King's College, a Christian liberal arts school in New York City's Lower Manhattan, announced on Friday that it will become the first college in the U.S. to accept bitcoin payments, starting this fall.

The school issued a press release stating that it has entered into an agreement with Coin.co, a New York-based company that facilitates bitcoin transactions, to accept the use of the virtual currency for "tuition, other expenses, and donations."

Unlike credit card transactions, which charge a 2-3% transaction fee, Coin.co does not charge extra fees. As a result, the emerging payment technology could help students save money at the college, which costs $15,950 a semester for 12-18 credit hours.

"Allowing Bitcoin to be used to pay for a King's education decreases our costs while simultaneously allowing our students to be a part of this exciting new technology," said King's College President Dr. Gregory Alan Thornbury, reports USA Today.

According to Time, a semester at evangelical school will cost around 28 Bitcoin.

Overseas, both the University of Nicosia in Cyprus and the UK's University of Cumbria have already accepted the digital currency to pay for tuition. The University of Puget Sound in Tacoma also accepted a donation from an alum for $10,000 via bitcoin back in February, although the school does not have a bitcoin payment policy in place.

The institution is hoping that this will expose its students to the new technology, which has become has grown in popularity since it first appeared online in 2009.

Coin.co CEO Brendan Diaz added, "Over the past year, the Coin.co team has led the effort to enable U.S. colleges, universities and other major institutions to accept Bitcoin without incurring any currency risk. Coin.co is proud to be working with The King's College, and to be a part of pioneering the use of Bitcoin for education."