If you’re a personal finance enthusiast with kids, you’ve probably wondered: at what household income level will colleges stop offering scholarships and grants (i.e., free money) to help your child attend? What is that income cutoff?

Given that the cost of college is already outrageous — and likely only getting worse — this is a valid and important question. The biggest joke of all? At this rate, you’ll need to be a millionaire just to afford four years at a private university, with the total cost approaching $1 million!

Thanks to an analysis by Bloomberg in an article titled Top Colleges Are Too Costly Even for Parents Making $300,000, we now have a rough answer. The research, conducted by Ann Choi, Francesca Maglione, Paulina Cachero, and Raeedah Wahid, highlights how America’s “middle class” is increasingly being squeezed out of elite college affordability, with little recourse but to opt out.

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Keep reading this article on Financial Samurai.