Saturday, March 08, 2008

MIT to be tuition-free for families earning less than $75,000 a year

Pretty insane news! I am proud to belong to MIT when I know that nearly 30 percent of MIT students will soon have all tuition charges covered! The Massachusetts Institute of Technology (MIT) today announced its financial aid program for 2008-2009. Increases in financial aid will make it possible for a larger fraction of MIT students to have their tuition and fees completely covered. Here is an excerpt of the newsletter I received from the MIT alumni association:

Under the new plan, which will take effect in the 2008-2009 academic year
Families earning less than $75,000 a year will have all tuition covered. For parents with total annual income below $75,000 and typical assets, MIT will ensure that all tuition charges are covered with an MIT scholarship, federal and state grants, and/or outside scholarship funds. Nearly 30 percent of MIT students fall into this tuition-free category. (...) Under this provision, for example, students in this income group who participate in MIT's paid Undergraduate Research Opportunities Program (UROP) each semester would be able to graduate debt-free.

For families earning less than $100,000, MIT will eliminate home equity in determining their need. In determining the ability to pay for college, MIT will no longer consider home equity for families with total annual income below $100,000 and typical assets. On average, this will reduce parental contributions by $1,600. For families who rent, rather than own a home, MIT will provide a comparable reduction in the expected parental contribution.

Total financial aid budget is one of the highest per enrolled student in the nation. Building on this commitment, MIT will increase its financial aid budget to $74 million. MIT's total financial aid budget is one of the highest per enrolled student in the nation. Sixty percent of MIT undergraduates receive scholarship aid from the Institute's internal resources. Fully 90 percent of MIT undergraduates receive financial aid of some kind, from a range of sources. While MIT focuses assistance on those with fewer resources, it also provides aid to families with incomes well above $100,000 who demonstrate need--for example, because they have more than one child in college at a time. In fact, approximately 38 percent of our current MIT scholarship recipients come from families earning more than $100,000.

"We will continue our longstanding financial commitment to students and their families in the years ahead," Hastings stated. "That we can welcome to our campus such extraordinary students, regardless of their economic background, is due to our historic dedication to need-based financial aid."

More news & letter to the MIT community!

Posted by Cati Vaucelle @ Architectradure
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1 comment:

Anonymous said...

Great news, Cati!