(Missourinet) – Two new Mizzou scholarships are being offered to out-of-state students.

During a press conference on Wednesday, Chancellor Alexander Cartwright said one is a $7,500 scholarship for non-residents with an ACT score of 25 or 26, whose parents went to school at MU. The other is a $2,500 award for students from a bordering state.

“This initiative will increase the number of students coming to Missouri for their education,” Cartwright said. “We know that in many cases, they end up staying in the Show-Me State after graduating and contribute to our state’s economy.”

About one-third of Mizzou’s students are from out of state. Non-resident students pay about $15,000 more annually than in-state students do for a full-time class schedule.

“Many of our students make decisions about their education based on financial constraints. This is a problem that has continued to grow,” Cartwright said. “While Mizzou students borrow 25% less than the national average to pay for college, we must continue to move forward on very practical fronts.”

The school, which is experiencing declining enrollment and on-campus housing revenue, has been offering different incentives to entice more students to attend Mizzou. It announced earlier this year scholarships for in-state students that are low-income, or in the honors college. Some dorm room and dining rates will also drop in the fall of 2018.