Increase of 10.4 percent in financial aid will benefit a wide range of MIT families
MIT will substantially increase its financial aid expenditures for the coming year, taking steps that will benefit students and families across the economic spectrum. The changes — which will result in more generous MIT scholarships for nearly all students who receive financial aid — will drive a 10.4 percent increase in the Institute’s undergraduate financial aid budget for 2016-17, to $114.2 million. The 10.4 percent increase in the financial aid budget — which offsets an increase of 3.7 percent in undergraduate tuition, fees, and housing and dining expenses — was announced today at a meeting of the MIT Corporation. “Next year’s financial aid budget advances MIT’s longstanding commitment to access and affordability,” says Chancellor Cynthia Barnhart. “This decision ensures that students and families will have more help managing their education costs.” As part of the increase in its financial aid budget for 2016-17, MIT will reduce the expected contribution that parents make toward their...