According to the U.S. Bureau of Labor Statistics, prices for college tuition and fees are 274.09% higher in 2024 versus 1994 (a $54,817.15 difference in value).
Between 1994 and 2024: College tuition experienced an average inflation rate of 4.50% per year. This rate of change indicates significant inflation. In other words, college tuition costing $20,000 in the year 1994 would cost $74,817.15 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.53% during this same period, inflation for college tuition was higher.
In the year 1994: Pricing changed by 6.98%, which is above the average yearly change for college tuition during the 1994-2024 time period. Compared to inflation for all items in 1994 (2.60%), inflation for college tuition was much higher.
Below are calculations of equivalent buying power for College tuition, over time, for $20,000 beginning in 1994. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1994 | $20,000.00 | 6.98% |
| 1995 | $21,202.85 | 6.01% |
| 1996 | $22,402.61 | 5.66% |
| 1997 | $23,547.56 | 5.11% |
| 1998 | $24,542.24 | 4.22% |
| 1999 | $25,516.58 | 3.97% |
| 2000 | $26,571.61 | 4.13% |
| 2001 | $27,929.66 | 5.11% |
| 2002 | $29,835.25 | 6.82% |
| 2003 | $32,335.17 | 8.38% |
| 2004 | $35,398.64 | 9.47% |
| 2005 | $38,041.45 | 7.47% |
| 2006 | $40,591.26 | 6.70% |
| 2007 | $43,130.81 | 6.26% |
| 2008 | $45,820.70 | 6.24% |
| 2009 | $48,574.26 | 6.01% |
| 2010 | $51,097.48 | 5.19% |
| 2011 | $53,664.63 | 5.02% |
| 2012 | $56,267.36 | 4.85% |
| 2013 | $58,643.89 | 4.22% |
| 2014 | $60,810.11 | 3.69% |
| 2015 | $62,920.25 | 3.47% |
| 2016 | $64,613.71 | 2.69% |
| 2017 | $65,905.09 | 2.00% |
| 2018 | $67,362.51 | 2.21% |
| 2019 | $69,285.88 | 2.86% |
| 2020 | $70,239.36 | 1.38% |
| 2021 | $70,849.65 | 0.87% |
| 2022 | $72,380.56 | 2.16% |
| 2023 | $73,774.31 | 1.93% |
| 2024 | $74,817.15 | 1.41%* |
* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for College tuition and fees:
| Year | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| CPI | 57.900 | 59.908 | 64.669 | 70.831 | 79.623 | 90.323 | 99.723 | 109.938 | 119.923 | 129.631 | 139.385 | 150.000 | 161.900 | 174.969 | 192.785 | 213.515 | 233.492 | 249.792 | 264.815 | 279.800 | 294.100 | 306.523 | 318.692 | 331.869 | 348.831 | 372.631 | 403.854 | 442.115 | 475.123 | 506.969 | 538.687 | 572.283 | 606.674 | 638.188 | 670.251 | 702.758 | 732.440 | 759.495 | 785.850 | 807.000 | 823.129 | 841.332 | 865.354 | 877.263 | 884.885 | 904.005 | 921.413 | 934.437 |