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