Why paying your way through college is a thing of the past.
As the presidential debates kick off, everyone is talking about the big issues leading up to the 2020 election. The largest economic issue is one that is becoming impossible to ignore - the student loan debt crisis. The newest study by Textbookrush.com has provided further proof that for most students, coming out of school debt free is a thing of the past. Forty years ago, a student attending college could pay for their tuition and housing by simply working a part time job, something that is impossible to accomplish today.
The number of hours required to work in order to cover education costs has skyrocketed due to the rising costs of education and the decline of wages compared to inflation. Over the past forty years, the cost of tuition and housing has increased over 250% while the cost of textbooks rose over 1000%. In this time, the value of the minimum wage has declined fairly steadily since its peak in 1968 and possibly even more unsettling - the federal minimum wage has not changed in over ten years. The following illustrates how many hours a student would need to work at minimum wage to pay for their education.