Background: Previous studies show that students improve communication skills throughout post-secondary study proportionately to first-year ability, yet important questions remain. How does post-secondary affect the development of reading comprehension and related skills? How does this development vary between L1 and L2 speakers, and how much change occurs each year? Methods: We administered a cross-sectional battery of tests of reading proficiency to undergraduate university students in all years of study. The tests included measures of reading comprehension and multiple component skills: vocabulary, spelling, print exposure, reading habits and motivation. Results: Results show that year of study confers a direct effect on component skills of reading. Skill trajectories of L1 and L2 students vary widely -- across all skills tested, L1 students in Year 4+ show an average advantage of 12.60 percentile points compared with those in Year 1, whereas the average advantage of L2 students in Year 4+ over Year 1 peers is 29.20 percentile points. No difference between L1 and L2 readers, or between years of study, was observed in reading comprehension. Conclusions: Post-secondary education confers sizable benefits to all examined component skills of English reading, especially in L2 students. While L2 students in Year 1 are disadvantaged in most skills, L2 students in Year 4+ close the performance gap with L1 speakers on all skills. This suggests an 'anti-Matthew' effect, with most benefits seen in the initially underperforming population. These findings quantify the effectiveness of university itself and also its differential impact on students with different language backgrounds. The apparent dissociation between a change in component skills of reading and stability in reading comprehension scores remains puzzling: we outline avenues for further investigation of this issue.