By John McDevitt

By John McDevitt

PHILADELPHIA (CBS) — It’s not every day you hear a college is lowering tuition. But a private catholic college on the Main Line is doing just that.

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Rosemont College will reduce it tuition next year from $32,620 to $18,500. That’s a 43 percent drop.

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Dr. Sharon Hirsh, president of Rosemont College says very few students pay the sticker price or full price of tuition because of discounts or financial aid available.

“We have been looking at the model for pricing and at the same time discounting that has been used by most colleges and universities across this nation and we determined that its broken and its not really helping anyone. Its confusing families. And so we are taking this bold step to establish what the true tuition is,” said Dr. Hirsh.

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The reduced tuition at the private school is about the cost of tuition at most public universities.