MIT Matches Pell Grants
The costs of providing a first-rate education continue to rise, yet the U.S. Congress has kept Federal Pell Grants at 2003 levels. At MIT, these need-based grants, which students are not required to repay, are typically awarded to those whose annual family income is less than $40,000. To help ensure adequate need-based financial aid, in September the Institute will become the nation’s first private university to match Pell Grants for all eligible students. So a student awarded a maximum Pell Grant of $4,050 will receive an additional outright grant of $4,050 from MIT. The move will limit and possibly eliminate Pell Grant recipients’ student loan debt.
For more than 40 years, MIT has had a need-blind admissions policy and has awarded all MIT financial aid solely on the basis of need, fully meeting the need of every enrolled student. For the academic year 2006–2007, students will face a bill of $43,550 for tuition, fees, housing, and meals.