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MIT has set tuition and fees for the 2006-2007 academic year at $33,600, an increase of 4 percent over the current year. The new figures were announced at the March 3 meeting of the MIT Corporation.
"The Institute is committed to making it financially possible for every admitted student to attend MIT. This year's tuition increase will enable MIT to maintain the high quality of its educational programs for all students, and MIT will remain committed to its principles of need-blind admissions and need-based financial aid to ensure that all of our undergraduates, regardless of family circumstances, can afford an MIT education," said Daniel Hastings, dean for undergraduate education.
Approximately 16 percent of MIT's undergraduates come from homes with incomes of less than $42,000. More than 70 percent of undergraduates receive need-based financial aid from all sources, including scholarships, loans and term-time jobs.
In 2006-2007, MIT will provide approximately $60 million in scholarships to 57 percent of its undergraduates. The average MIT scholarship for 2006-2007 will be $25,500.
Other student expenses in addition to tuition and fees are expected to include $9,950 for housing and meals and $2,800 for books and personal expenses.
More than 90 percent of MIT undergraduates will receive approximately $85 million in both need-based and merit-based financial aid from all sources next year, according to Elizabeth Hicks, executive director of Student Financial Services.