Some American colleges are lowering tuition to prevent sticker shock, attract students 

Some private universities are slashing their tuition by tens of thousands of dollars as Americans become increasingly concerned about the affordability of higher education.

A recent report from Bloomberg described a trend of colleges lowering tuition by large amounts to appeal to more students.

For example, Emory & Henry University, a private school in Virginia, has reduced its tuition by more than 50% – from $40,000 to $19,900.

“Our tuition reduction plan was just one piece of a larger strategic enrollment strategy,” Louise Fincher, the university’s president, told Fox News. “We wanted our published tuition to better reflect the real cost of an Emory & Henry education.”

Other universities making major cuts include the University of Tulsa, which reduced its tuition and fees to $25,000 from $54,000, and Concordia University, St. Paul, which dropped its price by $5,500.

“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,” said Concordia’s Provost and COO Eric LaMott.

Price equals prestige?

However, college prices haven’t always been as inflated as they are now.

Preston Cooper, a senior fellow at the American Enterprise Institute and an expert in higher education reform, explained that in the early 2000s, universities raised their prices to seem more prestigious.

“There was this broad perception that if we [colleges] raise our tuition, people will think it’s a higher quality education,” Cooper told Heartlander News. “And that has really changed now.

“People are approaching higher education with a little more hesitancy because there’s no longer this sense that higher education is always going to pay off.”

The Trump administration has cracked down on schools that grant degrees that pay less than the cost of attending the school and has launched student loan reforms.

Even when schools offer significant discounts and scholarships, a high sticker price can deter potential students from even applying.

“Schools are belatedly starting to figure that out, that they need to actually reduce the advertised price if they’re going to have a shot at bringing students back to campus,” Cooper explained.

He added that “student loan aversion” is increasing as fewer students are willing to take on debt to pay for a college education.

According to the National Center for Education Statistics, 50% of first-year college students took out loans in 2010. By 2021, that number had fallen to 38%.

“People are really concerned about the affordability of a college education,” Cooper said.

His advice for prospective college students is to choose a field of study first, then find a school with good outcomes for that major.

“One of the most important factors in whether your college education is going to pay off is your major,” he explained. “Too many people start with the institution and then choose the field of study, and I think it really should be the other way around.

“Start with what you want to study, and look for a school that’s going to help you do that for an affordable price.”

The days may finally be over – even for private universities – of inflating tuition prices to raise the perception of prestige.

“Students want an affordable education that’s going to lead to a good job,” Cooper concluded. “It’s really not more complicated than that.”