Financial aid budget will rise more sharply than tuition next year
Undergraduate financial aid up 5 percent; tuition, 3.9 percentMIT will increase tuition and fees for next year by 3.9 percent — one of the lowest percentage increases in the last 30 years — while increasing the undergraduate financial aid budget by 5 percent to $91.3 million.
This marks the 12th consecutive year that increases to the financial aid budget have outpaced tuition increases, part of the Institute’s continued efforts to cushion the impact of price increases on families with financial need. For students with annual family incomes under $75,000 a year, the Institute will also continue to ensure that scholarship funding will allow them to attend MIT tuition free, a policy put in place in 2008. Tuition and financial aid figures for the 2011-12 academic year were announced at the MIT Corporation meeting on Friday, March 4.
"MIT remains deeply committed to ensuring access and affordability by admitting all our undergraduates on the basis of academic merit alone, without considering their ability to pay," said Dean for Undergraduate Education Daniel Hastings. "We award all our aid based on need and meet the full demonstrated financial need of all applicants we admit." Currently, 65 percent of MIT students receive need-based financial aid, and 31 percent of MIT students receive sufficient scholarship funding that they pay no tuition.
The 2011-12 academic year marks the beginning of a three-year increase in undergraduate enrollment to reach a goal of 4,500 undergraduate students from about 4,285 today, an increase made possible by a $24 million gift from alumnus Fariborz Maseeh, for whom an undergraduate dormitory undergoing extensive renovations was recently renamed. MIT expects to matriculate 1,120 freshmen next year, up from 1,070 this year.
Student self-help costs — the amount students with financial aid are asked to contribute through loans and term-time work — will increase to $4,400 for students with annual family incomes under $75,000, and to $6,000 for all other students receiving financial aid. MIT will continue to allow students to use external scholarships and grants, including Pell Grants, to meet their self-help expectations.
In 2011-12, tuition and fees will total $40,732, compared to $39,212 in the current academic year. Estimated undergraduate student expenses — comprising tuition, fees, housing and dining — will rise to $52,507 next year.