MIT's Commitment to Financial Aid (11/17/2008)

With the daily volatility in the marketplace and growing uncertainty about the effects of the credit crisis on the economy, it is important to restate MIT's bedrock commitment to meeting the financial need of our undergraduate students. This fundamental principle of our financial aid policy remains unchanged.

As we always have in the past, MIT will work with our students and their families to provide financial assistance that reflects the reasonable assessments of each family's current need, even when a family’s economic situation has changed significantly since the student was originally admitted to MIT.

Families already receiving financial aid are welcome to discuss any changes in their financial situation with their dedicated financial aid officer.

Families who have not applied for financial aid in the past, but whose economic situation has worsend in some significant way, can contact Student Financial Services for advice and assistance on how to apply. This option is still available for the 2008-2009 academic year even if families have not applied for aid in the past.

Lastly, families who have questions about their bill or would like to explore other options for structuring their payments, including parent and student loans and monthly payment plans, should be in touch with their dedicated student account counselor.

We fully understand that we are entering a period of uncertain economic times that will affect many in our community. Even in the face of these difficulties, we remain committed to working with our students and their families to make it possible for every one of our undergraduates, regardless of their financial means, to afford their MIT education.