<p>
Sure.</p>
<p>Using the 2010 salary survey results and current tuition levels for both schools as valid for all years (because I am lazy and not expecting huge relative variations), and assuming that the only options are graduating in 4, 6, or 8 years (a gross oversimplification dictated by the available statistical breakdown, and completely ignoring the possibility of not graduating), an incoming EE student would see the following:</p>
<p>Michigan resident, $63,491 average salary, $6662 (yrs 1-2) $8636 (yrs 3+) tuition
Michigan nonresident, $63,491 average salary, $18,904 (yrs 1-2) $21,230 (yrs 3+) tuition
Harvard, $59,074 average salary, $39,851 tuition</p>
<p>As a Michigan resident, you have an 89% chance of graduating, including…</p>
<p>a 70% chance of graduating in 4 years, spending $30,596 in tuition</p>
<p>an 18% chance of graduating in 6 years, spending $47,868 in tuition and forgoing $126,982 in salary, a total of $174,850</p>
<p>and a 1% chance of graduation in 68 years, spending $65,140 in tuition and forgoing $253,964 in salary, a total of $319,104</p>
<p>The expected value is therefore (0.7<em>30596+0.18</em>174850+0.01*319104)/0.89 = $63,013</p>
<p>For Michigan nonresidents and Harvard students, the expected values are $118,345 and $203,865 respectively.</p>
<p>For comparison, the 4 year cost of Harvard (tuition only!) is $159,404</p>
<p>What does this mean? It means that the average Michigan graduate (resident or non) has a better average expense than the best case Harvard graduate. The worst case Michigan students will of course pay more, but then so will the worst case Harvard student (who can lose $555k in 8 years!).</p>
<p>Again, this is overly simplistic as it ignore the cases of students who graduate in 4 years + 1 semester, ignores those who drop out, and completely ignores the incredibly complex nature of Harvard financial aid. It also glosses over the fact that most of these calculations are performed dynamically by students already 4 years in, trying to decide on a course of action.</p>
<p>But it does show that the costs can still favor “non-elite” schools, however poor their 4 year graduation rates may be.</p>