"Higher education is on the verge of pricing itself beyond the reach of more and more families," said Vice-Chancellor John McCardell in a statement. "The reduction in tuition at Sewanee recognizes today's new economic realities and the pressures that families face. Our goal is to make an outstanding liberal arts education more accessible to qualified students."
Some changes may be made to the financial aid program to allow for the tuition cut, but the college said that no student will pay more money to attend the school than they paid previously.
The school received more than 3,000 applications for the current school year, and only about 425 students were selected -- making it the biggest freshman class in history. And the number of visits by prospective students since the announcement is up 60% compared with the same time period in the previous year.
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.
|You'll have to wait for your giant iPad ... but it'll be worth the wait|
|Inventor of K-Cups regrets the idea|
|Mark Cuban: 'Uber, Twitter, Facebook' driving a new tech bubble|
|Americans need a raise. Is it (finally) coming?|
|Costco: America's best retailer?|