Despite stagnant household incomes, most colleges and universities have continued a practice that they've been following religiously for decades. Every year, they boost their sticker prices above the inflation rate.
But a few schools are bucking this trend by slashing their prices.
Converse College in Spartansburg, S.C., is the latest school to wield the hatchet. The women's college, which is celebrating its 125th birthday, announced Tuesday that it was cutting its tuition for next year by 43 percent. Tuition at the performing and liberal arts college will drop from $29,124 to $16,500, while room and board will cost $9,500. All full-time undergrads attending Converse next year will benefit from the price plunge.