It’s unsurprising that younger people regret paying for college more than older generations, given how much more expensive college has become. In 1960, the median tuition at private colleges was $475, or about $4,000 in today’s dollars. In 1970, it was $1,561 ($13,149 today) for four-year private institutions and $358 ($3,015 today) for public ones.
Today, in contrast, according to College Board, the average cost of one year at a public university for an in-state student is $20,090, and $34,220 for out-of-staters. The cost of private school, including tuition and fees, can be almost twice as high, although top-tier private schools that can offer generous aid and scholarships can also be a surprisingly good deal.
As a result, millennials are in debt. For more than half of them, the situation is bad enough that they would even give up the right to vote to have their loans forgiven.