3 ms·

Plenty of middle class families making low to mid 100k but not contributing to their children's tuition bill because they live in HCOL area. But yes, low income

Plenty of middle class families making low to mid 100k but not contributing to their children's tuition bill because they live in HCOL area. But yes, low income students don't pay.

borski 6y ago
“Plenty,” sure. But not a majority or anything. The median family income in the US is something like 68kb
- colinmhayes 6y ago
  What about the median income of people who attended college?
  - borski 6y ago
    "For 25- to 34-year-olds who worked full time, year round in 2018, higher educational attainment was associated with higher median earnings. This pattern was consistent from 2000 through 2018. For example, in 2018 the median earnings of those with a master’s or higher degree ($65,000) were 19 percent higher than the earnings of those with a bachelor’s degree ($54,700), and the median earnings of those with a bachelor’s degree were 57 percent higher than the earnings of high school completers ($34,900)."[1] None of those median salaries put you in the 'wealthy' category. [1] https://nces.ed.gov/programs/coe/pdf/coe_cba.pdf https://nces.ed.gov/programs/coe/pdf/coe_cba.pdf
    - colinmhayes 6y ago
      Close, but still not the data we need. What schools are looking at it family income of the students which means the 25-34 range isn't going to cut it. No need to do further research as I agree with your premise, but I think the number of students who receive minimal aid and family help might be higher than you expect.
- ApolloFortyNine 6y ago
  Not too big a fan of screwing over children for their parents making too much money personally. There's no obligation for parents to pay for their kids education, yet the way the system is set up, you'd think there was.
  - dragonwriter 6y ago
    > There's no obligation for parents to pay for their kids education There's no (as yet generally accepted) obligation for anyone else to pay for young adults higher education. Society has generally chosen to subsidize some costs for young people who seek such subsidy using formulas which assume that parents of means will also do so, but this does not reflect an obligation of parents to do so.
leetcrew 6y ago
$100k is not enough to totally phase out financial aid from top schools, but sure, there are some families that could afford to pay but refuse to. still, no one is writing $40k+ loans each year for students with no cosigner. if you have rich parents who won't pay and the school considers you a dependent, you're pretty much SOL.
- borski 6y ago
  Yeah, the last part sucks. It's not completely impossible, but it is certainly not easy if your parents will not help: https://www.quora.com/My-family-is-upper-middle-class-160-000-year-but-nonetheless-my-parents-will-not-contribute-anything-towards-my-college-education-Would-MIT-and-other-top-tier-private-universities-take-this-into-consideration-when-I-apply-for-financial-aid?top_ans=64438498 https://www.quora.com/My-family-is-upper-middle-class-160-00...
- lumost 6y ago
  > no one is writing $40k+ loans each year for students with no cosigner. This is in fact exactly what's happening. It's impossible to bankrupt out of student loans, so in theory it's a no risk loan from the loan providers perspective. Schools almost never totally phase out financial help, but they do reduce it to negligible portions e.g. $500 work study on a 50k bill. This helps keep their financial aid stats healthy while still getting paid. This type of affect will only show up when viewing the percentiles of debt students are taking on. Adding a bunch of folks who only take on $1k in debt is a great way to draw down the average.

Plenty of middle class families making low to mid 100k but not contributing to their children's tuition bill because they live in HCOL area. But yes, low income students don't pay.

borski 6y ago

“Plenty,” sure. But not a majority or anything. The median family income in the US is something like 68kb

colinmhayes 6y ago
What about the median income of people who attended college?
- borski 6y ago
  "For 25- to 34-year-olds who worked full time, year round in 2018, higher educational attainment was associated with higher median earnings. This pattern was consistent from 2000 through 2018. For example, in 2018 the median earnings of those with a master’s or higher degree ($65,000) were 19 percent higher than the earnings of those with a bachelor’s degree ($54,700), and the median earnings of those with a bachelor’s degree were 57 percent higher than the earnings of high school completers ($34,900)."[1] None of those median salaries put you in the 'wealthy' category. [1] https://nces.ed.gov/programs/coe/pdf/coe_cba.pdf https://nces.ed.gov/programs/coe/pdf/coe_cba.pdf
  - colinmhayes 6y ago
    Close, but still not the data we need. What schools are looking at it family income of the students which means the 25-34 range isn't going to cut it. No need to do further research as I agree with your premise, but I think the number of students who receive minimal aid and family help might be higher than you expect.
ApolloFortyNine 6y ago
Not too big a fan of screwing over children for their parents making too much money personally. There's no obligation for parents to pay for their kids education, yet the way the system is set up, you'd think there was.
- dragonwriter 6y ago
  > There's no obligation for parents to pay for their kids education There's no (as yet generally accepted) obligation for anyone else to pay for young adults higher education. Society has generally chosen to subsidize some costs for young people who seek such subsidy using formulas which assume that parents of means will also do so, but this does not reflect an obligation of parents to do so.

leetcrew 6y ago

$100k is not enough to totally phase out financial aid from top schools, but sure, there are some families that could afford to pay but refuse to. still, no one is writing $40k+ loans each year for students with no cosigner. if you have rich parents who won't pay and the school considers you a dependent, you're pretty much SOL.

borski 6y ago
Yeah, the last part sucks. It's not completely impossible, but it is certainly not easy if your parents will not help: https://www.quora.com/My-family-is-upper-middle-class-160-000-year-but-nonetheless-my-parents-will-not-contribute-anything-towards-my-college-education-Would-MIT-and-other-top-tier-private-universities-take-this-into-consideration-when-I-apply-for-financial-aid?top_ans=64438498 https://www.quora.com/My-family-is-upper-middle-class-160-00...
lumost 6y ago
> no one is writing $40k+ loans each year for students with no cosigner. This is in fact exactly what's happening. It's impossible to bankrupt out of student loans, so in theory it's a no risk loan from the loan providers perspective. Schools almost never totally phase out financial help, but they do reduce it to negligible portions e.g. $500 work study on a 50k bill. This helps keep their financial aid stats healthy while still getting paid. This type of affect will only show up when viewing the percentiles of debt students are taking on. Adding a bunch of folks who only take on $1k in debt is a great way to draw down the average.