Rising College Costs

How the Cost of College Has Changed- University of Colorado at Boulder

by Marc R. Hill, CCPS, RFC®, CCFC, CAFC

Over the years, it has gotten more and more expensive to get a college education. While general living expenses have gone up at the rate of inflation, the cost of college has increased almost twice as quickly. The disparity between the rate of inflation and the increase in college tuition means that affording a college education has become more and more difficult.

Despite the question of how to pay for college, there is no doubt about the importance of a degree when it comes to making a living. A person with a bachelor’s degree will earn about 60% more money per year than someone with just a high school diploma. And over the course of a lifetime, that adds up to about $800,000. While college is expensive, it’s still in your long-term best interest to get a degree.

But how has the cost of college changed over the years? How does the expense of an education today stack up against the cost of college for the parents and grandparents of today’s students? Here are some facts about education and the University of Colorado Boulder throughout the years:

1940s: Norlin Library and the GI Bill

The cost of a year of tuition in the 1940s varied, but it was generally under $100.
In 1940, the University of Colorado Boulder opened the biggest college library west of the Mississippi and east of California. Norlin Library became a major highlight of the university.
In 1944, the GI Bill of Rights was signed by President Roosevelt. This law radically changed the way America thought about education. Instead of simply being a luxury attainable by a few, millions of Americans began to see college as affordable. Attendance at most US colleges and universities increased significantly.

1950s: The Baby Boom and the Building Boom

For the most part, the cost of college tuition kept pace with the cost of living.
After returning home from World War II, many soldiers started families. The children in those families entered elementary schools in the 1950s, causing a shortage of 250,000 classrooms.
University and college teachers made an average of $15,000 per year in 1950.
The enrollment at the University of Colorado Boulder was 7,100 students in 1952. With enrollment projected to climb dramatically, the university implemented its first limit on non-resident enrollment and increased non-resident tuition and room and board rates by $1,150 per year.
In 1953, the University Memorial Center was opened at the University of Colorado Boulder. The memorial to Colorado servicemen rapidly became a major landmark on the university campus and point of pride for the institution.
During the 1950s, the University of Colorado Boulder experienced a building boom to help accommodate the increasing enrollment. In addition to the University Memorial Center, the University of Colorado Boulder built four additional dormitories and a music building.
The price of a hardcover textbook was $3.72 in 1955.

1960s: Focus on Science

The cost of college tuition in the 1960s was about $300 to $3,300 per year, depending on the type of institution.
In 1965, the Higher Education Act was instituted to give financial assistance to college students from under-privileged families.
In the fall of 1967, there were almost 17,000 students enrolled at the University of Colorado Boulder.By the following year, the total enrollment had grown to over 18,000 students.
The 1960s saw a dramatic increase in scientific research funding at the University of Colorado Boulder. The construction of several new science buildings, including the Engineering Sciences Center in 1965, accompanied this focus on scientific research.

1970s: 100 Years of Education

The cost of undergraduate resident tuition at the University of Colorado Boulder in 1972 was $440.For non-residents, the cost was $1758. By 1979, this amount had increased to $694 for residents and $3,052 for non-residents.
In 1975, the University of Colorado Boulder received $1.13 million from Wallace B. Fiske to complete a planetarium. The Fiske Planetarium seats 210 people and is one of the world’s finest planetariums.
President Ford enacted legislation to provide a free education for handicapped students.
The University of Colorado Boulder celebrated 100 years of educational excellence with its centennial celebration.

1980s: College Costs Increase

Tuition rates at the University of Colorado Boulder more than doubled during the 1980s. At the start of the decade, an undergraduate state resident paid $762 per year to attend the university. For non-residents, the cost was $3,352. By 1989, tuition was $1,714 for residents and $8,226 for non-residents.
In 1980, the national average cost of tuition and room and board was $5,000 to $6,000 per year.
At the University of Colorado, students sold the notes for a semester of class for about $14 in 1984.
The average price for a hard-cover textbook in 1984 was $17.48.
A 1986 poll revealed that a majority of young American thought that a college education cost three times as much as it really did.
The average graduate from a private college in 1988 started out his or her working life with a debt of about $9,750 in student loans.
In 1989, University of Colorado Boulder professor of chemistry and bio-chemistry Tom Cech won the Nobel Prize in Chemistry.

1990s: Tuition Costs Continue to Rise

In 1990, undergraduate tuition for state residents at the University of Colorado Boulder was $1,842.For non-residents the annual tuition cost was $9,000. By 1999, in-state tuition was $2,444, and non-residents paid $15,224.
About 60% of full-time college students were receiving some form of financial assistance in 1990.
The most expensive college in the nation in 1990 was Bennington College in Vermont. Tuition at that institution was $16,495 per year.
Over the course of the 1990s, the idea of public school choice spread throughout the country. In some states, students could attend school in the district of their choice using a voucher system. This voucher system contributed to the creation of many charter schools.
The University of Colorado at Boulder was one of the first institutions in the country to begin an online education program in 1996.
In 1997, the chance that an American family would be able to pay tuition for their child’s education at a four-year private college was only about 1 in 13.
By 1999, the average annual cost for a student attending a private college was $16,531.

2000s: More Cost Increases

From 2000 to 2007, the cost for state residents to attend the University of Colorado Boulder more than doubled. Colorado residents paid $2,514 per year to attend in 2000, and non-residents paid tuition of $15,832. In 2007, those numbers jumped to $5,418 for residents and $23,580 for non-residents.
In 2003, parents of college freshmen spent almost $2,000 to provide their children with the necessities for college life.
The average American student spent $807 on textbooks in 2003.
The total cost of on-campus attendance at the University of Colorado Boulder in 2009 was $20,059.
In 2006, the most popular field of study at the University of Colorado Boulder was Business Administration and Management, followed by General Psychology and Communication Studies.
14 percent of students at the University of Colorado Boulder are from a minority group.

College is Just More Expensive

Getting a college education is just as important as it was 60 years ago; it’s just more expensive now. As tuition costs have gone up, students have had to struggle to make ends meet and attain their educational goals. Besides tuition, students are responsible for room and board, books, educational fees, usage fees, and a variety of other expenses.

In order to make their dreams of attending college a reality, many students have had to come up with creative solutions to the financial hardship that college can represent. Some options have been student loans, work study programs, grants, and scholarships. For Colorado residents, the Colorado College Opportunity Fund is also a good option.

No matter how much students must struggle to attain their educational goals, getting a bachelor’s degree remains one of the best investments you can make. Workers with bachelor’s degrees earn significantly more money, and they are also more likely to be satisfied with their career choices. Despite the cost, college seems to be the right choice for many people.

The author, Marc R. Hill, a certified college planner and founder of Reduce My College Costs, LLC, Inc. specializes in assisting parents reduce college expenses through implementation of tax, income and cash flow strategies. For more information send an e-mail to mhill@reducemycollegecosts.com.