According to the U.S. Bureau of Labor Statistics, prices for college tuition and fees are 4.60% higher in 2023 versus 2020 (a $919.37 difference in value).
Between 2020 and 2023: College tuition experienced an average inflation rate of 1.51% per year. In other words, college tuition costing $20,000 in the year 2020 would cost $20,919.37 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 5.44% during this same period, inflation for college tuition was significantly lower.
In the year 2020: Pricing changed by 1.38%, which is below the average yearly change for college tuition during the 2020-2023 time period. Compared to inflation for all items in 2020 (1.23%), inflation for college tuition was higher.
Below are calculations of equivalent buying power for College tuition, over time, for $20,000 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation 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: