Declines in state and local funding for higher education, which typically occurred during economic recessions, were often followed by large increases in tuition

Annual Percentage Change in Tuition and State and Local Funding for Colleges

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Notes: The grey shaded areas indicate economic recessions as determined by the National Bureau of Economic Research. Data reflects the annual percentage change in inflation-adjusted tuition and fees at public institutions and the annual percentage change in inflation-adjusted per-student state and local funding for higher education.