College tuition price inflation, 2023→2024

College Tuition Inflation Calculator

Prices for College Tuition, 2023-2024 ($20,000)

According to the U.S. Bureau of Labor Statistics, prices for college tuition and fees are 1.41% higher in 2024 versus 2023 (a $282.71 difference in value).

Between 2023 and 2024: College tuition experienced an average inflation rate of 1.41% per year. In other words, college tuition costing $20,000 in the year 2023 would cost $20,282.71 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for college tuition was lower.

In the year 2023: Pricing changed by 1.93%, which is above the average yearly change for college tuition during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for college tuition was lower.

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 2023

Below are calculations of equivalent buying power for College tuition, over time, for $20,000 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$20,000.00	1.93%
2024	$20,282.71	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

Adjust college tuition prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for College tuition and fees was 921.413 in the year 2023 and 934.437 in 2024:

934.437 / 921.413 * $20,000 = $20,282.71

Therefore, according to U.S. Bureau of Labor Statistics, $20,000 in 2023 has the same "purchasing power" as $20,282.71 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.