View Single Post
Old 04-03-2014, 10:47 AM
lpetrich's Avatar
lpetrich lpetrich is offline
Join Date: Jul 2004
Location: Lebanon, OR, USA
Gender: Male
Default Re: Some University Degrees Not Worth It At All

The Myth of Working Your Way Through College - Svati Kirsten Narula - The Atlantic
A lot of Internet ink has been spilled over how lazy and entitled Millennials are, but when it comes to paying for a college education, work ethic isn't the limiting factor. The economic cards are stacked such that today’s average college student, without support from financial aid and family resources, would need to complete 48 hours of minimum-wage work a week to pay for his courses—a feat that would require superhuman endurance, or maybe a time machine.
The numbers for Michigan State University:
In 1979, when the minimum wage was $2.90, a hard-working student with a minimum-wage job could earn enough in one day (8.44 hours) to pay for one academic credit hour. If a standard course load for one semester consisted of maybe 12 credit hours, the semester's tuition could be covered by just over two weeks of full-time minimum wage work—or a month of part-time work. A summer spent scooping ice cream or flipping burgers could pay for an MSU education.

The cost of an MSU credit hour has multiplied since 1979. So has the federal minimum wage. But today, it takes 60 hours of minimum-wage work to pay off a single credit hour, which was priced at $428.75 for the fall semester.
An increase by a factor of 7. So those who smugly brag about how they worked their way through college are all wrong about today. They might have been able to, some decades ago, but most present-day students can't.

It's not just MSU.
He added a linear regression analysis to extrapolate the stats for 1979-2013, and found that the average student in 1979 could work 182 hours (a part-time summer job) to pay for a year's tuition. In 2013, it took 991 hours (a full-time job for half the year) to accomplish the same.

And this is only considering the cost of tuition, which is hardly an accurate representation of what students actually spend for college. According to the College Board, average room and board fees at public universities today exceed tuition costs by a little more than 100 percent. (For the current academic year, average tuition at 4-year public schools is $8,893, but with room and board, the total average cost comes to $18,391.)
That makes it a year of full-time work to pay for a year of college.
Reply With Quote
Thanks, from:
Clutch Munny (04-03-2014), Crumb (04-03-2014), Dragar (09-08-2015), Janet (04-03-2014), LadyShea (08-25-2015), lisarea (04-03-2014), Nullifidian (04-05-2014), The Man (04-03-2014), Watser? (04-04-2014), wei yau (04-03-2014), YooperGuy (02-10-2017)
Page generated in 0.26377 seconds with 11 queries