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The moment you see any dollar amount from the past you need to ask "is that adjusted for inflation" and if it isn't you need to put it in an inflation calculator. This process needs to be second nature because otherwise you will get a very wrong idea about how much something actually cost. And post covid inflation is already skewing mental prices from just a decade ago.
I literally have a shortcut to usinflationcalculator dot com on my home screen. Because I always check for inflation. Always.
If the boomer was 60, it would still only cost $2,267.87.
If they're 65, it would have been 3,245.61.
Tuition today: $41,540 at private colleges $11,260 at public colleges (in-state residents) $29,150 at public colleges (out-of-state residents)
Sure, inflation is a thing, but the difference in dollar amount is still staggering.
I feel very lucky to be in the UK. I get to go to imperial for less than the cheapest offerings in the USA.
it's still £10k / year whereas it used to be £10k for the whole degree.
Hopefully (slim hope, but nevertheless) Labour will curtail the steady rise of fees we've seen in recent years. Bring back free tuition!
Yeah but i have a scholarship that covers more than tuition
Ofc, though the problem when talking to anyone older about inflation then they'll think that the cost just increased at the same rate as inflation. But the problem is that tuition in particular is one of the fastest rising costs that has blown through inflation many times over. By showing someone the present value of their tuition against current tuition they'll be able to realize that it outpaced inflation and it is much less feasible to work yourself through college while working.
The moment you see any dollar amount from the past you need to ask “is that adjusted for inflation”
Don't forget to adjust the prevailing minimum wage for inflation while you're at it. $750/semester while earning $7.25/hr hits much differently than $7500/semester while earning (checks notes) oh wait, it's still $7.25/hr.
And yet, you didn't share the result of your calculation, because it would highlight just how pointless your comment was lmao
Others had already done it. No point in reinventing the wheel.
But here you go
