Rowan University is cutting undergraduate tuition fees for the 2020-21 academic year in response to the impact the coronavirus is having on students' finances, the university announced.

On Friday, the university's Board of Trustees passed a resolution that reduced undergraduate tuition fees to $12,938, a 10 percent overall reduction and an approximate $1,438 savings, the university said.

The cut negates a 2.25 percent increase in tuition and fees to $14,376 the board approved in 2019, prior to the pandemic. The university will also reduce out-of-state undergraduate tuition and fees an equal dollar amount, from $23,408 to $21,970.

"Amid the financial distress of the pandemic, many of our students and their families are facing significant hardship," Rowan University President Ali A. Houshmand said. "In response to the extraordinary economic impact, we are pleased to approve the 10 percent overall reduction in tuition and fees from what we had planned for undergraduate students for Academic Year 2020-2021."

"Our Board is deeply committed to and actively involved with helping the University continue to provide a high-quality education at an affordable price," Rowan University Board of Trustees Chairman Chad Bruner said. "The pandemic has provided the university quite a few challenges, but long-term planning has enabled Rowan to pivot and make the changes necessary to help students when they have the most need."

Houshmand said the cut is possible due to cost reductions the university has made during the pandemic, as well as through people rethinking how to best serve students, taking on more responsibility and "doing even more with even less."

"I deeply appreciate everyone's sacrifice," Houshmand said. "It's inspiring to see such commitment to our students in every area of the Rowan community."

The university recently received $7 million of CARES Act funding it is looking to award to students who have been financially impacted by the coronavirus.

"Taking action continuously to make high-quality higher education more accessible and affordable isn't always easy, but it is the right thing to do. We hope that our actions to reduce costs now will help our students and their families even more," Houshmand said.