this post was submitted on 04 Aug 2023
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Data is Beautiful
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I'm confused. In the 5% bracket, a $16k tuition: this comes out to like a 900k/year job...is that where the top 5% is?
I added the wage data for each bracket to the OP for reference. I did have an error where I was dividing the Median and Top 5% annual wages by 40 instead of 52 to get the weekly wage. I fixed that and updated the OP. The average wage for the Top 5% in 2020 is $447,570 annually or $8,607 weekly, so for $16k tuition it would take 1.86 weeks of saving for a Top 5% earner. However the average tuition is $9349, so it would only take 1.09 weeks for a Top 5% earner to save that much.
And 5.5 weeks for median? That puts the median salary at around $160k - that doesn’t seem right.
Even the 30 weeks for minimum (at 7.25) should be more than a year at 16k. (And- I’ll tell you what, I wish out of state tuition at a state school was only $16k)