Some examples of net cost to parents by income level for a 2 parent, 2 child family, with 1 in college are below using Harvard’s Net Price Calc: I am assuming $200k in non-primary home/retirement assets (primary home and retirement are not included in assets for Harvard’s NPC):
$65k income – $0
$100k income – $5k
$125k income – $10k
$150k income – $15k
$175k income – $27k
$200k income – $46k
$225k income – $57k
$250k income – $65k (sticker price)
This result doesn’t make it look like education is reserved for the wealthy. Instead it looks like Harvard would be less expensive than state school and community college options, among most families who are not wealthy. I chose Harvard as an example because their NPC produces quick results, but it’s far from the only college whose sticker prices increases were compensated with much increased financial aid among lower and middle class families, making the college more affordable for a larger portion of US families. This pattern is particularly common among “top schools” that were the focus of this article.