In an attempt to reduce financial burdens on both students and parent's shoulders, Ohio Northern University has introduced 'The Ohio Northern Promise' program that promises to lessen tuition rates by 20 to 25 percent for incoming students, beginning 2013-14 academic year. However, the tuition costs for current undergraduate students will remain at the present rates.

 Under the new program, the tuition costs at its five colleges - arts and sciences, business, engineering, pharmacy and law - will be lowered by $7,450 to $8,960. For example, students enrolled in arts and science or business programs, currently shell out $36,470 per year in tuition. With the introduction of this program, tuition will be slashed to $27,500.

Another important aspect of the program is the 'Four Year Graduation Guarantee.' Students from any four-year degree programs, who have met specific standards and have secured good grades, will be offered a free additional semester, if they fail to complete their degree in four years.

"What prompted it for us was the realization that so many more families are adversely impacted by the recession and prices have become a greater variable in the equation of college choice," President Daniel DiBiasio told Cleveland. "We have a commitment to maintain quality and by reducing our sticker price we believe we are more affordable to students in Ohio."

DiBiasio said that the current annual tuition of $33,726 to $40,990 can prevent students from applying to the university even though about 95 percent of the freshmen receive aid or scholarships that help in reducing the tuition costs.

"The conventional high-tuition and high-financial aid model is not working today and is no longer sustainable," DiBiasio told Limaohio. "This is a way forward that seeks to make a quality education more available to the best students we can attract. It's all about affordable excellence."