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MIT announced on Monday that tuition and fees for the 2003-2004 academic year will total $29,600, an increase of 4.9 percent over the current rate.
"This year's tuition increase enables MIT to maintain the high quality of its programs and the distinction of its faculty in a highly competitive environment," said Dean for Undergraduate Education Robert Redwine. "Especially in difficult economic times, our financial aid program ensures that all our undergraduates, no matter what their family resources, can afford an MIT education."
MIT remains committed to its principles of need-blind admissions, need-based financial aid and meeting the full demonstrated need of all undergraduates. Financial assistance for undergraduates next year will total nearly $70 million, with almost $59 million in the form of grant and scholarship assistance. Almost 80 percent of undergraduates receive some form of financial aid, and about 53 percent will receive an estimated average MIT scholarship of $21,000.
Students receiving financial aid share in meeting the costs of their education through self-help, or student loan and term-time work expectation. "Our self-help level of $5,500 ensures that undergraduates can participate fully in the academic, extracurricular and social life at MIT without carrying an undue burden of term-time work or debt after graduation," said Elizabeth Hicks, executive director of Student Financial Services.
Beginning in 2003-04, undergraduates receiving financial aid will have increased flexibility in choosing their student loan and term-time earnings amounts, allowing them to tailor their financial aid packages to their individual needs. They also will have expanded options for borrowing and working in the event they are unable to meet their expected summer earnings expectation due to the slow economy.
A version of this article appeared in MIT Tech Talk on March 12, 2003.