MIT will increase undergraduate tuition and fees by 3.4 percent for 2013-14 — among its lowest percentage increases in recent decades — while increasing its undergraduate financial aid budget to a record $97.6 million.
The tuition and financial aid figures for the coming academic year were announced today at a meeting of the MIT Corporation.
MIT has more than tripled its spending on financial aid since 2000 — a rate of growth that far exceeds tuition and fee increases during the same period — as part of the Institute’s ongoing efforts to shield students and families from the impact of price increases. For students with family incomes under $75,000 a year, the Institute will also continue to ensure that scholarship funding from all sources will allow them to attend MIT tuition-free, a policy put in place in 2008.
“One of MIT’s top aspirations is our desire to make an MIT education affordable for every single student we admit,” said Dean for Undergraduate Education Daniel Hastings. “In that spirit, we continually strive to minimize tuition increases for our talented students and their dedicated families. MIT admits students regardless of their financial circumstances, awards all of its financial aid based on need, and meets the full demonstrated financial need of all admitted applicants.”
Some 64 percent of MIT’s 4,503 undergraduates receive need-based financial aid; 33 percent attend tuition-free, including scholarships from MIT and other sources. Over the past five years, fewer than half — 48 percent — of MIT students have graduated with debt, owing an average of $18,555 for four years of education.
In 2013-14, tuition and fees will total $43,498, compared to $42,050 this year. Total estimated undergraduate student expenses — comprising tuition, fees, and average housing and dining costs — will rise to $56,242 next year.