I’m not sure this type of data helps; in fact, examining this type of isolated data could potentially mislead a great deal of students.

First, these “low cost” universities are only truly low in cost if a family earns below around $75,000.

For example, MIT (per their website) estimates the full cost of attendance (tuition +room/board + books/personal expenses) at $59,500. Yet the average need-based scholarship was $34,500 and only 56% of students were awarded a need-based scholarship. So 44% of students were required to pay $59,500 a year, while the rest were, on average, required to pay $25,000 per year. Yes, MIT could cost $6,733 a year, but only if your family reports an income lower than $75,000.

More important to consider is how these median earning who calculated. What would have been helpful would be to provide the median incomes (10 years after entering) for these same low-income students, not the “general population”, because arguably, they are anything but general. Using MIT as a reference, 44% of students are paying full-fare ($59,000) per year. That means their families are paying out around $5K per month for 48 months. Or, for many, they’ve accrued half of that amount in a college savings account and will pay upwards of $2,500 per month for 48 months. And that is for only ONE college-bound child.

The truth is, many of these students – the one paying full fare – come from highly-successful families earning in the top 2-3% income bracket. These are the students who “intern” at their father’s firm over the summer, who’s mother’s friend runs a boutique investment firm, who’s uncle is partner at a successful software engineering company.

Money produces money. These numbers are dramatically skewed by the graduates of upper-class families and by middle-class graduates pursuing careers in STEM (a field underrepresented by minority and low-income students).

So don’t put too much weight in the numbers – I assure you, examine the Median Earnings 10 Years After Entering of low-income students and they’ll paint an entirely different story.

I’m not advocating low-income students don’t pursue these excellent institutions of higher education. But I do encourage students to examine these numbers with a grain of salt. The truth is, if you’re a low-income student studying humanities at UPENN, you’re not likely to make the $78,200 they advertise.

Still, I applaud the government and this website for beginning to encourage the much-needed transparency of the true cost (and benefit) of higher education. Great start!