Cost of College Over Time

It’s no secret that the cost of a college education has skyrocketed over the last few decades. Rising costs have even discouraged many students from attending college at all, contributing to declines in enrollment.

Below, we take a closer look at just how much the cost of attendance has increased over the last 60 years, explore what’s driving that increase, and break down which types of institutions have been impacted most.

The average cost of college tuition in the U.S. for undergraduate students has more than tripled, multiplying by 3.08 times over the last 58 years, according to data from the National Center for Education Statistics (NCES). It rose from $4,648 in 1963 to $14,307 in 2021.^{Note Reference [1]} That’s accounting for inflation.

College tuition costs for undergraduate students vary by type of institution. Typically, average tuition and fees are highest at four-year, private nonprofit colleges and lowest at two-year public colleges.

Between 2000 and 2021, average tuition and fees increased most at public four-year institutions, rising by 70%.^{Note Reference [1]}

During the same period, private for-profit institutions experienced the smallest changes in tuition and fees. Tuition at four-year for-profit schools actually decreased by 7%.

The total cost of a college education also includes room and board, books, and other supplies. Higher tuition costs have been the primary driver of the overall increasing price of college, but rising supplemental fees have also contributed.

Between 1963 and 2021, the cost of room and board almost doubled. It increased by 86%, from $6,764 to $12,595.^{Note Reference [1]} (Remember that tuition more than tripled in the same time period.)

In the 20 years between 2000 and 2021, room and board increased about 44%, while tuition rose 65%.^{Note Reference [1]}

Students often choose between living in dorms on campus or finding a place to live off campus. In the recent past, on-campus room and board has increased slightly faster than off-campus living.

Over the last decade, the total cost of attendance, including other fees and living expenses like laundry and transportation, has increased by 8% at four-year schools for students living on campus. It has increased by 2% for students living off campus — provided they’re not living at home with family.^[2]

The total cost of college attendance has also increased by about 2% for students at two-year schools living off campus. It’s increased by less than 1% for students at two-year schools living on campus.^{Note Reference [2]} However, this is a rare case, as most two-year institutions do not offer on-campus housing.

Over the last 58 years, the average total cost of attendance at all institutions has more than doubled, from $11,411 to $26,903 a year — that’s 2.3 times more or an increase of 135%.^{Note Reference [1]}

Looking closer into different school types, you can see that public and nonprofit schools have increased their prices more between 2000 and 2021 than for-profit schools. Back in 2000, nonprofit two-year schools were less expensive than two-year for-profit schools. That has since switched.

However, funding rules for for-profit schools have changed. As of July 2023, for-profit schools can no longer count students’ GI Bill® benefits as part of their mandatory non-federal revenue. Advocates for the new rule hope it will stop for-profit colleges from aggressively recruiting veterans without offering a quality education in return.