Depends very much on who you hire. We always used to say, there are three elements to painting: speed, quality and price - pick two.
For interior stuff with complicated edges, lots of fixtures and ornate edges, go with the pros - you don't want your living room out of commission for a week while the smell of paint fills the house. You'll get speed and quality.
If you're doing outdoor work, or a garage, or a bathroom, or a bedroom with not much in it, then any college student who has spent a summer or two painting can do just fine. You don't have to pay much more than the price of the paint plus $10-15/hour of work.
If you don't know any college students with painting experience, try posting a Mission on agentanything.com. Call it something like: "Paint my garage," describe what you want done and set a price, or you can accept offers from students. You won't have to pay until the job is done to your satisfaction, so students who don't know how to paint won't take the job, and those who do will be willing to do it for pretty cheap.
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