There is some variation from one election to the next--the pro-Democratic effect in 2016 election was higher than expected, but the most exceptional election was 1972, which set a record that was not broken until 2016. However, the dominant thing is a trend that seems to have started at the beginning (the correlation with a time trend is about .85). I would have guessed that the trend began or at least accelerated in the 1960s, but there's no sign of that. That is, the relative shift of educated people towards the Democrats is a gradual process that was underway long before people started noticing it, and shows no signs of stopping.
How big are the effects? If you fit a linear trend for the education effect to smooth out the short-term variations, in an election where 50% of high school graduates voted Democratic, the predicted Democratic vote among college graduates goes from 34% in 1936 to 61% in 2016.
The numbers above are not a contrast with all people without college education--they control for the changing effects of primary/secondary education (no formal education, elementary, grades 7-8, attended high school, high school diploma). Those estimates are shown in the next figure. Note that they are consistently in a pro-Republican direction, and have become more pro-Republican since the 1960s. (This might be because the people with less than a high school diploma are increasingly likely to be immigrants, who tend to vote Democratic).
[Data from the Roper Center for Public Opinion Research and the General Social Survey]
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