Concordia University-St. Paul announced Wednesday that it was dropping its undergraduate tuition and fees by a third for next year, joining a handful of institutions including the University of the South and the University of Charleston to cut their sticker price in the face of increased price sensitivity in the market. The sticker price for tuition and fees, currently set at $29,700, will be $19,700 next fall for all students, including those currently enrolled.
Administrators at Concordia said they were becoming concerned that students their traditional demographic -- middle- and lower-income students in Minnesota -- were ruling out Concordia as an option based on its price, despite the fact that after aid few students actually ended up paying that much. According to federal data, 99 percent of students at Concordia received some form of institutional aid.
Much of the student population at Concordia currently pays less than the new sticker price. The college's discount rate was 48 percent, meaning that students paid just over 50 percent of the sticker price on average. Concordia administrators said some revenue is likely to be lost by lowering the price, but that they hope to offset that by increasing enrollment.