(Memphis) For the first time in two decades, tuition is not going up at the University of Memphis next school year.
This is great news for students and parents because tuition has crept up every year for the past 22 years.
Twenty-one-thousand students go to the University of Memphis, and without scholarships, the average in state student pays more than $33,000 in tuition during their time there.
Undergraduate in-state students currently taking a full academic course load pay $4,151 per semester, while in-state graduate students pay $5,242 per semester.
In the last ten years alone, tuition has climbed an average of 7.3 percent every year.
College costs have gotten so high some can't even afford to go, or they are burdened with massive loans after graduation.
“I think it's great because I'm on student loans and tuition is high enough,” said University of Memphis student Amber Jean Griffin.
Griffin agrees with the school's interim president that affordability will help students succeed and graduate from the U of M.
“That's a good thing, because I won't have to get more loans and have to pay back more money,” said Griffin.
University administration says it can afford to not raise tuition because it's saving money in operation costs.
Will McDonald is a freshman at the University of Memphis and thinks the move will attract and keep more students.
“Higher education is a business and if they want more people to attend schools they need to realize what people can afford and what people are willing to get student loans from,” said McDonald.
The U of M is in the middle of the pack when it comes to tuition in Tennessee and Nicolas Duboise believes the school is getting the most bang for its buck of his money.
“The university is doing a lot to give back as far as how they are building new builds and revamping certain departments,” said Duboise.
The school says the whole purpose is to attract more students and help them graduate.
This does not include meal plans, housing and other fees which could still go up next year.
“Affordability is a key element of student access and successful degree completion at the University of Memphis,” said R. Brad Martin, interim president. “Accordingly, tuition at the University of Memphis will not increase for the 2014-15 year. Effective allocation of available resources and improved efficiencies at the University will permit this to occur while we focus on serving more students and improving graduation rates.”