Rowan University announced on Saturday that it would slash its tuition by 10% for the upcoming academic year in an attempt to assist students who may be struggling financially as a result of the coronavirus pandemic.
The cut, which was approved by the University’s Board of Trustees over the weekend will reduce tuition for both in-state and out-of-state students by nearly $1,500 per semester to $12,938 and $21,970, respectively.
The announcement comes after the University said in May that it would halt an already approved 2.25% tuition increase for the 2020-2021 academic year in the face of a potential $33 million budget shortfall in an effort to alleviate the financial burden placed on students by the coronavirus pandemic
Rowan University President Ali Houshmand said that the School was able to cut its tuition by such a margin because of “broad cost-reduction initiatives” as well as rethinking how the University serves its students and community.
“I deeply appreciate everyone’s sacrifice,” Houshmand said in a press release. “It’s inspiring to see such commitment to our students in every area of the Rowan community.”
Rowan’s announcement makes it the second college in New Jersey to announce it would reduce tuition for the upcoming academic year for its students.
Princeton University announced in early July that it would also be reducing tuition by 10% for all students and that it would prorate room and board for students who depart campus at Thanksgiving break, when many schools are planning to end in-person classes and transition to online-only delivery to avoid a potential second wave of infections in the winter.
Currently, 45% of New Jersey’s four-year institutions have announced that they will either shrink or freeze tuition for the upcoming academic year, with 48% raising tuition and 7% still deciding.
Seton Hall announced back in June that it would raise tuition by 3.5% alongside a 10% reduction in staff citing an anticipated $33.2 million reduction in revenue for the upcoming year.
Nicholas Kerr can be reached at email@example.com. Find him on Twitter @nickdotkerr.