College tuition priced at $20,000 in 2016 $22,991.41 in 2024

College Tuition Inflation Calculator


Prices for College Tuition, 2016-2024 ($20,000)

According to the U.S. Bureau of Labor Statistics, prices for college tuition and fees are 14.96% higher in 2024 versus 2016 (a $2,991.41 difference in value).

Between 2016 and 2024: College tuition experienced an average inflation rate of 1.76% per year. In other words, college tuition costing $20,000 in the year 2016 would cost $22,991.41 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.32% during this same period, inflation for college tuition was lower.

In the year 2016: Pricing changed by 2.69%, which is above the average yearly change for college tuition during the 2016-2024 time period. Compared to inflation for all items in 2016 (1.26%), inflation for college tuition was higher.

Price Inflation for College tuition and fees since 1977

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1982 (13.44%), 1981 (12.41%), and 1992 (10.75%).

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Buying power of $20,000.00 since 2016

Below are calculations of equivalent buying power for College tuition, over time, for $20,000 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate

* 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:


Adjust college tuition prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2016 * 2016 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for College tuition and fees was 807.000 in the year 2016 and 927.704 in 2024:

927.704 / 807.000 * $20,000 = $22,991.41

Therefore, according to U.S. Bureau of Labor Statistics, $20,000 in 2016 has the same "purchasing power" as $22,991.41 in 2024 (in the CPI category of College tuition and fees).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for College tuition and fees in 1977. In addition to college tuition, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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