[tomwed]

Major U.S. Minimum Wage Increases
1945: $0.40
1950: $0.75
1956: $1.00
1961: $1.15
1963: $1.25
1967: $1.40
1968: $1.60
1974: $2.00
1981: $3.35
1991: $4.25
1997: $5.15
1997: $5.85
2009: $7.25

For me it was about 800 hrs/yr. I feel blessed I was born in 1952. I think in 1975 a BA/BS was a terminal college degree in many fields. I graduated debt free.

[shcisamax]

I don't know what college is an average college per the above but it is closer to $30,000 for an instate public university and for private $50,000 plus.

[tomwed]

Originally Posted by shcisamax

I don't know what college is an average college per the above but it is closer to $30,000 for an instate public university and for private $50,000 plus.

I agree. The 1970 tuition feels right.

[T-325]

Tuition was $3,500 a year at Tufts U. in the 1977 - 1978 college year. I commuted so there was no room and board costs. I was making $2.85 an hour back then.

That works out to 1,228 hours for a teenager working to cover the yearly tuition cost which which works out to 23 hours a week.

I worked about 480 hours during the summer and 800 hours during the school year for a total of 1280 hours a year. So at that time thins were pretty balanced.

Nowadays tuition alone is about $40,000 which at a MA min wage of $8.00 works out to 5,000 hours of work to cover the tuition cost.

No wonder lots of college kids are taking out loans.

[shcisamax]

We really need to figure out how to educate the future of the US in an efficient manner. As it stands, either parents are decimating their own ability to retire with a safety net or kids are taking huge loans and spend a big part of their productive life paying them back and foregoing major purchases...like a home...which affects the economy in a significant way.

[graciegirl]

Originally Posted by shcisamax

We really need to figure out how to educate the future of the US in an efficient manner. As it stands, either parents are decimating their own ability to retire with a safety net or kids are taking huge loans and spend a big part of their productive life paying them back and foregoing major purchases...like a home...which affects the economy in a significant way.

YOU are so right.

[rubicon]

Not only is the cost of education a concern but the domination of politically correct educational programs compromise the original intent of higher education

[NotFromAroundHere]

Originally Posted by shcisamax

I don't know what college is an average college per the above but it is closer to $30,000 for an instate public university and for private $50,000 plus.

This year I will pay around $17,000 for my son's college expenses. Instate public college, no financial aid. So their numbers may not be too out of whack as an average.

Since I knew for a long time that college expenses were a probability, I started saving early. Just like I started saving for retirement early. Nothing got decimated, and if things go according to plan, my son will have no college loans.

[tomwed]

Originally Posted by NotFromAroundHere

This year I will pay around $17,000 for my son's college expenses. Instate public college, no financial aid. So their numbers may not be too out of whack as an average.

Since I knew for a long time that college expenses were a probability, I started saving early. Just like I started saving for retirement early. Nothing got decimated, and if things go according to plan, my son will have no college loans.

The students of parents that saved for their children's education are also blessed like the boomers who had a better minimum wage and lower tuitions. I also helped my children and they graduated debt free. I don't think I would have been in that position if I had to pay off college loans before buying a house and having a family.

[shcisamax]

This year, we will pay $40,000 for one and $55,000 for another before books and misc. - but no loans. Best gift you can give your kids. Even UConn is $25,000 instate not including books which are a racket but including the $6,000 board. So unless they can live at home, which really does little to teach kids how to negotiate the social aspect (and I don't mean partying) you are in for $100,000 minimum. That is a lot for many people, even when they save.

[thelegges]

Our oldest was $250,000 for his medical degree. First 4 years were almost all covered by free money.