Amid news that the "sticker price" for college tuition is often a work of fiction — there are at least 200 colleges where no one pays full price for their education — some schools have been striking out in a different direction. They're lowering their prices across the board in a practice sometimes called a "tuition reset."
The idea is simple: Rather than tempting students with big discounts, administrators are hoping that applying a lower tuition more consistently will help them stand out. In most cases, the schools maintain that it's not about taking in less money in the aggregate and that their programs will not suffer.
So what kinds of numbers are we talking about? Here are six schools that cut their tuition drastically, along with a look at the hard numbers and what the school had to say about the price drop.
1. Ashland University
Previous tuition: $28,908
New tuition: $18,908
Percentage decrease: 35%
This Ohio school with total enrollment around 6,000 researched the move for about two years before it adopted the policy. It put its rationale simply when it announced the new tuition rates: "We are seeking to move from a high-tuition/high-discount model to a lower-tuition/lower-discount model."
2. Concordia University
Previous tuition: $29,700
New tuition: $19,700
Percentage decrease: 34%
This school in St. Paul, Minn., says it researched the new price for years before implementing it. The results? It has paid off big time. New student enrollment rose 65% after tuition dropped. And because few people were really paying the old sticker price, the new prices have not meant less money for the university's coffers. No programs have been cut and new faculty members have been hired.
3. Ohio Northern University
Previous tuition: Varies ($33, 726 to $40,990)
New tuition: Varies ($24,800 to $32,500)
Percentage decrease: 20% to 25%
The new tuition rates at this school come with a policy that some other schools have adopted too: a four-year graduation guarantee, another attempt at transparency in pricing — as well as a chance to garner some goodwill and good publicity. In a statement on its website, the school acknowledges that decision has risks but says it is "prepared to fund this change through a combination of sources, including attracting additional new tuition revenue and gifts, controlling costs, and exercising budget discipline."
4. Converse College
Previous tuition: $29,000
New tuition: $16,500
Percentage decrease: 43%
The Spartanburg, S.C., college announced one of the steepest price cuts but, unlike some other schools, it said it didn't do it to attract more students. In fact, the college said the most recent incoming class was already 30% larger than the class the year before. The college said it was cutting tuition because its success afforded the possibility of lowering its rates. In a statement posted on its website, the school said it would not be cutting any programs.
5. Belmont Abbey College
Previous tuition: $27,622
New tuition: $18,500
Percentage decrease: 33%
This private Catholic college in North Carolina is another school that said it was not cutting prices in order to attract more students. In fact, two new dorms already opened in 2013 to accommodate enrollment growth. The school said it was addressing a concern that some students were being scared off by high sticker prices.
6. Alaska Pacific University
Previous tuition: $29,700
New tuition: $19,500
Percentage decrease: 34%
This university's price cut did have something to do with attracting students. With 620 students, the school was operating under its capacity of 750. The numbers add up: The school calculated that it would not have to spend much more money to support more students.