A higher education institution in southeastern Kentucky has announced a major reduction in tuition on Tuesday.

University of Cumberlands has decided to reduce the tuition by  57 percent from next academic year to increase accessibility and affordability to students. The tuition fee will be one among the lowest in any private college in Kentucky.

The new tuition model will bring down the fee from $23,000 to $9,875, while reducing the annual cost of joining Cumberlands from $32,000 to $19,175. The university has also decided to keep in place a system of academic, extracurricular and athletic scholarships.

“We are making this change because we are committed to putting our students and families first by addressing the most significant hurdle to a college education, affordability,” Cumberlands President Larry L. Cockrum said.

“We want all students to know that with Cumberlands there is a clear and affordable path to a college degree.”

The new commitment by the university will save students $3,200 annually and $12,800 over their whole college career.

“As someone who speaks to students each day about college finances, including student loans and managing that debt beyond college, it is exciting to think of the opportunity our students and families have with this tuition reduction plan,” said Larry Rector, Director of Financial Aid, said.

By reducing tuition fee, the university also aims to address the burden of student debt to allow students have a financial peace of mind.