Go to college, get a good job. It's a formula taught in classrooms across the nation. However, new research suggests the value of a college diploma may be far less than previously thought.

Research conducted by Payscale for Bloomberg Businessweek says, the degree may not be equal to the big investment.

According the study, UF degrees provide the best return on investment among schools in the state, but lag behind others across the nation.

The study looked at tuition costs at 544 universities, calculating the return on investment (ROI) based on the money graduates can expect to earn.

UF placed 112th overall for students paying in-state tuition. For the entire cost of attending school, about $70,000 over four years, according to the study, Gator grads would earn about $700,000 over the next 30 years.

That's only a fraction of the $1.7 million MIT grads will earn.

"It's just not enough to be a college graduate, you're far better off if you can master quantitative skills. So it really is now much more of what path do you choose within the university, instead of it's just enough to have the university degree and now you're set" said Dr. David Denslow, a UF Economist.