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The University of Iowa College of Law will dramatically cut prices in an effort to attract more students in a weak legal market and reduce student debt. The state's Board of Regents approved a plan to cut the law school's sticker price by 18 percent for new and continuing Iowa residents and incoming out-of-state students starting in fall 2014. The reductions, approved Thursday, mean a $7,750 a year reduction for nonresident students to $39,500, and a cut of $4,309 for resident students, to $21,965.