The price of college tuition has increased at a pace much faster than that of inflation in recent years. Ann. Full-Time Graduate Groups (Ph.D.): There has been a truly mind-boggling increase in college tuition since 1960. This means that today's prices are 6.71 times higher than average prices since 1970, according to the Bureau of Labor … Even adjusted for inflation, the median home price in 1940 would only have been $30,600 in 2000 dollars. by Decade; Total Inf. The average cost of attending a four-year college or university in the United States rose by 497% between the 1985-86 and 2017-18 academic years, more than twice the rate of inflation. The overall inflation rate since 1986 increased 115.06%, which is why we pay more than double for everything we buy. College tuitions soar each year, advancing far in excess of the inflation rate. Neither of those figures include room and board. Inflation Charts. For example, law school tuition has risen nearly 1,000 percent after adjusting for inflation: around 1960, “median annual tuition and fees at private law schools was $475 … adjusted for inflation, that’s $3,419 in 2011 dollars. Between 2007–08 and 2017–18, published in-state tuition and fees at public four-year institutions increased at an average rate of 3.2% per year beyond inflation, compared with 4.0% between 1987–88 and 1997–98 and 4.4% between 1997–98 and 2007-08. In 1971 the tuition, fees, room, and board per year for a public 4-year college was $8,734 in Dec. 2017 dollars ($1,410 unadjusted). The price of college tuition has spiked in the last 30 years. Value of $1 from 1970 to 2021 $1 in 1970 is equivalent in purchasing power to about $6.71 today, an increase of $5.71 over 51 years. These days, the average cost for a year at a four-year college ranges from $9,410 for in-state public tuition to $32,410 for private. Inf. How The Cost Of College Went From Affordable To Sky-High In the decades following World War II, many American families had a lot of help paying for a college education. Tuition and Fees, By School Other Expenses* 1970: Undergraduate Schools: College, College of Liberal Arts for Women, School of Engineering and Applied Science (SEAS), the Wharton School, the School of Nursing, and the School of Allied Medical Professions (SAMP) Tuition: $2,350 General Fee: $200. By 2016 the cost had risen to $20,967 per year in Dec. 2017 dollars ($20,150 unadjusted), a 140.1% increase. By 2014-15, that number exploded to $26,740. If tuition had grown in pace with inflation, the average tuition at public colleges would have been $2,052 in 2010. In during the 1980-81 school year, the average college tuition at private universities was $9,882. The College Board includes tuition inflation statistics in its annual Trends in College Pricing report, but this report is not based on a true index and as such may differ from the CPI-U and NPSAS statistics. According to a report by the Delta Cost Project, tuition for a public four-year institution in 1970 was $358 per semester. The dollar had an average inflation rate of 3.80% per year between 1970 and today, producing a cumulative price increase of 570.69%.. On the other hand, during the same time, tuition increased a whopping 498.31%. See chart below. Rate Chart; Long Term Inflation > Ave. Inf. This chart shows the college cost inflation rates (including tuition, fees, and room and board) for 4-year public and private non-profit colleges, based on College Board data. The cost of attending a traditional four-year university has been rising more than twice as fast as inflation, and two-year community colleges a third faster. 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