Canisius College announced Tuesday it will reduce its current tuition from $34,966 to $27,000--a 23 percent reduction.

The change will be implemented for the 2018-19 academic year.

As part of the college's initiative to improve the accessibility and affordability, Entitled Excellence Within Reach, will return the college's tuition to what it was in 2008.

Also, residence hall rates will decrease by $2,000 for students choosing to live on campus. Canisius will continue to provide financial aid and scholarships to its students.

"Today, Canisius is taking this bold step to increase accessibility and affordability for students and families for a premier Catholic, Jesuit education," said President John J. Hurley in a press release.

Currently, 98 percent of students receive some type of financial aid, and financial aid will continue to be available under this new model, according to the college.

In its 2018 ranking of Best Value Schools, US News & World Report placed Canisius 9th out of 42 colleges and universities. Canisius is also ranked 22nd out of 137 colleges in the North for the Report's 2018 ranking of America's Best Colleges.

For more information about Excellence Within Reach, visit www.canisius.edu/withinreach/

Canisius is one of 28 Jesuit colleges and universities in the nation.