Financial Aid Gains to Offset Tuition Increase for 2017-18

Published in MIT News on December 21, 2016

Tuition and fees increase of 3 percent is the smallest percentage rise since 1970.

MIT will increase its financial aid budget for the 2017-18 academic year, benefiting a broad range of students and families and offsetting a 3 percent increase in tuition and fees — the smallest percentage increase since 1970.

The tuition and financial aid figures were announced at today’s MIT faculty meeting.

The Institute’s $118.5 million budget for undergraduate financial aid next year is up sharply from the $30.5 million allocated in 2000 — a sustained rate of growth far exceeding tuition and fee increases during the same period.

Because of this growth in the Institute’s financial aid budget, the average net price for an MIT student receiving need-based aid next year is projected to be only 0.7 percent higher than in 2000 — $21,487 in 2017, compared to $21,346 in 2000 — and significantly lower when inflation is taken into account.

“Next year’s financial aid budget will give more students and families critical support, and it will help reduce the burdens and stress that understandably come with managing college education costs,” says Chancellor Cynthia Barnhart. “Additionally, this budget reflects MIT’s staunch commitment to removing barriers to talent and to making the Institute more affordable and accessible for all of our scholars..."

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