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.”
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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