According to the U.S. Department of Education, the average annual tuition, fees and room and board at a public college or university in 1964-65 — the first year for which there’s data — was $6,592, in 2011 dollars. By 2010-2011, that had increased to $13,297 — a 101.7 percent increase. The increase for private schools was even more dramatic. Average tuition, fees and room and board in 1964-65 was $13,233 a year; in 2010-2011, it was $31,395, an 137.2 percent increase.
That’s after accounting for inflation. But some experts think that the adjustment lets colleges off the hook — after all, the rising price of college tuition is itself a significant driver of inflation. If you don’t adjust for inflation, college tuition prices increased 297 percent from September 1990 to September 2012, according to the Bureau of Labor Statistics. Medical care prices, by contrast, only increased 152 percent.
You’d think that such enormous price increases would keep consumers away. You’d be wrong. In 1967, 4.3 million people were enrolled in full-time in colleges and universities as undergraduates, amounting to 2.2 percent of the U.S. population.