This workshop centered on affordability. Mark deftly demonstrated how even top income earners need aid to pay today’s tuition bills. The affordability range charts, Figures A and B below (handouts for this workshop), show median tuitions for day and boarding schools using SSS methodology. The “full need income” column shows the income at which a family would have to start paying something. Anyone earning less than this amount ($46,240 on the first chart) would pay nothing, and anyone who earns over that amount can pay something. The “no need income” columns show what a family’s income would have to be in order for either one or two children to not need any aid whatsoever. As you can see, those numbers are very high. Families who earn under these amounts will be eligible for some amount of aid. You can use COMP*ASSIST to make this simulation for your school.

Using Figure C for what is middle income, Mark next explained that the highlighted third-fifth band is statistically middle income nationwide (approximately $42K-$65K). Look at the start of the highest income level, $98,200, and compare that to the “no need income” columns on the previous charts, and you will see that most people don’t have the money. Mark points out that only 17.7% of the population earns $100K+, which means 83% should qualify for aid. So, the important question is: what proportion of this 83% is being squeezed out of your school due to affordability issues? Even in New York City this is a top-level income, with only a little over 20% earning more than $100K per year. The bottom line is that no matter where you live, those who make $100K+ are in the top strata of the income range. Resources are available to research these concerns at your school. Not noted on that list, though, is Mark’s single favorite source of data, The American Community Survey at the US Census Bureau’s website.