[4467] in Discussion of MIT-community interests
[Mit-talk] MIT to be tuition-free for families earning less than
daemon@ATHENA.MIT.EDU (John Hawkinson)
Fri Mar 7 21:53:45 2008
Date: Fri, 7 Mar 2008 21:53:23 -0500 (EST)
To: mit-talk@mit.edu
From: John Hawkinson <jhawk@mit.edu>
Errors-To: mit-talk-bounces@mit.edu
Why is there no email in my mailbox?
http://web.mit.edu/newsoffice/2008/tuition-0307.html
Attached here in full.
--jhawk
MIT to be tuition-free for families earning
less than $75,000 a year
Nearly 30 percent of MIT students to have all
tuition charges covered
March 7, 2008
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.
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.
* For families earning less than $75,000 a
year, MIT will eliminate the student loan
expectation. MIT will no longer expect
students from families with total annual
income below $75,000 and typical assets
to take out loans to cover expenses
beyond tuition. 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. TOOLS
* MIT will reduce student work-study
requirements for all financial aid printer Print version
recipients. During the past decade, MIT
has steadily lowered the amount it e-mail E-mail article:
expects students to provide through Use the form below to
news term-time work. MIT will take a further e-mail a link to this
step in this direction by reducing the article.
recent work-study expectation for all financial
research aid recipients by an additional 10 To [e-mail addresse
campus by percent. (s)]:
topic [ ]
events The Institute has a long tradition of opening
archives its doors to talented students from a full From (your name):
in the range of economic backgrounds. For more than [ ]
news four decades, MIT has made its undergraduate
financial aid decisions by following a (your e-mail address):
subscribe three-part financial aid philosophy. "First, [ ]
we are need-blind in admissions, meaning that
podcasts we admit all undergraduates on the basis of Personal message to
e-news academic merit alone, without considering recipient
tech talk their ability to pay," said Dean for (optional)
news Undergraduate Education Daniel Hastings. [ ]
releases "Second, MIT meets the full demonstrated [ ]
rss feeds financial need of all students we admit. [ ]
Third, we award all our aid based on need [ ]
services alone; MIT does not award any academic,
athletic or other forms of merit The MIT News Office
request scholarships." does not store this
images information.
submit Total financial aid budget is one of the
news highest per enrolled student in the nation. To send, click "E-mail
promote Building on this commitment, MIT will article" below.
news media increase its financial aid budget to $74
inquiries million. MIT's total financial aid budget is [email-artic]
one of the highest per enrolled student in
about us the nation. Sixty percent of MIT add RSS RSS feeds
undergraduates receive scholarship aid from
news the Institute's internal resources. Fully 90
office percent of MIT undergraduates receive RELATED
info MIT financial aid of some kind, from a range of
background sources. While MIT focuses assistance on Letter to the
contact those with fewer resources, it also provides Community on Financial
MIT home aid to families with incomes well above Aid and the Endowment
$100,000 who demonstrate need--for example, - February 29, 2008
because they have more than one child in
college at a time. In fact, approximately 38 More: Administration
percent of our current MIT scholarship
recipients come from families earning more More: Students
than $100,000.
Tuition and fees for the upcoming academic
year will increase 4 percent to $36,390;
however, this figure represents less than
half of what it costs MIT to educate an
undergraduate. As Hastings noted, "In a
pattern MIT has followed for many years, we
are increasing funds available for financial
aid this year at a far greater rate than the
rise in tuition." During the past decade, the
net tuition for undergraduates--what students
and families pay after financial aid--has, on
average, dropped by more than 15 percent when
adjusted for inflation.
"For those receiving an MIT scholarship,
which is six out of every 10 MIT
undergraduates, net tuition is $8,100--an
amount that approximates the in-state cost of
many public universities," Hastings added.
Tradition of ensuring access and
affordability for those who need it most.
MIT has long taken an aggressive position on
aid because its students demonstrate a much
higher level of need than students at peer
institutions. More than 22 percent of MIT
undergraduates come from families with annual
incomes less than $60,000 a year; 17 percent
come from families with incomes under
$45,000.
Two years ago, the Institute took a
leadership role in the national debate on
financial aid when it became the first
private university to match Federal Pell
Grants, dollar for dollar, effectively
doubling this federal grant for the neediest
students. Approximately 14 percent of MIT
undergraduates receive a Pell Grant, the
largest federal grant program for
undergraduate education.
"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."
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