Institute Will Increase Tuition by 5.6 PercentBy Jackson Jung
The cost of attending MIT will rise $1,235 for the 1993-94 academic year, President Charles M. Vest announced Friday. The 5.2 percent increase from $23,565 to $24,800 is the second lowest in 23 years.
Tuition alone will jump 5.6 percent from $18,000 to $19,000. Room and board increases are 4.4 percent and 4 percent respectively.
"For 15 years, the annual increases have been greater than the [consumer price index]," Vest said. "This is because the cost of the majority of goods and services needed by the universities -- such as scholarships and fellowships, books and journals, faculty and staff salaries -- tends to rise more quickly than the CPI."
Over the past 10 years tuition has risen 84 percent, while the CPI has risen 40 percent, according to data from the Office of Financial Planning and Management.
Tuition historically covers only about half the cost of educating an MIT student, Vest added. The actual cost of an MIT education is estimated to be $38,000 next year.
Self-help level jumps 7.6 percent
The self-help level will rise $500 to $7,100 next year. Percentage self-help increases have been larger than percentage tuition increases for the last two years, according to data from the Student Financial Aid Office. The self-help level is the nominal amount that students are expected to pay before receiving scholarship assistance.
About 59 percent of undergraduates are receiving financial aid through the Institute this year. The average financial aid award this year was $17,700. This includes assistance in the form of grants, loans, and term-time jobs.
Some students who do not qualify for MIT financial aid still receive scholarships from outside sources. MIT estimates that only about 20 percent of its students pay the full charges for tuition, room, and board.
As more students have become eligible for financial aid, the size of MIT's endowment struggles to keep pace, according to Stanley G. Hudson, director of student financial aid. MIT is emphasizing the importance of its fund-raising campaign to help maintain scholarship levels.
Vest commented, "We have set restrained growth of tuition as a fundamental principle in planning MIT's future budgets. We are also striving to maintain an appropriate balance between financial aid and the price charged for an MIT education."
"These two actions are consistent with our stand against the Justice Department's anti-trust suit, and are major driving forces in the development of an imbalance in our operating budget," he added.