Financial Aid News - 2013

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  • In August, President Obama released a plan to develop a new rating system for colleges and universities that will allow students and their families the ability to make informed decisions based on value and outcomes. The proposed plan would eventually connect this rating system to federal financial aid. While the rating system has not been developed at this point, the proposed metrics include access, affordability, and outcomes. With the unveiling of this proposed plan, the Department of Education scheduled four open forums around the country to allow public input and discussion.

    The open forum held at George Mason University on November 13 included several speakers from membership organizations, community colleges, universities, and recent college graduates throughout the Washington, DC, metro region.

    Many speakers voiced enthusiasm about the potential to access more detailed information about outcomes and affordability for specific demographics of students, including part-time and transfer students. However, some were concerned that current metrics only assess data for first-time, full-time students; as a result, the majority of the student body at schools working with non-traditional students would be excluded, providing unreliable and misleading outcome data.

  • The Admissions Office is testing out a new pilot outreach mailing to be sent to low-income prospective students. 

    Several admissions officers and members of the admissions communication team, along with Boston-based Moth Design, developed a small booklet based on the themes of affordability, culture and value at MIT. The booklet and a personalized notecard signed by a current MIT student will be sent out this fall to a small cohort of 314 prospective students.

  • President Obama recently announced a systematic move to rank colleges by value, with schools earning top honors for making student debt manageable, and for producing graduates who have “strong career potential.” Both ranking factors illustrate the government’s focus on making college a smart long-term investment for everyone.  Although many of the president’s suggestions are aimed at public universities, MIT is committed to ensuring that education beyond high school remains an accessible goal.

  • SFS logoAround this time of year the national news media encourages students and families to contact their financial aid offices and to try and negotiate or appeal their award to get more aid. We in Student Financial  Services (SFS) are not able to negotiate with families based on their assigned awards at other schools or on other criteria, but our financial aid counselors are always willing to have discussions with families who are concerned that they can’t afford MIT with the financial aid package they were offered.

    How it works…

    Each spring, SFS works to process financial aid awards for thousands of admitted students and our policy is to meet the full demonstrated financial need of all applicants.  To calculate their need, we must carefully look at each applicant and understand the challenges that they may face in affording an MIT education.

  • MIT will increase undergraduate tuition and fees by 3.4 percent for 2013-14 — among its lowest percentage increases in recent decades — while increasing its undergraduate financial aid budget to a record $97.6 million...

    Read complete MIT News article