Earlier this month, Belmont Abbey, a private college in Belmont, North Carolina, announced its decision to reduce yearly tuition by 33%. It becomes effective 2013 for entering freshmen and transfer students. According to Belmont’s president, Dr. William Theirfelder, as explained on the school’s website, school administrators want to “burst the private education tuition bubble,” effectively opening up the opportunity for more than the country’s most financially privileged to take advantage of a private school education.
So will this encourage other colleges and universities to do the same? So far, no other institution(s) have joined the tuition slashing party, unless it is a big secret. This is disappointing to families hoping for similar action from other colleges.
Current college costs are high, and will continue to escalate, until measures from “the powers that be,” or other institutions step up to the plate. The yearly tuition I paid of $1,000 will never return; however, how reasonable is $40k? I have to give a “thumbs up” to Belmont Abbey for stepping out of their comfort zone and reaching out to financially challenged families.
Belmont Abbey College is located near Charlotte. It is a liberal arts institution and is affiliated with the Roman Catholic Church. The most popular majors are accounting, business administration and management, elementary education and teaching, psychology, and liberal arts and sciences/liberal studies. A former counselee described its curb appeal as, “Breathtaking, just beautiful.”
Many high school juniors, seniors, and potential college transfer students who are unfamiliar with Belmont Abbey may now become more interested. The marketing strategy should resonate with more colleges as a business solution, as well as a humanitarian gesture of making education more affordable.
Remember, tis the season for bargain shopping, and that also includes a college education. Why not toss the Scrooge image and become more generous with tuition reduction?