[4468] in Discussion of MIT-community interests
Re: [Mit-talk] MIT to be tuition-free for families earning less
daemon@ATHENA.MIT.EDU (Erica H Peterson)
Fri Mar 7 22:03:45 2008
Date: Fri, 7 Mar 2008 22:03:30 -0500 (EST)
From: Erica H Peterson <astronut@mit.edu>
To: John Hawkinson <jhawk@mit.edu>
In-Reply-To: <200803080253.m282rNc9009167@multics.mit.edu>
Cc: mit-talk@mit.edu
Errors-To: mit-talk-bounces@mit.edu
Well I can't speak for current students, but I got alumni mail from "Beth
Garvin HM" (alumvp@alum.mit.edu) with this information this afternoon.
Cheers,
Erica
On Fri, 7 Mar 2008, John Hawkinson wrote:
> 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."
>
> news office 77 massachusetts avenue 617-253-2700 rss feed icon rss
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