The rising cost of tuition has outpaced the income that students can earn while in school, as highlighted by a recent article in The Atlantic. According to the analysis, a student without family support or financial aid would need to work an exhausting 48 hours a week at minimum wage just to cover their college tuition.
Historical Context of Tuition Rates
For context, let’s look at the tuition rates at Michigan State University. Back in 1979, the cost of a credit hour was just $24.50 (equivalent to about $79.23 today), while the federal minimum wage was $2.90. This meant that a student had to work a little over eight hours to cover the cost of a single credit hour. With a month of part-time work or a summer job, a student could easily finance an entire semester of education.
The Current Financial Landscape
Fast forward to today, and the scenario has drastically changed. The current price of a credit hour sits at $428.75, requiring a student to labor around 60 hours just to pay for that one credit hour. To manage a 12-credit-hour semester, a student would need to put in roughly 48 hours of work each week—on top of attending classes.
Randy Johnson, a graduate student who evaluated these numbers, concluded that “working your way through college is essentially unmanageable in today’s economy.” He noted that those who graduated in 1993 were among the last cohorts who could realistically expect to self-fund their education; that was when the cost of a credit hour first exceeded 20 hours of minimum-wage work.
Nationwide Trends
This troubling trend isn’t limited to just MSU; Johnson found that public universities nationwide are experiencing similar increases in tuition costs. A student in 2013 would have to work full time for half a year to cover a year’s tuition.
Living Expenses and Financial Strain
And let’s not forget about living expenses. For students trying to save money, living at home might be the only viable option—if they have that choice. Those without parental support often face the daunting prospect of taking on non-dischargeable loans, which only compounds the stress. If they struggle to find employment after graduation, they might find themselves back at square one, four years later.
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Conclusion
In summary, while self-funding a college education was once a feasible path for many, the current financial landscape makes it increasingly challenging for today’s teens.
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