MIT’s financial aid budget will rise more sharply than tuition next year
Undergraduate financial aid increase of 4.7 percent will cushion 3.25 percent increase in tuition.MIT will increase tuition and fees for next year by 3.25 percent — one of the lowest percentage increases since 1980 — while increasing its undergraduate financial aid budget by 4.7 percent to $95.6 million.
This marks the 13th consecutive year that increases to MIT’s financial aid budget have outpaced tuition increases, part of the Institute’s continued efforts to cushion the impact of price increases on families with financial need. For students with family incomes under $75,000 a year, the Institute will also continue to ensure that scholarship funding will allow them to attend MIT tuition-free, a policy put in place in 2008. Tuition and financial aid figures for the 2012-13 academic year were announced at the MIT Corporation meeting on March 2.
“College affordability has become an increasingly critical issue in the United States,” said Dean for Undergraduate Education Daniel Hastings, “and 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 need, we award all MIT financial aid based on need, and we meet the full demonstrated financial need of all applicants we admit.”
Currently, 65 percent of MIT students receive need-based financial aid, and 34 percent of MIT students receive sufficient scholarship funding that they pay no tuition. Over the past five years, only about 45 percent of MIT students have graduated with debt, and of those who have, the average amount owed has been about $15,500.
In 2012-13, tuition and fees will total $42,050, compared to $40,732 in the current academic year. Total estimated undergraduate student expenses — comprising tuition, fees, housing and dining — will rise to $54,238 next year.