MIT Financial Aid Budget Above the Tuition Increase for Next Year

March 9, 2012

MIT News recently reported that the tech school will be getting a bigger financial aid budget, a sharp increase over the expected rising tuition costs for the school. MIT has decided to increase its tuition and fees for next year by 3.25 percent, which is actually one of the lowest increased since 1980. The undergraduate financial aid budget will also receive an increase, a reported 4.7 percent to $95.6 billion. That’s a significant increase over the tuition increases for MIT.

MIT has consistently increased its tuition and financial aid budgets in the same way. The institute has always made an effort to impact the price of tuition increases with financial need. For students that have incomes under $75,000, that means that the institute has ensured their future and allow for more scholarship funding to help students attend free of tuition and fees, which was a policy put into place in 2008. The new figures were announced on March 2nd.

”College affordability has become an increasingly critical issue in the United States,” said Dean for Undergraduate Education Daniel Hastings.” Thus it’s especially important that MIT not only do its best to minimize tuition increases, but also to make clear its longstanding practice of making MIT affordable to each and every student it admits. We admit students without regard to financial aid, we award MIT financial aid based on need, and we meet the full demonstrated financial need of all applicants we admit.”

Right now, there are 65 percent of MIT students who receive need-based financial aid, and 34 of these students receive scholarship funding where they paid no tuition. Over the last five years, there has been a low amount of debt among MIT graduates, about 45 percent have graduated with debt and that average debt has been about $15,500, which is relatively low when compared to the rest of the U.S. student debt.

Tuition and fees will now total $42,050 which is compared to $40,732 previously. The total estimated undergraduate student expenses, which includes housing, dining, as well as tuition and fees, will rise to $54,238 by next year.

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