College Affordability: Baby Boomers Vs. Millennials

Have you ever had someone look at you and say, “When I was your age, I put myself through college”? The older generation these days often fails to realize just how different things are between them and the newer generation, the Millennials. Did you know that the average income for a person of the older generation who has no college degree is $49,024? This is only $1,248 less than the average income of a person in the Millennial generation who has a degree and college debt. Plus, the cost of living is much higher than it used to be. Just a couple decades ago, the average price for a gallon of fuel was $1.70. Now, we’re lucky to get it for $2.45 a gallon.

Also, let’s just keep it real. Going to college is far more expensive than it used to be. The older generation enjoyed tuition rates as low as $3,190 a semester. Nowadays, it costs around $7,280 a semester. That’s more than double the expense of it what used to cost. And then there’s the ever-looming healthcare problem. Per-capita spending on prescription drugs by the older generation used to be a steady $272. Now, however, the per-capita spending is a whopping $1,109. If you have health issues and you’re trying to go to school and juggle the cost of paying for medications, it may be financially impossible to finish your studies.

cost of college now and then
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Bob Givens
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