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It is the end of the year and salary negotiations will be coming up soon. It is always hard to figure out whether you are earning what you are worth. While sites like salary.com can give you an idea across the board, I've always felt they undersell high-quality people. In any case, here is an interesting new indicator.
If you think you and your kids are in the same league as a Harvard graduate, you may want to consider Harvard's definition of what a middle-class salary is and what a salary is that warrants financial support. A few weeks ago, Harvard announced new levels of support. Here they are:
An undergraduate year at Harvard costs about $50K.
- If your family earns less than $40K you get the education for free (does not include living expenses).
- If your family earns between $40K and $120K, a sliding scale from 0% to 10% of your annual income will be your bill.
- If your family earns between $120K and $180K, you will have to pay about 10% of your income.
- If your family earns more than $180K, you may have to pay the full cost.
It is not clear to me what you end up paying. The NY Times says that at $180K you will pay only $18K in college costs, while the Boston Globe says the discount will amount only to a reduction in fees of $12K.
There you have it. If you earn less than $180K you are considered in need of financial support. Whether you want it or not, I guess (but who wouldn't). No need to make a special case or look at the specifics of your situation. I wish Stanford did this and it was retroactive...
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