Financial aid budget to increase more sharply than tuition and fees
The moves, which come as MIT is poised to meet its two-year target of reducing its operating budget by around $120 million, mark the 11th consecutive year in which the increase in the Institute’s financial aid budget has greatly outpaced the rise in tuition — a record that underscores MIT’s continued efforts to cushion the impact of price increases on families with need.
The changes in tuition and financial aid were announced at the MIT Corporation meeting on Friday, March 5.
Dean for Undergraduate Education Daniel Hastings said that in light of continued weakness in the U.S. and global economies, MIT recognizes the importance of maintaining its core admissions and financial aid policies. Currently, 64 percent of MIT students receive need-based financial aid, and 35 percent of MIT students receive sufficient scholarship funding that they pay no tuition. Hastings noted that MIT will continue to make all undergraduate admission decisions without regard to family financial circumstances, will award all aid based on financial need, and will meet the full need of each student. But he also said that even as MIT increases the undergraduate financial aid budget, students will be expected to increase their contributions from summer and part-time work. For most students, this increase will range from $550 to $1,050.
“Given MIT’s long-standing commitment to need-based financial aid, we will maintain our strong partnership with families in the financing of an MIT education. However, we will ask our students to contribute to their education to a slightly greater degree through their own earnings,” Hastings said. “We will continue to ensure access and affordability because we want students from all economic backgrounds to know they can afford to attend MIT — and that once they are here, they will thrive.”
The 2010-2011 undergraduate financial aid budget will total $87 million, up from $81.5 million in 2009-2010. Tuition and fees will total $39,212, versus $37,782 in the current academic year. Estimated undergraduate student expenses for tuition, fees, housing and dining costs, will rise 2.7 percent to $50,446 in 2010-2011.