Recent trends in college costs and reasons why college costs have been increasing are considered. Comparative data are presented on recent rates of growth among average college charges, faculty salaries, the Higher Education Price Index (HEPI), and the Consumer Price Index (CPI). It is shown that from 1977 through 1982, average total tuition, fees, room, board, and other personal college expenses did not rise as steeply as the annual CPI. The rate of increase in college charges at public institutions stayed below the CPI level, and the rate at independent institutions generally followed the CPI. The HEPI appears to have lagged behind the CPI increase from fall 1977 through fall 1982. Projections regarding the CPI, college costs, and inflation are also included. Four conditions under which college charges are likely to rise more slowly than expected are identified, along with five conditions under which college costs could be driven higher than expected. It is suggested that the rate of change in charges will be determined largely by national and state economic conditions, public policy decisions, and consumer reactions. (SW)