MIT has set tuition and fees for the 2005-2006 academic year at $32,300, an increase of 4.9 percent over the current year. The new figures were announced at the March 4 meeting of the MIT Corporation.
"This year's tuition increase will enable MIT to maintain the high quality of its educational programs for all students," stated Dean for Undergraduate Education Robert P. Redwine. "It is especially important in light of this increase that we make certain there will not be a negative impact on those who cannot afford to pay more. We will provide the additional financial aid to ensure that all of our undergraduates, regardless of their family resources, can afford an MIT education. MIT remains committed to its principles of need-blind admissions, need-based financial aid, and meeting the full demonstrated need of all undergraduates."
Approximately 16 percent of MIT's undergraduates come from homes with incomes of less than $41,000. Over ninety percent of undergraduates receive some form of financial aid, including scholarships, loans, and jobs, from all sources. Fifty-eight percent of undergraduates receive a need-based scholarship from MIT.
Elizabeth Hicks, executive director of Student Financial Services, said "An average aid package at MIT next year will be $31,500. Total undergraduate financial aid from all sources will top $88 million, of which MIT will provide $65.5 million, a $7 million increase over last year."