MIT will raise tuition for 2000-01 by 4.2 percent to $26,050, a hike of $1,050. The cost of room and board will go up an average of 3.9 percent, putting the overall cost for tuition, fees, room and board at $33,225, an increase of 4.15 percent over this year.
The incoming freshmen class will consist of 1,000 students.
As in past years, MIT estimates that the actual cost to the Institute of educating a student will be approximately double the amount of tuition. The difference is made up by contributions from alumni/ae and others as well as earnings on endowment.
The amount that students are expected to provide from loans, working during the semester or savings -- the "self-help" component -- will remain at $7,600.
Fully 75 percent of MIT students receive various forms of financial aid and educational financing. Sixty-five percent get grants -- 52 percent from MIT based on need and 13 percent from sources outside MIT. Parents of some undergraduates who have very limited income and assets are not expected to pay anything for the student's education. The students borrow or earn -- from term-time work at MIT -- a small fraction of their educational costs, sometimes as little as $4,000.
Next year, students will no longer pay a separate athletic fee. Increased funds for the athletic budget will come from a budget increase supported by a very slight increase in tuition.
The new tuition rate was approved by the Executive Committee of the MIT Corporation on March 2 and announced the following day by President Charles M. Vest at a meeting of the Corporation.
A version of this article appeared in MIT Tech Talk on March 8, 2000.