There’s a new study out by the Institute for Higher Education Policy that looks at the affordability of 2000 colleges for a number of hypothetical students representing different family and economic situations. There’s a nice summary of the study at the Atlantic. Here’s the take-home message:
Of the more than 2,000 colleges analyzed, IHEP found that almost half were affordable only for students from families making more than $160,000. That means that in addition to being able to afford 90 percent of colleges, half of those colleges are also essentially exclusively reserved for them. For-profit colleges were the least affordable schools, and public colleges were the most affordable. But even then, four-year public colleges that didn’t meet the students’ affordability thresholds were off by an average of $9,000.
For low to moderate income students, with incomes < $69,000 per year, only one to five percent of the colleges studied were affordable. Note that, according to the Census Bureau, median household income in the US in 2015 was less than $56,000.