College Education Costs vs. Current Wages 

Student Loans have been in the national news since King-err- President Obama just bypassed congress and issued another executive fiat; this time reducing student loan payments.

It is now obvious to anyone that the cost of a college education has gone through the roof.  In some cases, the cost of an education exceeds the financial benefits. Many students are crippled by student debt.

The question is has the easy availability of college loans caused the increase in tuition rates?

Let’s take a little walk down memory lane. Way back in the late 1970’s, I attended a little college in Farmville, Virginia called Longwood College.

I attended as a day student since at that time Longwood was “girls only.” The next year, Longwood went Co-ed. There were only a few dozen male dorm students and a few dozen male day students.

But this is about tuition. My first semester tuition was $332.50. That included all fees (but not books) for an 18 hour class load.

At the time, I was earning $1.65 an hour (minimum wage) working at a store. I also did a few odd jobs and house painting.

My average weekly income was around $100.00 per week.  Out of that, I made a car payment, paid my bills and even had a few dollars left to spend at The Nottingham Inn, Perini’s and The Red Lion.

I completed my Bachelor’s degree with zero debt. I then received a scholarship and a graduate assistant’s position and started my Master’s degree.

I then started a job with the State at the princely salary of $22,000 per year. While employed there, I completed my Master’s degree with tuition reimbursement.  My total out of pocket cost for the Masters was zero dollars and zero cents.

Today, according to Longwood’s website, Longwood’s tuition and fees for an undergraduate day student is $11,340.00 per semester.  This is 34 times my 1970’s tuition. There is no way a student earning minimum wage can possibly earn that sum. The only option is loans.

My son’s wife graduated from Longwood (now a University) five years ago.  She also worked during the school year and throughout the summer. Upon completion of her Master’s degree, she became a teacher earning almost $40,000 a year.  She has substantial student loan debt.

Now we all understand inflation and that costs have increased for everything. The question is – why has the cost of an education increased 34 times while the wages for a job that education prepares you for has only doubled?