For the 2014-15 academic year, MIT will increase undergraduate tuition and fees by 3.5 percent while setting its need-based undergraduate financial aid budget to $95 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.
“Affordability is a very high priority for MIT,” said Dean for Undergraduate Education Dennis Freeman. “For that reason, we make a concerted effort to minimize tuition increases. 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.”
About 61 percent of MIT’s 4,477 undergraduates receive need-based financial aid; 32 percent attend tuition-free (this figure considers scholarships from MIT and other sources). Last year, 59 percent of MIT undergraduates graduated with no student debt; those who did borrow owed an average of $17,891 for four years of education.
In 2014-15, tuition and fees will total $45,016, compared to $43,498 this year. Total estimated undergraduate student expenses — comprising tuition, fees, and average housing and dining costs — will rise to $58,240 next year.