There was also much less demand for college back then. Much fewer people went to college, so schools couldn't charge too exorbitant prices. On the other hand, a

There was also much less demand for college back then. Much fewer people went to college, so schools couldn't charge too exorbitant prices. On the other hand, a Yale degree today is so valuable that Yale could probably easily fill their class with good candidates even at $100k/year price point. Recent admissions bribery scandal proves that quite well.