Every year, tens of thousands of students across the nation try to make the cut and gain admission to an Ivy League school, though usually less than 10% of applicants are accepted.

The eight Ivies -- Brown, Columbia, Cornell University, Dartmouth, Harvard, Princeton, the University of Pennsylvania and Yale -- are almost always named as some of the most prestigious institutions of higher learning. But with the annual cost of an education at one of them sitting around $30,000, and the average American household income at $48,451 in 2006, it's sometimes hard to see how it could be worth the price.

“The most important thing for a student to do is assess who they are and what they want out of their educational experience,” said Jim Flower, a consultant AdmissionsConsultants, Inc.

“If they want a large school with big sports, well, Cornell might not be a good fit,” he said. “And if they want to do a wide-ranging list of activities like choir, student government and sports, they might not get that from an Ivy League school because the nature of the student body will require them to specialize a little more with their activities.”

According to research, snagging that first job with a solid salary and making your way up the career ladder might be easier if you have one of the eight schools on your resume.

“If all you care about is that job right out of college and what it pays, Ivy League doesn’t really pay off,” said Al Lee, director of qualitative analysis at Payscale.com. “But if you look at the long run and where you will stand in the midpoint of your career, then it is worth the investment."

While graduates from all types of schools tend to increase their salaries as they progress through life, Ivy Leaguers do get a bump.

Lee offers this example: Right after graduation, the pay difference between Harvard University and University of Washington graduates is $15,000. But when those graduates hit midcareer in their 40s, the pay levels jumps to $85,000 to $125,000 -- a difference of $40,000.

“If you look at the whole career, 40-plus years, for a graduate who makes choices typical of Ivy grads, you will easily make back the cost of your education, and likely make back ten-fold the difference [in tuition from a state school].”

According to University of Pennsylvania’s business school, 14% of Fortune 100 company CEOs received an undergraduate degree from an Ivy League in 1980. In 2001, that number had fallen to 10%.

A student’s major will also play a role in his or her starting salary. For students majoring in areas like engineering, finance, and job management, the values of a Stanford or Harvard are pretty high compared to a state school, according to Lee.

“If you have a major like engineering, companies know what to do with you and how to make money off of you. But, students graduating with a degree like sociology makes it harder for a company to make money of you, and it will take you longer to make a solid salary.”

If the goal is a serious six-figure income, the Ivy League schools have an advantage -- but if the goal is to be a teacher, Lee says there isn't really an advantage in having that illustrious name on your diploma.

Just being on an Ivy League campus could also play a role in securing a high-profile job right out of school.

“They may be more motivated to look for jobs that look more impressive because that’s what their peers are doing,” said David Wise, senior consultant for Hay Group, a global management consulting firm. “Ivy League graduates spend more time looking for the high-powered job, trying to find that big opportunity.”

Some argue that students are paying the big bucks for a brand, and not necessarily a better education. “When people hear an Ivy League name they associate intelligence, diligence and preparation to that person -- just like Macy’s is a brand, or the Republican party,” said Don Asher, author of Cool Colleges for the Hyper Intelligent.

Wise echoed Asher’s brand idea saying people associate the Ivy Leagues with success. “People figure that if a person is able to get into and survive an Ivy League school, there must be something unique about them and you have an advantage.” 

In addition, some of the salary difference might be due to the type of person who chooses to attend an Ivy League school, because that person might be more naturally ambitious than others.

Wise also pointed to the networking perks Ivies offer.

“We’ve all heard the saying 'it’s all about who you know,' and Ivy graduates are better positioned to know more people in higher positions, simply because of the network that they are more easily able to create,” said Wise.