Although undergraduate tuition and fees at MIT are going up 4 percent, to $36,390, for 2008-‘09, many parents will find sending their children to the Institute less financially stressful. In fact, nearly 30 percent will not have to pay any tuition at all. Students from families earning less than $75,000 a year and with typical assets will have all tuition covered by some combination of MIT scholarships, federal and state grants, and outside scholarships. What’s more, those students will no longer be expected to take out loans to cover nontuition expenses. A student participating in MIT’s paid Undergraduate Research Opportunities Program (UROP) every semester would be able to graduate with no debt.
For families earning less than $100,000 annually and with typical assets, home equity will no longer be considered a factor in ability to pay for college. This will reduce parental contributions by an average of $1,600. For families who rent, the expected parental contribution will drop by a comparable amount. Also, the work-study requirements for all financial-aid recipients will be reduced by 10 percent.
Ninety percent of undergraduates receive aid of some kind. For the 60 percent who receive MIT scholarships, “net tuition is $8,100–an amount that approximates the in-state cost of many public universities,” says MIT’s dean for undergraduate education, Daniel Hastings.