While it’s an impressive stat, it tells you little about the income distribution or affordability. For example, Yale’s sticker price is $91k. $91k - $72k = $19k. Is that $19k average cost for half of Yale’s students less than or comparable to the cost for similar income kids at in state publics? Are there a similar portion of lower income students to in state publics ,or is it primarily middle income families at Yale who are averaging $19k cost?
One can get some rough estimates through freshmen surveys and such, but for a more consistent measuring stick between different colleges, one can use the federal database, which lists median costs for persons receiving federal FA at different income levels, including Pell grant kids. Some example numbers are below this post.
This suggests that highly selective privates with large endowments, such as HYPSMC tend to have a lower average cost than in state public alternatives for the few lower income kids who apply and are accepted. It’s only once you start getting in to middle income, such as $75k to $110k, that some publics become less expensive than HYPSMC type colleges.
Public affordability varies widely. Florida State and CSU LA seem be relatively lower cost at all listed income levels. CSU LA is particularly impressive with the 73% Pell. In contrast, some states are far less affordable. Penn state is among the least affordable public options at all listed income levels, which fits with having a lower % Pell than all other listed colleges. A good portion of less selective privates had higher costs for low income kids than even Penn State. HBCUs were often especially high cost.
Yale is among the lowest listed average cost for families making <$75k, but not $75k to $110k. The $19k average cost for FA recipients noted above appears to be primarily be composed of middle income families, rather than low income families. Yale gives notable FA for families making as high as $200k. Yale says that among families with $200k - $250k income who applied for FA, 73% received it.
Colleges With Lowest Reported Average Cost for Families Making <$30k
1 . Stanford: -$1386 (19% Pell)
2. Caltech: -$1012 (21% Pell)
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6. Yale: $341 (17% Pell)
…
Florida State: $3k (25% Pell)
CSU: LA: $4k (73% Pell)
…
UConn: $15k (25% Pell)
Penn State: $20k (14% Pell)
,
Howard: $41k (39% Pell)
Colleges With Lowest Reported Average Cost for Families Making $30k to $48k
1 . MIT -$2251 (18% Pell)
2. Stanford: -$1876 (19% Pell)
3. WUSTL: -$1702 (17% Pell)
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12. Yale: $1751 (17% Pell)
…
Florida State: $4k (25% Pell)
CSU: LA: $4k (73% Pell)
…
UConn: $16k (25% Pell)
Penn State: $23k (14% Pell)
,
Howard: $43k (39% Pell)
Colleges With Lowest Reported Average Cost for Families Making $48k to $75k
1 . MIT: $1918 (18% Pell)
2. Pomona: $3409 (15% Pell)
3. Chicago: $3508 (15% Pell)
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16. Yale: $5283 (17% Pell)
…
Florida State: $7k (25% Pell)
CSU: LA: $7k (73% Pell)
…
UConn: $21k (25% Pell)
Penn State: $27k (14% Pell)
,
Howard: $48k (39% Pell)
Colleges With Lowest Reported Average Cost for Families Making $75k to $110k
1 . Holy Names $2241 (55% Pell)
2. Berea: $2881 (92% Pell)
3. Chicago State: $5740 (67% Pell)
4. Texas A&M International: $7030 (69% Pell)
5. Stanford: $7332 (19% Pell)
,
CSU: LA: $10k (73% Pell)
Florida State: $11k (25% Pell)
Yale: $14k (17% Pell)
…
UConn: $29k (25% Pell)
Penn State: $34k (14% Pell)
,
Howard: $48k (39% Pell)