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The cost of college has risen faster than consumer prices and median family incomes over the past decade.  The chart shows average tuition, room and board over the past ten years.  In a story by Sandra Block for USA Today, it was cited that reasons for the dramatic rise include:

Declining state support. At state colleges and universities, which enroll about 75% of all college students, tuition covers only about a third of the cost of educating an in-state student, according to the College Board. The rest of the cost is covered by state subsidies.  In Wisconsin, the percentage of state dollars covering tuition is less than 50%. 

An educational arms race. In an effort to reach the top of ranking surveys, such as the popular annual list put out by U.S. News and World Report, many schools spend heavily on state-of-the-art dorms, athletic facilities and well-known professors, analysts say.

Economics 101. Colleges and universities raise tuition because they can. The high school graduating class of 2008-09 is expected to be the largest in history, even as the number of seats at traditional four-year colleges has remained about the same. Meanwhile, the income gap between workers with only a high school diploma and those with a college degree continues to widen.

Link to story