Why This New York College Is Cutting Tuition by 42 Percent

Tuition for all students at Utica College will be less than $20,000 a year.

— -- Going against the grain of rising costs, Utica College in in upstate New York is cutting student tuition by a dramatic 42 percent.

Tuition and fees will be $19,996 a year starting in the fall of 2016 for all new and returning on-campus undergraduate students, falling from $34,466. With the average room and board costs at $10,434, which are also decreasing by 14 percent, the estimated total cost to attend the school will be $30,430 per year before financial aid, according to the school.

Hutton said the college, based in Utica, New York, has "the financial stability to successfully implement this reset," and he noted the school's record total enrollment for 14 consecutive years. Hutton added that new and returning students will pay at least $1,000 less annually.

Hutton said he wants to "remove that barrier and make a college education more than a hope and a prayer."

According to the White House's new CollegeScorecard.com introduced this week, the graduation rate after six years for full-time students at Utica College is 47 percent, while the median earnings of former students who received federal financial aid 10 years after graduating is $44,700.