Concordia University St. Paul cutting tuition $10,000

Concordia University in St. Paul plans to announce Wednesday that it will cut its tuition by a third next year. The private school's current tuition is $29,700; officials plan to drop that by $10,000. The cost of room and board will stay the same.

But the actual amount students pay won't necessarily drop by $10,000 because the financial aid they get will also be recalculated - and most students currently don't pay the full $29,700.

School officials call the move a "tuition reset" that aims to make Concordia "a more viable option for students who don't qualify for need-based aid and are often forced to overlook private Christian higher education simply because of the high 'sticker price,'" according to a statement by Eric LaMott, Concordia's senior vice president and chief operating officer.