In recent discussions surrounding the rising costs of higher education, it has become increasingly evident that the financial landscape for students has shifted dramatically. According to a report from the Atlantic, students today face a staggering increase in tuition that outpaces their earning potential. For instance, without any familial support or financial aid, a student must work approximately 48 hours a week at minimum wage just to cover basic tuition expenses.
To illustrate this trend, let’s examine the tuition rates at Michigan State University (MSU). In 1979, the cost per credit hour was $24.50 (equivalent to about $79.23 today), and the federal minimum wage was $2.90. This meant a student needed to work around 8.5 hours to afford a single credit hour. A part-time job during the school year or a full-time summer position could nearly fund an entire semester’s tuition.
Fast forward to the present, and tuition has skyrocketed to $428.75 per credit hour. This change means that a student now needs to work approximately 60 hours to pay for just one credit hour. Consequently, a 12-credit-hour semester requires a staggering 48 hours of work weekly, all while managing a full class schedule.
Randy Johnson, a graduate student who analyzed these figures, asserts that “it is nearly impossible to work your way through college today.” He notes that if you graduated in 1993, you were among the last cohort capable of funding your education solely through part-time work, as the cost of a credit hour had just surpassed the threshold of 20 hours of labor.
This phenomenon is not confined to MSU; Johnson’s analysis revealed similar trends across multiple public universities. By 2013, a student would need a full-time job for six months to cover one year of tuition costs.
Moreover, this analysis focuses solely on tuition, excluding the additional expenses of room and board. For many students, living at home may be their only viable option, if applicable. Those without parental support often resort to burdensome, non-dischargeable loans. And for those who struggle to find employment post-graduation, they may find themselves back where they started, four years later, with significant debt.
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In summary, the landscape of funding one’s college education has become increasingly challenging for today’s youth, with rising tuition costs outpacing wages. This change renders the possibility of working through college a daunting and often unfeasible task.
Keyphrase: funding college education
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