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At eighteen I went away to college. [...] I had saved enough from a summer's work to pay the fees of the first term,

I guess college wasn't that expensive back then (or summer jobs were paying a lot).

That was true of state universities as late as the mid 1970s when I attended. It was the rise of easy credit for guaranteed loans that permitted the current runaway inflation in costs. College costs have grown faster than health care.

Your guess is right (the first part mostly).

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