Data from NCES 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 Integrated Postsecondary Education Data System (IPEDS) data from the recently released Delta Project, this study shows that the cost per full-time equivalent (FTE) 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. (Contains 3 tables and 3 figures.)