<p>A small body of research addresses the question of whether there is a significant financial return (greater future earnings) from attending a more selective/prestigious university.</p>
<p>The studies most frequently cited on CC, by Dale and Krueger, find that after controlling for the abilities of the students, there is no significant earnings advantage to attending a more selective school. Students admitted to both more and less selective colleges, but who choose to attend a less selective college, earn about as much as those who choose to attend a more selective college.
(<a href=“Estimating the Payoff to Attending a More Selective College: An Application of Selection on Observables and Unobservables* | The Quarterly Journal of Economics | Oxford Academic”>Estimating the Payoff to Attending a More Selective College: An Application of Selection on Observables and Unobservables* | The Quarterly Journal of Economics | Oxford Academic)</p>
<p>A couple of other researchers (Caroline Hoxby, Joni Hersch) reach different conclusions. The Dale and Krueger findings may be valid when comparing very selective colleges with slightly less selective colleges. However, there may still be a significant earnings payoff to attending a very selective college compared to a much less selective school (say, an Ivy League college versus one of the US News unranked/rank-not-reported colleges).</p>
<p>I doubt there is a significant earnings payoff to attending Case Western compared to Michigan State (enough to justify heavy debt for an econ major). Expect your own motivation and effort to make a much bigger difference. </p>