Each fall, ISM publishes a set of conversion factors to simplify recasting previous tuitions into current dollars. (See the accompanying table.) We continue to use the Urban Consumer Price Index (CPI-U).1 However, we also realize the CPI-U does not reflect expenditures in private-independent schools. It can only serve as a base figure. There are compelling arguments for adjusting your tuition at a rate of at least 2% above the overall inflation rate. The CPI has a built-in “productivity factor.” It assumes the workforce is increasingly productive as technology and other laborsaving developments provide greater output with fewer personnel. The more efficient a business becomes, the more it can stabilize or reduce the impact of inflation. Education, however, differs from industries in that it is people-intensive and not truly “product”-driven. Education cannot offset the effects of inflation by increased efficiency—the classroom still basically consists of a teacher and a group of students. If more students enroll, we create more sections with more teachers. Even as the demand for additional programs (and teachers) occurs, schools often refuse to remove any standing programs to lessen the budgetary crunch. Costs go up even as productivity remains static.