Drew University in New Jersey cuts tuition by 20 percent

MADISON, New Jersey -- A private university in New Jersey is cutting tuition by 20 percent for the upcoming school year.

Tuition at Drew University in Madison will drop from $48,336 to $38,668, effectively matching 2010 pricing. With room and board included, the total cost of attendance will be $52,776.

University president MaryAnn Baenninger says the tuition cuts will open the door for families "who thought it was closed to them."

The school saw a decline in enrollment after the 2008 financial crisis, where students opted for more affordable options for higher education. The university's endowment also decreased 19 percent last year.

Enrollment representative Bob Massa says the tuition reduction will put Drew University below other colleges and universities which potential students apply to.