Wage too low, even for students Mac VerStanding claims raising the minimum wage would ruin State Street, which he describes as “lined with locally owned stores staffed largely by college students doing homework behind the counter.” He goes on to suggest that these college students are well taken care of with financial aid and pre-paid room and board: Even paid a mere $5.15 an hour, these students greatly appreciate the wage, which goes to textbooks or walking-around money.