Story of a Baby Boomer continued. . .

Thirty-six  percent of the total annual earnings from a minimum wage job in 1974 would have covered two full-time semesters of tuition, room, and board at a 2-year public institution. In 2010, it would have required 50 percent of total annual earnings from a minimum wage job to cover two full-time semesters of tuition, room, and board at a 2-year public institution.

Mark was able to find a low cost living arrangement by renting a room with kitchen privileges in a large suburban home owned by a married senior aged couple. While not an ideal living arrangement, it did provide a comfortable place to sleep and eat. He worked evenings as a waiter at a gourmet restaurant, earning about 10 percent more, with tips, than working a flat-rate minimum-wage job. The job also gave him daily cash for food and travel expenses. He drove a used car that was paid for, and the cost of gasoline was much cheaper in 74 than in 2010. The cost of living, in general, was less expensive as well. One hundred dollars in 1974 would get you the equivalent of $437 dollars in goods and services in 2010.

However, like many young adult males, Mark did not apply himself to academics. At around mid-point through his second semester at the local community college, he dropped out, still not mature enough to pursue a productive education and career advancement pathway. Instead, he continued to sew wild oats, travelling around the country to places that had better climate conditions than the Northeast, working at various low-paying jobs, mostly in the restaurant and hospitality industry, and occasionally collecting unemployment. He lived liked this until he was 27.

It was the early 1980s when Mark enrolled in a public, 4-year institution as a non-matriculated student. His first class was English 101, a course that he enjoyed because he had a penchant for writing and had always been an avid reader.  Mark was now mature enough to vigorously pursue a higher education. If you look at statistics regarding male versus female college completion rates, Mark really was not an unusual individual. In 2000 to 2008, about 19 to 22 percent of first-time male full-time degree/certificate-seeking students completed a credential within 150 percent of normal time at public 2-year institutions. For females, that percentage for the same time period was 20 to 25 percent.

From an economic standpoint, the early 1980s were similar to the early 2010s. The U.S. was dealing with a strong recession and high unemployment rates. In comparison to the early and middle 70s, when Mark first attended and dropped out of community college, the cost of college became dramatically worse. In 1974, 36 percent of an individual’s annual full-time minimum wage earnings would go for tuition, room, and board at a public 2-year institution. In 1981-82, that percentage essentially doubled to 72 percent. One hundred dollars in 1981 would get you the equivalent of $236 dollars in goods and services in 2010, compared to $437 in 1974. So, the cost of living was also dramatically worse and things were not getting any better for college students.  

Since Mark was older and had some experience under his belt in the hospitality industry, he was able to find a full-time job at a much higher rate than minimum wage. He was able to find an inexpensive apartment that he shared with a roommate that was located within walking or easy bicycling distance of both his job and the campus. He also qualified for a Pell grant and federally subsidized student loans.