Your cart is currently empty!
Is “Funding Your Own College Education” Feasible for Today’s Teens?
Hey there, friend! So, let’s chat about whether today’s teens can realistically put themselves through college. A recent article in The Atlantic highlighted a concerning trend: tuition costs are skyrocketing, while the wages students can earn are hardly keeping pace. Imagine a student who has no family support or financial aid—she’d need to work a whopping 48 hours a week at minimum wage just to cover her college classes!
The Historical Perspective
To give you some perspective, let’s look at Michigan State University’s tuition rates. Back in 1979, a credit hour cost just $24.50 (which is about $79.23 today), and the federal minimum wage was a mere $2.90. This meant a student needed to work about 8.5 hours to afford one credit hour. With a month of part-time work or a summer job, they could cover a whole semester’s tuition.
The Current Situation
Fast forward to now, and things have changed dramatically. The cost of a credit hour has jumped to $428.75. That means a student has to work around 60 hours just to pay for one credit hour! If they’re taking a standard 12-credit-hour semester, they’d need to clock in almost 48 hours a week on top of their classes. Randy Thompson, a graduate student, crunched these numbers and concluded it’s nearly impossible to self-fund a college education these days. According to him, if you graduated in 1993, you were one of the last to manage this feat reasonably.
Wider Implications
And it’s not just MSU—this trend is consistent across many public universities. A student in 2013 would have to work full-time for six months just to pay for a year’s tuition. And remember, we’re only talking about tuition here; room and board are an entirely different ballgame. For those looking to save a bit, living at home might be the only option, if that’s available. Unfortunately, for those without parental support, there’s the not-so-great alternative of loans that can’t be discharged easily.
Then, if they struggle to find a job after graduation, they could find themselves right back at square one after four long years. If you want to dive deeper into this topic, check out our other blog post on home insemination kits for more insights into the challenges facing today’s families.
Conclusion
In summary, while the idea of working your way through college used to be more attainable, rising tuition costs and stagnant wages have made it increasingly difficult for today’s teens.