Data from NCES [National Center for Education Statistics] indicate that it is two to three times more expensive to educate a student at a public four-year college than at a community college. These figures exaggerate the difference between the two when you calculate the costs of the first two years of education for students working on a bachelor's degree. Using modified IPEDS [Integrated Postsecondary Education Data System] data from the recently released Delta Project, this study shows that the cost per FTE [full-time equivalent student] and the public subsidy per FTE are lower at public master's level colleges than at the community college. Trend data from 1987-2005 are examined along with appropriate cautions for interpreting the results. Data Definitions and Calculations are appended. (Contains 2 tables and 3 figures.) [For a related journal article, see EJ928234.]