MBA programs are cutting tuition by up to 50% as applications decline sharply, particularly at mid-tier institutions. Purdue's Mitch Daniels School of Business has reduced tuition from $60,000 to $36,000, while Johns Hopkins offers 50% scholarships. UC Irvine has cut prices for its Flex and Executive programs by 38%. This trend reflects a broader retrenchment in response to a 20-30% drop in U.S. applications and up to 43% in international applications. The tuition cuts coincide with upcoming federal loan caps limiting graduate borrowing to $100,000, impacting financing for programs that often exceed $150,000. AI's impact on the skills component of MBAs is driving this repricing, with top-tier schools like Harvard and Stanford maintaining or increasing tuition. The shift suggests a structural repricing rather than a market collapse, as AI diminishes the value of the skill upgrade traditionally bundled with the degree.