A private university in Morris County is cutting tuition by 20 percent for the upcoming school year.

Tuition at Drew University in Madison will drop from $48,336 to $38,668, effectively matching 2010 pricing. With room and board included, the total cost of attendance will be $52,776.

University president MaryAnn Baenninger says that the tuition cuts will open the door for families "who thought it was closed to them."

Enrollment representative Bob Massa says the tuition reduction will put Drew University below other colleges and universities to which potential students apply.

The school saw a decline in enrollment after the 2008 financial crisis, where students opted for more affordable options for higher education.  

Editor’s Note: A previous report by the Associated Press incorrectly stated that the university’s endowment decreased last year. But a Drew University spokesperson tell News 12 New Jersey that the schools endowment was up last year.