Authored by Mary Man via The Epoch Times,
A Cambridge-based university has made a big decision to provide tuition-free education to approximately 80 percent of its incoming undergraduate students.
The Massachusetts Institute of Technology (MIT) announced on Wednesday that, beginning in the 2025–2026 academic year, undergraduates from families earning less than $200,000 annually with typical assets will be eligible to attend MIT tuition-free.
This initiative is part of MIT’s expanded financial aid program aimed at increasing accessibility for a broader range of students, according to the university, which says the new policy will increase current aid eligibility thresholds.
Additionally, families with total incomes below $100,000 with typical assets will not be expected to contribute toward their student’s MIT education, including tuition, housing, dining, fees, and an allowance for books and personal expenses.
Meanwhile, students are still expected to contribute toward their own expenses through summer savings and employment during the school year.
This $100,000 threshold is up from $75,000 this year, while next year’s $200,000 threshold for tuition-free attendance will increase from its current level of $140,000. School officials said these measures are designed to make an MIT education more affordable and accessible to a diverse student body.
“MIT’s distinctive model of education — intense, demanding, and rooted in science and engineering — has profound practical value to our students and to society,” MIT President Sally Kornbluth said in a press release.
“The cost of college is a real concern for families across the board, and we’re determined to make this transformative educational experience available to the most talented students, whatever their financial circumstances. So, to every student out there who dreams of coming to MIT: Don’t let concerns about cost stand in your way.”
MIT does not require students who are on financial aid to take out loans and does not offer preferential treatment to children of alumni or donors.
“We believe MIT should be the preeminent destination for the most talented students in the country interested in an education centered on science and technology, and accessible to the best students regardless of their financial circumstances,” said Stu Schmill, MIT’s dean of admissions and student financial services.
“With the need-based financial aid we provide today, our education is much more affordable now than at any point in the past,” Schmill, who graduated from MIT in 1986, “even though the ‘sticker price’ of MIT is higher now than it was when I was an undergraduate.”
MIT’s endowment is funded by contributions from individual alumni and supporters, according to school officials.
“Today’s announcement is a powerful expression of how much our graduates value their MIT experience … Our endowment is an inter-generational gift from past MIT students to the students of today and tomorrow.”
Several prestigious American universities have recently implemented initiatives to reduce or eliminate tuition costs for a substantial portion of their undergraduate students.
In 2024, Cooper Union announced that approximately 82 percent of undergraduate tuition costs would be covered by scholarships for the 2024–2025 academic year, with a goal of returning to full-tuition scholarships by the 2028–2029 academic year.
In July 2024, Johns Hopkins University received a $1 billion Bloomberg Philanthropies donation to provide free tuition for medical students from families earning under $300,000 and cover living expenses for those earning under $175,000.
Tyler Durden
Fri, 11/22/2024 – 14:00
