Most colleges and universities have been steadily increasing their tuition price above inflation rates for many years. But Converse College, a private women’s college in Spartansburg, South Carolina has decided that they can afford to cut tuition costs for their students by 43 percent, dropping the tuition price from over 29 thousand dollars to 16 thousand five hundred.

Most colleges and universities have been steadily increasing their tuition price above inflation rates for many years.

But Converse College, a private women’s college in Spartansburg, South Carolina has decided that they can afford to cut tuition costs for their students by 43 percent, dropping the tuition price from over 29 thousand dollars to 16 thousand five hundred.

The school has seen a record breaking number of applicant enrollments over the past three years.

So they decided to change their model from one where the tuition is high, but the school offers scholarships and grants to valued students, to a model where everyone pays less to attend.

Statistics from the National Association of College and University Business Officers say that 87 percent of private higher learning institution students pay less than the sticker price for tuition.

Concordia University in Minnesota has also decided to reduce the tuition cost for their school by 10 thousand dollars starting in the 2013-2014 academic year.

Its president Tom Ries said: “We've been approached by quite a few college and universities across the country who have asked us if it could be done.”

Concordia also has a record number of enrolled undergraduates this year.