SEWANEE (AP) — The University of the South in Sewanee has approved a 10 percent reduction in tuition and fees.

The board of regents at the private, liberal arts school authorized the cut Wednesday. It's a $4,600 reduction from the current figure.

John M. McCardell Jr., the university's vice chancellor and president, said in a news release that higher education is on the verge of pricing itself beyond the reach of increasingly more families.

The school, commonly called Sewanee, has 1,500 undergraduates and approximately 130 graduate students and seminarians in its School of Theology.