THE MIDTOWN NEIGHBORHOOD FAILED
TO PAY SOME WORKERS A MINIMUM
OF $10 PER HOUR WITH THE WAGE
INCREASE THIS YEAR, AS WELL AS
BACK WAGES.
McDONALD'S WILL ALSO UNDERGO
ADDITIONAL TRAINING.
THE COST OF A COLLEGE
EDUCATION IS SKYROCKETING.
NEW FIGURES SHOW OUTSIDE OF
A MORTGAGE, IT'S THE BIGGEST
CHUNK OF DEBT.
STUDENTS OH MORE THAN $1.4
TRILLION.
THAT IS MORE THAN DEBT FROM
BOTH CREDIT CARDS AND AUTO
LOANS TOGETHER.
-- THAT IS MORE DEBT THAN FROM
BOTH CREDIT CARDS AND AUTO
LOANS.
A NEW STUDY COMPARES THE
COST OF A FOUR-YEAR UNIVERSITY
10 YEARS AGO TO CURRENT TIMES.
IN 1989, A FOUR YEAR DEGREE
COST ABOUT $27,000 -- FOUR-YEAR
DEGREE COST ABOUT $27,000 BUT
RECENTLY, THAT NUMBER ROSE TO
$52,000.
BUT IN 2016, THE AVERAGE
STUDENT PAID $104,000 FOR THAT
DEGREE.
IT'S A COMMON QUESTION.
WHY HAS COLLEGE BECOME SO
EXPENSIVE?
IT'S A DIFFERENT EXPERIENCE
THAN IT WAS 10 OR 20 YEARS AGO,
SO THE AMENITIES HAVE IMPROVED.
THERE IS MORE SUPPORT FOR
STUDENTS, THE DORMS ARE BETTER.
THE FOOD IS BETTER.
THE KINDS OF HELP STUDENTS NEED
IS BETTER.
ALL OF THAT COSTS MONEY.
Reporter: DOCTOR JEAN BAE IS
AN ECONOMICS PROFESSOR AT
OXFORD UNIVERSITY.
SHE SAYS A COLLEGE DEGREE IS
STILL WORTH IT.
GOING TO COLLEGE IS STILL A
GOOD IDEA.
STUDENTS WHO GO TO COLLEGE
LEARN ABOUT -- EARN ABOUT $1
MILLION MORE OVER THEIR
LIFETIME THAN PEOPLE WHO DON'T
GO TO COLLEGE.
Reporter: PRICES ARE
INCREASING ALMOST 8 TIMES
FASTER THAN WAGES.
THE COST OF EDUCATION IS
GROWING DRAMATICALLY AND WAGES
AREN'T KEEPING UP WITH IT
CAUSING A REAL CHALLENGE WHEN
IT COMES TIME TO PAY OFF THOSE
LOANS.
Reporter: JUST IN HALVERSON
IS A FINANCIAL ADVISOR IN
MINNETONKA.
HE IS A FATHER WITH SIX YOUNG
CHILDREN OF HIS OWN.
THINKING ABOUT THE DAY-TO-
DAY EXPENSES OF WHAT IT TAKES
TO RUN A HOUSEHOLD AND A
FAMILY, AND THEN TRYING TO SAVE
FOR THEIR COLLEGE EDUCATION IS
OVERWHELMING.
Reporter: JUST IN SAYS THE
-- JUSTIN SAYS
THE EXPERIENCE IS OVERWHELMING.
LOOK AT STATE SCHOOLS
BECAUSE THEY ARE LESS
EXPENSIVE.
AT COMMUNITY COLLEGES FOR THE
COST -- FOR THE FIRST COUPLE OF
YEARS INTO YOUR CONSIDERATION.
Reporter: MINNESOTA COLLEGE
STUDENTS GRADUATE WITH AN
AVERAGE OF $30,000 IN DEBT.
JUSTIN RECOMMENDED SOME ADVICE.
CONFRONT THE PROBLEM.
DON'T
IGNORE IT.
CREATE A PLAN TO PAY IT OFF,
CREATE A TIMELINE, LOOK AT
DIFFERENT MONTHLY PAYMENT
AMOUNTS.
MAKE SURE YOU PAY MORE THAN
JUST THE MINIMUM BECAUSE
FEELING GUILTY ABOUT IT AND NOT
ADDRESSING IT MAKES IT WORSE.
DEFINITELY.
