Did college used to be cheaper?

Hey folks! So I've heard a claim that college tuition used to be cheaper because most people didn't attend college. It sounds plausible but is it actually true? Would love to hear your knowledge on this.

Yes, it's true – the cost of college tuition has indeed increased over the years. To put it into perspective, data from the National Center for Education Statistics shows that for the 1985-1986 academic year, the average tuition, fees, room, and board for a 4-year institution was $3,859 (in constant 2018 dollars). Compare this to the 2016-2017 academic year, where the same costs averaged $26,593 (in constant 2018 dollars). That's almost a seven-fold increase!

However, the idea that college used to be cheaper because fewer people attended is a broad simplification. While it's accurate that fewer people pursued a college education in the past, various factors contribute to rising tuition costs. Increased administrative costs, decreased state funding for public institutions, and the demand for modern facilities and technology are among the driving forces of this surge.

Furthermore, the high price of college tuition doesn't necessarily mean students are paying more out of pocket. There's an important aspect to consider: financial aid. Scholarships, grants, and work-study programs can significantly offset tuition costs. For instance, a college may have a high sticker price but may also offer generous financial aid, bringing the net price down for students.

Be sure to look beyond the sticker price and examine your total cost, including room, board, transportation, and additional fees when considering college costs. Also, research financial aid options and use tools like net price calculators to get a more accurate view of what your potential out-of-pocket expenses may be.