As tuition costs continue to rise at colleges around the U.S., a pair of small, private, liberal arts colleges are slashing theirs by 40%.

Beginning next year, Utica College in New York will reduce tuition from $34,000 to $20,000 per year, and Rosemont College outside of Philadelphia, Pennsylvania plans to cut its annual cost from $33,000 to $18,500.

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Both schools call it a "tuition reset" — taking a step back from a national trend of skyrocketing education costs that have spiraled upward even more sharply since the 2008 recession. The Center on Budget and Policy Priorities found that tuition costs have more than doubled since 2000, while the average family's income level has remained relatively the same.

"We've had escalations and our families simply are hitting a ceiling that they can no longer afford," Utica President Dr. Todd Hutton told CNBC.

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Leaders of both colleges say the "reset" promises to let families keep "significant amounts" of money while still gaining a quality education.

(WATCH the video below from CNBC) — Photo: RaubDaub, CC

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