Corporation Affirms Tuition Hike of 3.6%
Students to keep entirety of outside grantsBy Adam Brown
The Executive Committee of the MIT Corporation recently approved a 3.6 percent tuition hike for the 1999-2000 academic year.
In an important change from previous years, however, the entire amount of outside scholarships will now go toward a student’s self-help contribution. Need-based scholarship grants are also projected to increase by 12 percent.
The Corporation increased the total cost of education, including room and board, from $30,800 to $31,900. Tuition for the 1999-2000 academic year will total $25,000. Although this is the smallest percentage increase in tuition the Institute has seen since 1970, the nominal value of the tuition increase remains the same as last year.
“For several years, we have managed to keep the increase of tuition, room, and board within approximately 1.5 percent of the Consumer Price Index [CPI] We will continue to strive to restrain the rate of increase,” said President Charles M. Vest.
During the year ending January 1999, the CPI, a measure of inflation, rose 1.7 points.
All scholarships to go to self-help
The MIT Corporation also announced that students will now be allowed to credit the entire value of outside scholarships received toward the self-help requirement of $7,600.
Previously, only half of the money received from outside scholarships could be applied toward self-help; the other half was used to cover MIT grants.
The change in the self-help requirement came from a recommendation by the ad-hoc Financial Aid Study Group, headed by Stanley G. Hudson, Director of Student Financial Aid and Harold Abelson PhD ’73, professor of electrical engineering and computer science. The group made its recommendation in November.
He mentioned that the group also pushed to have the parental contribution lessened, but this measure was not possible given current operation costs.
Most students receive aid
Currently 600 students out of the 1,047 students in the freshman class receive financial aid. Out of this total, 200 students whose families’ incomes range from $80,000 to $140,000 qualified for aid. Those students whose families earned more than $100,000 and received aid either had two or more students in college or other unusual financial circumstances.
Fifty-eight percent of MIT undergraduates qualified for financial aid this year. Slightly less, 52 percent, qualified for scholarship grants from MIT.
Approximately 300 families with extremely limited income and assets are not expected to contribute to the cost of the student’s education. Two-thirds of these students are required to borrow or earn through term-time work the student contribution of $7,600. The other 100 students have economic resources so limited that they need to borrow or earn only as little as $4,100.
Twenty-five percent of MIT students receive no financial aid at all, paying the full amount of tuition, room and board from their parents’ income and/or through outside scholarships.
MIT increases financial aid
The MIT Corporation also decided to increase the amount of need-based scholarships available to students by 12 percent. The average value of a grant is expected to increase by $1,500, from $12,400 to $13,900.
“MIT is deeply committed to need-blind admission and need-based undergraduate financial aid. We do not intend to change this,” Vest stated.
“The changes we have made are very much in line with those made by peer institutions,” said Rosalind H. Williams, the Dean of Students and Undergraduate Education.
During Friday’s meeting, the MIT Corporation also reaffirmed its need-blind admissions policy.