MADISON, N.J. — Drew University President MaryAnn Baenninger announced Monday that tuition "is too high" and will be slashed by 20 percent beginning in the 2018-2019 school year.
Currently, tuition is set at $48, 336. It will be lowered by approximately $10,000 to $38,668.
"I’m pretty excited to hear," said first-year student Joe Deriso, who is paying his own way through college. "Over time that's definitely gonna build and compile. That’s 40 grand in your pocket after college."
This move comes amid reported growth. According to the University, they've seen a 27 percent increase in incoming students over the past three years. Their retention rate has also increased from 76 to 87 percent in four years.
"Drew’s mission calls us to educate a diverse community of learners," stated Baenninger. "The change in Drew’s tuition will help prospective students take a clear look at the true cost of a Drew education, and more importantly at the value and excellence that the University has to offer."
Baenninger points out that 72 percent of students receive need-based aid, and the university will also offer about $32 million in institutional grants and scholarships.
The move to reduce tuition bucks the trend seen at other colleges.
Since 2010, private universities have increased tuition by 25 percent and public universities have seen a 16.5 percent hike.
"It costs a lot," said Drew University sophomore Dafne Eksioglu.
Room, board and other fees will remain the same at Drew University for the 2018-2019 academic year.