Tuition Increases 5% To Top $32K in FallBy Beckett W. Sterner
MIT’s projected total cost for a year of undergraduate education will rise 4.4 percent to $44,600 next academic year, said Elizabeth M. Hicks, executive director of Student Financial Services.
Tuition will rise 4.9 percent to $32,100, she said. The total increase in cost equates to about $7.8 million in increased revenue for the Institute. Financial aid will also rise by $7 million, Hicks said.
“This year’s tuition increase will enable MIT to maintain the high quality of its educational programs for all students,” said Dean for Undergraduate Education Robert P. Redwine in a press release.
The breakdown for projected costs next year is tuition, $32,100; student activities fee, $200; housing (averaged over all offered rents), $5,250; meal allowance, $4,250; books and supplies, $1,100; and personal expenses, $1,700.
Expected student earnings same
MIT will not expect its students to earn more during the academic year and over the summer than it has in the past, Hicks said.
Students receiving financial aid from the Institute will be expected to cover $5,500 with loans or term-time jobs, the same amount as last year.
Hicks said MIT has no current plans to follow the decisions of Harvard and Yale to fully fund the cost of education for families earning under $40,000 or $45,000.
“We are very happy with the way that we assess need” currently, she said. “We look at both income and assets, and we actually are very proud of the number of families making less than $45,000 who are here at MIT as a result of our generous financial aid policy.”
About 16 percent of students at MIT are from families earning under $41,000 per year, significantly less than the 40 percent of families with at most that income nationwide. The nationwide average for universities, however, is only three percent, Hicks said.
While Harvard and Yale’s recent policy changes were specifically aimed at increasing the number of students from the lower income brackets, MIT is doing well in that regard, she said. “We have one of the highest ratios of undergraduates” getting financial aid compared to similar universities, she said.
“Almost 58 percent of the undergraduates will be receiving scholarships from MIT next year.”