MIT to offer free tuition to 80% of US households: What to know
The Massachusetts Institute of Technology, better known as MIT, is among the top universities in the world.
Now, undergraduate students who are accepted to the prestigious school and have family income below $200,000 will be able to attend MIT tuition-free, the university announced this week.
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According to MIT, some 80% of U.S. households meet the income requirements for free tuition at the Cambridge, Massachusetts school. For students whose families make less than $100,000, MIT will cover the full cost of an education, including tuition, housing, dining, fees, and an allowance for books and personal expenses.
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Last year, MIT offered a full ride for people whose families made less than $75,000 and free tuition for students with a household income of less than $140,000.
The Maclaurin Buildings on the Massachusetts Institute of Technology (MIT) campus in Cambridge, Massachusetts, US, on Tuesday, Dec. 12, 2023. Photographer: Mel Musto/Bloomberg via Getty Images
MIT says it has earmarked $167.3 million in need-based financial aid this year for undergraduate students — a roughly 70% increase from a decade ago.
"MIT’s distinctive model of education — intense, demanding, and rooted in science and engineering — has profound practical value to our students and to society," MIT President Sally Kornbluth said in a news release.
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"The cost of college is a real concern for families across the board, and we’re determined to make this transformative educational experience available to the most talented students, whatever their financial circumstances. So, to every student out there who dreams of coming to MIT: Don’t let concerns about cost stand in your way."
MIT is one of only nine colleges in the US that does not consider applicants’ ability to pay as part of its admissions process, according to the university.
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"MIT does not expect students on aid to take loans, and, unlike many other institutions, MIT does not provide an admissions advantage to the children of alumni or donors. Indeed, 18 percent of current MIT undergraduates are first-generation college students," the school said.
The media annual cost for an MIT undergraduate receiving financial aid last year was $12,938. MIT says 87% of the class of 2024 graduated without student loan debts. Those who did borrow had a median debt of $14,844 when they graduated. The average starting salary for MIT grads is $126,438.
MIT says its endowment fund, comprised of donations from alumni and supporters, allows this level of financial aid.