Skip to content ↓

MIT to allocate record $103.4 million next year to ensure affordability

Undergraduate financial aid budget to grow 8.8 percent; tuition and fees will rise 3.75 percent.
Press Inquiries

Press Contact:

Kimberly Allen
Phone: 617-253-2702
Fax: 617-258-8762
MIT News Office

Media Download

Download Image

*Terms of Use:

Images for download on the MIT News office website are made available to non-commercial entities, press and the general public under a Creative Commons Attribution Non-Commercial No Derivatives license. You may not alter the images provided, other than to crop them to size. A credit line must be used when reproducing images; if one is not provided below, credit the images to "MIT."

Close

Underscoring its commitment to preserving broad access to MIT, the Institute will allocate $103.4 million next year to ensure affordability for its 4,500 undergraduate students — the first time MIT’s annual financial aid budget will exceed $100 million.

For the 2015-16 school year, the undergraduate financial aid budget will grow 8.8 percent, while undergraduate tuition and fees will increase 3.75 percent. The figures were announced today at a meeting of the MIT Corporation.

The sharp increase in the Institute’s financial aid budget reflects the commitment of an added $3.2 million to reduce what students are expected to contribute to their education through work and loans.

MIT’s $103.4 million budget for undergraduate financial aid next year is a dramatic increase from the $30.5 million spent in 2000 — a sustained rate of growth that far exceeds that of tuition and fee increases during the same period. For students with family incomes under $75,000 a year, MIT will continue to guarantee that scholarship funding from all sources allows them to attend the Institute tuition-free. 

“MIT provides most of the financial aid its undergraduates receive,” says Dennis Freeman, dean for undergraduate education. “Next year we will have $103.4 million available to award in need-based scholarships that do not need to be repaid. This represents a significant increase in our financial aid budget, which will not only cover the increase in charges, but lower the net price for all students with financial need.”

While MIT’s financial aid program primarily supports students from lower- and middle-income families, even families earning more than $200,000 may qualify for need-based financial aid based on their family circumstances, such as if two or more children are in college at the same time. For undergraduates who do not receive need-based financial aid, total estimated expenses will be $60,434 next year, including $46,704 in tuition and fees, along with average housing and dining costs.

MIT is one of a small handful of institutions that admits all of its undergraduate students without regard to their financial circumstances, awards all of its financial aid based on need, and meets the full demonstrated financial need of all admitted students.

About 59 percent of MIT’s 4,510 undergraduates receive need-based financial aid from the Institute, including 32 percent who attend MIT tuition-free and 18 percent who receive Federal Pell Grants, which generally go to students with family incomes below $60,000.

Students receiving need-based financial aid from MIT, as well as Pell Grants, continue to benefit from MIT’s Pell Grant Matching Program, which helps such students to graduate with little or no debt. That program was created in 2006 to allow MIT students to use their Pell Grants to defray what they are expected to contribute to their education through work and loans.

Last year, 60 percent of MIT seniors graduated with no debt; of those who did assume debt to finance their education, the median indebtedness at graduation was $13,000.

Related Links

Related Topics

More MIT News

Photo of Annauk Olin with her husband and baby

Saving Iñupiaq

Linguistics graduate student Annauk Olin is helping her Alaska Native community preserve their language and navigate the severe impact of climate change.

Read full story