Source: Washington Post
Several private colleges have started lowering their tuition prices in order to attract more students in recent years.
At least 23 private universities have significantly lowered their costs in the last 2 years in response to a growing fear of students who cannot afford, and therefore not attend, those colleges, according to the National Association of Independent Colleges and Universities.
Though their reasons vary, universities for the most part are struggling to compete for a finite number of students each new year, and the cost of tuition is a big deciding factor for most students.
According to College Board, the average cost to attend a private university is around $48,000 for housing and tuition. At highly prestigious institutions, however, the percentage of students who are paying their full share of tuition is often more than half of those enrolled each year, according to federal data, which Washington Post explains helps universities offer scholarships to other students who would not be able to afford the school otherwise.
While price cuts help more students attend college, Washington Post reports that universities can lose a lot of revenue if they don’t strike a fine balance between making noticeable cuts that draw in more students, and cuts that will not harm their ability to sustain their schools.
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