Sounds like he was a young child in the 70’s if he attended college in the 90’s, so he wouldn’t really have a frame of reference. But you’re right, of course.
I’m a child of the 70’s and I recall a lot of difference in prices of things - mind you I wasn’t avidly looking at car prices or college tuition, but I recall gasoline was way cheaper along with every other small ticket item, so the rest naturally follows.