"It's really something that's never happened before, so that's pretty remarkable," Jennifer Ma, a researcher at The College Board, which reported these findings, told Business Insider.
"For colleges, I think they're really up against those tough public perceptions right now of cost is up, and value is down," Michelle Dimino, the director of the centrist think-tank Third Way Education, told BI.
Students are increasingly sensitive to taking out loans, and with many questioning the value of higher education, it's forcing colleges to consider whether they can still afford to raise tuition.
Charging students differently might be necessary due to reduced borrowing and an increase in grant aid, which may shift how tuition is set in the future.
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