sharon herrsh of rosemont. thank you for being here today. >> our pleasure. >> thank you. >> todd, let's start with you. because the idea of being able to cut tuition by 40%, most schools saying there's not a chance they could come up with that. not that much. how do you actually cut 40%? what's the math? >> well, the math is you reduce your tuition and you reduce your discount rate but the key is you need to guarantee students and family savings. we wouldn't be doing this if not for that. we've seen prices escalate across the country. we've had escalations and our family simply are hitting a ceiling that they can no longer affo afford. we're guaranteeing every student family a minimum of $1,000 on average next year's freshmen save $6900 in tuition and fees and $8,000 with room and board. >> wow. when you hear numbers like that, mentioned you'll cut your discounts and i believe rosemont is doing the same thing. what does that mean? the sticker price is not what people were already paying? >> that's it exactly.

>> at rosemont average $6,100. packaging from $100 to several thousand dollars. >> based on -- >> is this really a 40% cut in tuition or more honesty and transparency in pricing? >> i would say both. it is both. that's something that both of our schools and many schools are looking at today. it's financial aid is very, very complicated for families. we really want the price, the cost of education to reflect the price as much as we possibly can. that's the key. people ask me why would you do this? we had a record freshman class this year and 15 straight years of record enrollment. yet i told people it is an easy answer. it's the right thing to do. >> if you are looking at financial aid coming down and discounts coming down i will throw this to both of you, is that a situation where it means that people from lower means will have an easier time getting in or a tougher time getting in? i'm trying to figure out who is getting the most help in this scenario? >> the entire range of our students will save money. 93% of ou