The rising cost of college tuition is a hot topic these days, and for good reason. According to a recent piece in the Atlantic, students today face a daunting financial landscape. For instance, a student without any family support or financial aid would need to work an astounding 48 hours a week at a minimum-wage job just to cover their college tuition.
The Numbers Don’t Lie
Let’s take a closer look at the numbers using Michigan State University (MSU) as an example. Back in 1979, the cost of a credit hour was just $24.50 (which is about $79.23 when adjusted for inflation). At that time, the federal minimum wage was $2.90, meaning a student only needed to work around eight and a half hours to afford a single credit hour. A month of part-time work or a full-time summer job could easily fund a semester’s education. Ah, the good old days, right?
Fast forward to today, and the cost of that credit hour has skyrocketed to $428.75. Now, a student must hustle for 60 hours just to pay for one credit hour. Imagine trying to manage a 12-credit-hour semester while flipping burgers for nearly 48 hours a week. Talk about a juggling act!
The Reality of Today’s Students
Randy Morris, a grad student who crunched the numbers, concluded that “It’s impossible to work your way through college nowadays.” Those who graduated in 1993 were the last group who could reasonably expect to pay their own way. Back then, tuition costs relative to minimum wage allowed students to work part-time and still get by.
But it’s not only MSU feeling the pinch. Randy’s research revealed that this trend is consistent across public universities. Students today might find themselves needing to work a full-time job for six months just to cover a year’s tuition. And remember, this is just tuition—don’t even get me started on living expenses!
Living Arrangements and Financial Solutions
For those budget-conscious students, living at home might be the only practical option, if it’s available. Otherwise, they may have to resort to student loans, which aren’t always the best solution. And what happens if they can’t secure a job after graduation? Well, that’s a whole new can of worms they’ll have to tackle.
Additional Resources
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Conclusion
In summary, the dream of working your way through college is becoming increasingly unrealistic for today’s students. With tuition costs soaring and wages lagging behind, many young people are left with limited options. The financial burden of student loans and living expenses only adds to the challenge.