2. California Institute of Technology

This private research university has a strong academic reputation in engineering, technology and the physical sciences, as well as a thriving arts program. The median starting salary for Caltech grads is $74,800 with mid-career salary of $126,200. The percentage of degrees awarded at this school is highest for engineering which is around 67percent.

Caltech merits the No. 2 spot for Return on Investment. Of course, not everyone is interested in an engineering or science degree, or wants to attend a military academy. The Payscale list has no shortage of varied institutions of higher learning that offer very respectable starting and mid-career wages, however, so it's easy to find a good fit.

3. Massachusetts Institute of Technology

Graduating from the Massachusetts Institute of Technology, one of the top engineering schools in the country might be the key to working with one of the most coveted employers in the country. All of these firms, plus hundreds of others, recruit on M.I.T's Cambridge, Mass. campus.

MIT's professors are also some of the best in their fields. That's a plus for undergraduates who can take advantage of the faculty's professional networks when looking for a job, said Payscale economist Katie Bardaro. The starting salary for graduates is $70,300 with mid-career salary of $128,800.