Colleges are slashing tuition prices as students balk at soaring costs
Several schools are reducing college tuition as student loan debt fears reshape higher education
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Young Americans are reconsidering the value of a college degree given the high cost of college and the prospect of taking on student loan debt, which is prompting some colleges and universities to cut tuition costs to attract students and boost enrollment.
A report by Bloomberg noted that several colleges and universities have announced plans to lower their tuition either this year or in the next academic year when students arrive on campus in fall 2027. For example, Emory & Henry University historically offered significant merit scholarships amounting to up to $23,000 to help students negate some of the $40,000 price tag they faced, the report noted.
However, the school moved to reduce tuition by half to $19,900 for undergraduate students this academic year to lower the sticker price students are evaluating, while still offering merit scholarships up to $5,000 and covering tuition costs for certain in-state students from Virginia who meet income criteria.
"Our tuition reduction plan was just one piece of a larger strategic enrollment strategy," said Dr. Louise "Lou" Fincher, president of Emory & Henry University, told FOX Business. "Ultimately, we wanted our published tuition to better reflect the real cost of an Emory & Henry education."
Colleges are looking to address affordability concerns amid high levels of student loan debt as well as questions about the value of a four-year degree. (iStock)
Emory & Henry brought in its largest incoming class of students in 190 years this August, with 492 students submitting deposits for the fall semester this year. That enrollment figure is a nearly 30% increase compared with the fall 2025 class.
Several other colleges and universities have announced plans to lower their tuition bills starting in the next academic year when students return in fall 2027, according to the Bloomberg report.
The University of Tulsa is also reducing tuition and fees from $54,000 to $25,000; while Concordia University, St. Paul is moving forward with a plan to cut tuition by $5,500 after it lowered prices by 33% in 2013.
"Affordability is among the most pressing issues for students and their families, and the sticker price of a college degree often prevents many students from considering applying. Our first Tuition Reset in 2013 created a better model, resulting in significant enrollment growth and improved outcomes. We are enacting our Tuition Reset 2.0 for 2027 to continue addressing affordability and access issues for students and families," Eric LaMott, Provost and COO for Concordia University, St. Paul, told FOX Business.
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Colleges are looking to increase attendance through lower tuition costs. (Getty Images)
Carroll College, located in Helena, Montana, consulted with Concordia on the changes it made as it evaluated how to restructure its own tuition pricing to bring in students, Bloomberg reported. Carroll ultimately chose to move forward with a plan to lower its tuition list price by 40% starting in fall 2027, while also eliminating undergraduate student fees to improve affordability.
"The new price of $26,800 makes it easier for students and families to see Carroll as a realistic option from the start," Erik Rose, associate VP of enrollment at Carroll College told FOX Business.
"Too many students ruled out Carroll before visiting campus, meeting an admission counselor or exploring financial aid because the published price appeared out of reach. We are changing that with a clearer, more transparent price so you can evaluate Carroll based on the education, opportunities, community and outcomes, not an assumption about sticker price," Rose added.
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While many colleges offer merit scholarships, some are revising their tuition list price to better reflect the real cost to attend. (David Paul Morris/Bloomberg via Getty Images)
FOX Business reached out to Tulsa University for comment.
Gerson Moreno-Riaño, president of Cornerstone University, told FOX Business that "colleges are now increasingly cutting tuition because families have little confidence in the value of a college education."
"With fewer students, more skepticism about the value of a degree, and real alternatives to a four-year campus, colleges now have to compete on price and real market value like everyone else," he added. "That's healthy."
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"At Cornerstone, we saw this coming. We cut tuition 22% to $22,000 and have frozen it every year since and launched SOAR – the nation's first radically affordable, mobile-first degree and platform. Why? Because a high-quality education shouldn't require a lifetime of debt. The schools that thrive will be the ones honest about what they cost and clear about what they deliver," Moreno-Riaño said.