Rosemont College has slashed tuition prices for the 2016-17 school year by an astonishing 43 percent, bringing a wave of new enrollments to the small Catholic college on the Main Line, writes Susan Snyder for the Philadelphia Inquirer.

Last September, Rosemont announced it was cutting tuition costs and taking an additional $1,900 off room-and board-fees to attract students who were not considering studying there, due to its previously hefty price tag of $46,000 per year.

However, while the new price for the educational institution is $30,000, it does not mean that the full $16,000 is the amount a student saves under the new pricing structure. The institution has given out so much financial aid in the past that the majority of students already paid close to the new price. To compensate, Rosemont also lowered its financial aid awards.

While saving students the money was one of the goals of the price cuts, the main reason was to send a message to the next generation of students that a private college like Rosemont is not out of their financial reach.

The message seems to have resonated, as applications soared 64 percent, from 863 to 1,412.

Read more about the change at Rosemont in the Philadelphia Inquirer by clicking here.