Monday, February 13, 2012

Colleges Cutting Tuition to Attract More Students

English: GraduationImage via WikipediaI never thought I would see the day when a college would reduce its tuition. Colleges wanting to attract more students are lowering their tuition costs to make it more affordable. This is a new trend to lower costs which will help middle-income families who make to much to receive grants but to little to afford tuition. According to a article, Edwin Welch, president of University of Charleston, in West Virginia says "We are hoping to recruit more students from that group (middle income) than in the past".

The colleges are giving discounts to be more affordable but their costs may still be higher than public colleges. The average annual cost of tuition and fees at a four-year public college for in-state students this year is $8,244, according to the College Board. Of the private colleges cutting tuition, Seton Hall University in South Orange, N.J., will offer the lowest tuition (roughly $10,000) for incoming freshmen with high grades.

The current situation comes at a time when FASFA grants are starting to be cut. The cost cutting by government is a result of future federal budget cuts that will have to be put on the backs of college students receiving grants. Add to that the dismal performence of college saving vehicles like 529 plans are the situation worse. Something will have to give and the only other place to cut is tuition costs at your local college and university.

Here are the colleges providing tuition discounts.

Cabrini College
  • tuition cut: 12.5%
  • tuition and fees in 2012-13: $29,000 (down from $33,176 this year)
  • located near Philadelphia
  • room and board - $11,742 

Lincoln College
  • tuition cut: 24%
  • tuition and fees in 2012-13: $17,480 (down from $23,000 this year)
  • the cost of tuition, fees, room and board is $29,000 this year
  • room and board is $7,000. 
  • located in Lincoln, Ill.

University of Charleston
  • tuition cut: 22%
  • tuition and fees in 2012-13: $20,700 (down from $26,200)
  • the university decided to reduce tuition by 22% for new students and give at least $6,000 in free aid to all returning ones. 
  • room and board, which averages $9,000 a year, will likely increase by 1% to 2%.

William Peace University
  • Tuition cut: 7.7%
  • Tuition and fees in 2012-13: $23,900 (down from $25,900)
  • located in Raleigh, N.C.
  • cost of dorms is $6,186 and food costs will rise to $2,814.

Duquesne University
  • Tuition and fees cut: 50% in the form of a grant for freshmen who enroll in its School of Education
  • located in Pittsburgh, Pa. 
  • Tuition and fees in 2012-13: $14,355 (down from $28,671
  • Room and board will rise next year by 3% to 4% from its current level of roughly $9,800.

Seton Hall University
  • Tuition and fees cut: roughly $21,000 for incoming high achieving freshmen
  • Tuition and fees in 2012-13: $10,104 (down from roughly $31,000)
  • located in South Orange, N.J.
  • Room and board, which costs about $11,000 a year, will rise between 1% and 5%

The days of ever increasing costs for college tuition are coming to an end. The free money coming from government programs is beginning to taper off. Colleges will have to be more competitive with their prices to vie for less tuition dollars.

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