As college costs in the U.S. remain stubbornly high, a private liberal arts school outside Philadelphia is slashing its tuition by nearly half.
Rosemont College announced on Wednesday that it will cut tuition by 43% next year. Under the new plan, tuition for the 2016-17 will go down from $31,520 to $18,500.
While a vast majority of students end up paying less than the school's listed fee, many students don’t apply because of the high “sticker price,” which usually makes it look more expensive than it actually is.
President Sharon Hirsh wants to change that.
"The current college financing model is broken," said Hirsh. "A lot of families are completely confused by this whole arrangement. For that reason they think that the actual sticker price is the price that they'd have to pay."
While the new measure will probably encourage more students to apply, Hirsh maintained the motivation behind it is not to increase enrollment since the college has not had a deficit in years and has a $17 million endowment, according to CNN Money.
Through eye-catching lower tuition, she hopes to attract families who can afford the college but turn away thinking they can’t
“We want to give access to people who may not believe they have access," Richard Geschke, chair of Rosemont's board of trustees, told Philly.com.
Students will still be able to qualify for need-based and merit-based scholarships, although the amounts will be lowered.
Rosemont is one of the several colleges to have introduced the drastic tuition cut. Just this week, Utica College in New York announced it was cutting its sticker price nearly in half, from $34,000 a year to less than $20,000 a year, saying “too many students and families are not even considering a private college as a realistic possibility.”