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<p>Just for some perspective, the median household income in the U.S. is about $52k. That would give you a FULL RIDE to Duke (unless you have an inordinate number of assets). All students coming from families with income <$60k get a full ride (although a few thousand in loans if income is more than $40k). From a purely statistical standpoint, I don’t see how the median income could be considered “poor.” $160k puts a family in the TOP 5% of household income. I would say a more reasonable statement is that the lower-class to middle-upper class can afford it, and the super wealthy can also afford elite privates. It’s the “standard” upper class (top 15% or so) that don’t receive much help. I’m not saying that to be snarky - just to provide some perspective. </p>
<p>I certainly realize that expenses can add up quickly and college costs are out of control. Financial aid is also a bit odd in that it penalizes saving and sacrifices made in the past for those in the gray area of income. Duke was generous in aid to me, and I will forever be grateful for that. You just never know what the package will be, so I’d recommend applying RD, seeing where your child gets in, and then comparing packages and making the decision. UMich is a great school and there’s nothing wrong with going there - it will provide ample opportunity and a great experience. Good luck with everything! And just hope for the best!</p>