The rising costs of tuition have outpaced the earnings of students, making it increasingly difficult for young people to finance their education without external assistance. A recent article in The Atlantic highlights that a student without family support or financial aid would need to work approximately 48 hours a week at minimum wage just to cover tuition expenses.
Historical Context: Tuition Rates at Michigan State University
To illustrate, let’s examine the tuition rates at Michigan State University (MSU). In 1979, the cost for a credit hour was $24.50 (equivalent to $79.23 today), while the federal minimum wage was $2.90. This meant a student only had to work about eight and a half hours to afford a single credit hour. A month of part-time work or a full-time summer job could fund an entire semester’s education.
Fast forward to today, and the price of a credit hour has surged to $428.75. Consequently, a student would need to work around 60 hours to pay for just one credit hour, meaning that a 12-credit-hour semester would require juggling roughly 48 hours of work each week alongside their studies. Graduate student Alex Thompson has analyzed these figures and concluded that it’s nearly impossible for students to finance their college education solely through work. He notes that those who graduated in the early 1990s were among the last who could reasonably expect to pay their way through school with part-time jobs, as the cost of tuition began to outpace wage growth.
The Broader Trend Across Public Universities
This trend is not limited to MSU; Thompson found similar patterns across public universities. By 2013, students were required to work a full-time job for six months just to cover a year’s tuition. And this figure doesn’t even account for living expenses. For many, living at home is the only viable option, assuming their circumstances allow for it. Students without parental support may face the daunting reality of accumulating non-dischargeable loans.
The Consequences of Employment Challenges
What happens if graduates struggle to find employment? They may find themselves right back where they started, after investing four years and significant effort into their education.
Exploring Alternative Financing Options
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Conclusion
In summary, the landscape of financing college education has drastically shifted, making it increasingly challenging for today’s students to fund their studies without substantial assistance.