The cost of a college degree is about to go down for nearly 180,000 students at Minnesota state colleges. Tuition for the 2016-2017 academic year will drop dramatically, making rates lower than they were five years ago.

“Our state colleges and universities remain the lowest cost, highest value option in higher education in Minnesota,” said Steven Rosenstone, chancellor of Minnesota State Colleges and Universities. “Affordability and accessibility ensure that our colleges and universities can be places of hope and opportunity for all Minnesotans.”

The action on tuition is an outcome of the Higher Education Omnibus bill that came out of the 2015 legislative session. “We remain very grateful to Governor Dayton and the legislature for the commitment they have shown to our shared goal of protecting the affordability and accessibility of quality higher education for all Minnesotans,” said Chancellor Rosenstone.

The good news gets even better once the effect of financial aid is factored in. Changes to the Minnesota State Grant Program that take effect this year are projected to benefit students at state colleges as well as state universities so that all students who benefit from the State Grant will see a decrease in net tuition.

For undergraduate students receiving state and Pell grants, the estimated average annual tuition cost for attending a state college full-time is $894.