"We're a selective institution in terms of admission, but we hope to increase the pool of people who consider us," said college president Jon Astroth.
Both new students and returning students will be able to take advantage of the price reduction. But in order for the college to afford the discounted tuition, it's lowering the financial aid it offers.
"Like most private colleges, we have a sticker price and then we discount tuition depending on a student's academic profile," said Astroth. "So when we reduce our sticker price, we'll reduce the discounts we give in institutional financial aid."
Lincoln College has two Illinois campuses, one in Lincoln and one in Normal, provides a 2-year or 4-year liberal arts education and awards both bachelor's and associate's degrees.
Facing strained budgets, state colleges and universities have been hiking tuition at alarming rates. Here are five states where a public education costs a whole lot more than it did last year.
|These 8 men are richer than 3.6 billion people combined|
|South Korean prosecutors seek to arrest Samsung heir|
|Trump renews attacks on 'SNL,' right on cue|
|Ray-Ban owner makes $50 billion glasses deal|
|Levi Felix, Digital Detox cofounder, dies at 32|