My older sister (2 years older graduated HS in ‘83), younger sister, and both brothers all had some level of student loans. Compared to today’s standard it was much less and didn’t have the same bite (% of income) once they graduated.
My daughters don’t have any - because I’m paying (expectation is they pay back 50% without interest - my wife will see to that as I watch the garden grow), BUT all their fellow students have loans out the whazooo and many spend it on things above and beyond tuition, books, and housing.
From what I can tell very few have part time jobs and the loans will be taking a big bite of their pay when/if they graduate. I typically pay fresh engineers 50-60k/year depending on the company size and their degree level/internships.
My hires have told me that their loans typically take about 10-15% of their earnings ($500-700/month). Money that should be getting put aside for a down payment on a home. From what they have said there are some that have taken even more out than they have and spent it on partying.
I graduated in 67. Lived at home while attending local university. Took out no loans; there were none to be had.
I did not party my way through school. My dad told me as long as I kept my grades up they had no problem with supporting me but if I fell off the wagon, all bets were off. That included graduating in 4 years, or less.
My folks took care of me and I took care of the rest as I had a decent part time job, not one that paid a lot but allowed me to work around my schooling. Since it was in data processing, I learned a career trade too.
Dave Ramsey talks often about the high cost of college for those who go out of state or a prestige school. I think that has a lot to do with the huge costs a lot of students put themselves into. Also, some give no thought to what they will do with their degree. IMO, unless you or your family have unlimited resources one has to be cognizant of what they intend to do upon graduation.
Yes, college costs have gone up a lot. Mine were about 1000 per semester or 8K in total. Of course, my first annual salary after college was 5200. Today that same school is around 80K for four years. There is aid available. The average alum’s starting salary is around 35K so while not in the same ratio as mine, it is not far out of line. So, I don’t want to hear all the woe is me stuff. And when they graduate, they don’t have the prospect of making 100 a day once a month in the army!
I was working with a gal that decided she wanted to pursue a Masters in Public Administration. She had a high paying job just under $100K/year but she still took out a $75,000 loan to pay for the online masters from Villanueva. But she kept spending the money on lavish dinners and entertainment. I was shocked and kept reminding her that was her college money. It made no difference.