Over at reddit, someone did some math regarding tuition to Michigan State University. The post was then mentioned in an article in the Atlantic titled The Mythology of Working your way through college
A credit hour at MSU in 1979 was $24.50. Adjusted for inflation is $79.23. In 2014, a credit hour is $428.75.
The minimum wage in 1979 was $2.90, you would have to work 8.44 hours for one credit. Today at 7.25 minimum wage you would have to work 59.13 hours for one credit. For 12 credits in 1979 you'd have to work 12.66 work days, essentially one 2 week pay check.
Today you would have to work 88.7 work days @ min wage, which is 17.74 weeks or 8.87 two week pay checks.
Fall semester enrollment in 1979 was 36909. Fall semester enrollment in 2013 was 49300. An increase but not a huge one.
A credit hour at MSU in 1979 was $24.50. Adjusted for inflation is $79.23. In 2014, a credit hour is $428.75.
The minimum wage in 1979 was $2.90, you would have to work 8.44 hours for one credit. Today at 7.25 minimum wage you would have to work 59.13 hours for one credit. For 12 credits in 1979 you'd have to work 12.66 work days, essentially one 2 week pay check.
Today you would have to work 88.7 work days @ min wage, which is 17.74 weeks or 8.87 two week pay checks.
Fall semester enrollment in 1979 was 36909. Fall semester enrollment in 2013 was 49300. An increase but not a huge one.
I always suspected the student loan system isn't the cause of rising tuition. Especially since the student loan system has been around since the 1950's. Lack of state funding is probably why tuition has gone up so much.reddit wrote:
In 1998-99 (the earliest year I could quickly find data), state funds made up 52%[1] of the general fund. In 2012-13, it was 14%[2] .