Strategic Scholar Excerpt: Part-Time Jobs are not a Realistic Solution to Student Debt

Here’s a short excerpt from the book I’m writing about student loan debt strategies:
“It’s no secret college costs have been on the rise, which means student loans are increasing too.
According to the National Center for Education Statistics, the cost for total tuition, fees, room and board at a public university in the 1980s was $2,327 (In 2017, that’d equal approximately $7,275). In 2017, the cost for tuition, fees, room, and board at a public university was $19,488.
There is a good reason most teenagers and 20-somethings roll their eyes when older generations brag about their work ethic and how they paid for college in cash with their summer or part-time job.
In 1980, the minimum wage was $3.10. A full-time student would need to work approximately 751 hours a year to earn enough to pay their college bill, which equates to about 14 hours a week. Alternatively, they could work a full-time summer job, and then a part-time job during the school year to pay for living expenses and other extraneous items.
In contrast, in 2017, the minimum wage was $7.25 (it hasn’t changed in 2018). A full-time student would need to work approximately 2,688 hours per year, which equates to about 52 hours per week. There is no alternative sans loans. Hence, the explosion of student loan debt.
Current students would need to earn approximately $25.95 an hour to work the same amount of hours as students in the 1980s.
Costs associated with college continue to increase, but wages remain stagnant. Students attending college in 2019 and beyond will be much worse than student whose attending college now unless minimum wage increases.”
