UNC tuition cost per semester 1988/1989 year (the year I would have started) was $504/semester, $1,008/yr.
1988/1989 minimum wage was $3.35/hr.
UNC tuition cost per semester 2019/2020 year (this school year) is $4.490/semester, $8,980/yr.
2019/2020 minimum wage is $7.25/hr.
The annual inflation rate over the past 20 years has been about 2.53%. To put that into actual numbers:
$3.35/hr would be $8.10/hr. College tuition if risen at the same inflation rate would be $1,122.31/semester or $2,244.62/year. Instead, the tuition rate has risen a staggering 1,163%. Does that make any sense to anyone? Not me.
1988/1989 minimum wage was $3.35/hr.
UNC tuition cost per semester 2019/2020 year (this school year) is $4.490/semester, $8,980/yr.
2019/2020 minimum wage is $7.25/hr.
The annual inflation rate over the past 20 years has been about 2.53%. To put that into actual numbers:
$3.35/hr would be $8.10/hr. College tuition if risen at the same inflation rate would be $1,122.31/semester or $2,244.62/year. Instead, the tuition rate has risen a staggering 1,163%. Does that make any sense to anyone? Not me.