its unique curriculum that focuses on a "Christian and global perspective." Students may choose from 61 majors and 12 pre-professional programs, while also taking required courses in health, communication, religion, and culture. Interestingly, Concordia is one of 20 U.S. institutions to send students overseas as part of the Open Doors program. Because music remains a crucial part of the liberal arts education, Concordia hosts a whopping 19 musical ensembles, including The Concordia Choir and The Concordia Band.

20-Year Net ROI: $66,800
Drury University, located in Springfield, Missouri, is a private school that consistently ranks among the very best liberal arts colleges in the Midwest. Drury students have the choice of 54 undergraduate majors, plus professional degrees in architecture, business administration, and education. In addition to its inclusion on a number of best colleges lists, Drury was Time Magazine's Honorable Mention for Best Liberal Arts School in the Nation, as well as one of 13 "Institutions of Excellence" named by the Policy Center.

20-Year Net ROI: $62,600
Founded by the Religious Society of Friends in 1847, Earlham College remains rooted in strong Quaker values — all of which complement well a liberal arts education. This is likely one of many reasons that Earlham was chosen to be included amongst the "Colleges That Change Lives." Earlham is an especially excellent choice of school for those looking to pursue post-graduate studies. Currently, the college is ranked in the 98th percentile for those looking to receive Ph.D.s, and the 99th percentile for producing students wishing to obtain Ph.D.s specifically in the biological sciences.

20-Year Net ROI: $7,100
Besides being one of the best liberal arts colleges in the Midwest, Beloit College is the oldest continuously operated college in Wisconsin. In the 1960s, the college adopted the Beloit Plan, a unique curriculum that emphasizes experiential learning, learner agency, and learning experiences both in and out of the classroom. The current curriculum retains much of that original plan, and as such, each class averages only 10-15 students. Currently, Beloit College is ranked by U.S. News & World Report as the 62nd best liberal arts college in the United States. Forbes and Washington Monthly also include Beloit on their lists of top colleges, as does Loren Pope in his classic book "Colleges That Change Lives."

20-Year Net ROI: No data available
Finlandia University is a private college associated with the Lutheran Church. As the only private school located in Michigan's Upper Peninsula, Finlandia has the distinction of offering its students both a quality liberal arts education and a stunning setting in which to study. Because of its Lutheran affiliation, Finlandia's curriculum, community, and campus events all explore the Lutheran tenets of service, faith, and vocation.

20-Year Net ROI: No data available
Founded in 1844, Hillsdale College is consistently ranked amongst the top liberal arts colleges in the country. Students from all over the country are drawn to Hillsdale's unique classical curriculum which requires each student, regardless of major, to complete courses in the Western and American Heritages, Great Books, and the Constitution. Interestingly, Hillsdale does not accept federal financial support, and instead provides its students with private financial assistance directly from the institution.

Historic North Central College is another private liberal arts college to make our list of the best in the Midwest. Students here have almost 70 undergraduate majors from which to choose. The college also has a School of Graduate and Professional Studies. Besides the general core, all students must take a religion course, plus seminars on leadership, ethics, and values. North Central is consistently included on lists of the best colleges by Forbes and U.S. News & World Report, and is almost always recognized as a top producer of Fulbright Scholars.