A University of Washington in St. Louis study found completing college continues to deliver an earnings premium after accounting for student debt: graduates earned $10,400 more annually gross and about $8,000 more when adjusted for loan repayments. The study analyzed over 22,000 learners and highlighted variation by degree level, field and race/ethnicity. Findings showed master’s graduates shoulder higher debt burdens—loan payments equaled 57% of earnings for some master’s cohorts—while STEM graduates posted the strongest returns. The results inform advising, program development and financial‑aid policies as trustees and academic leaders weigh program costs against career outcomes.