MIT Becomes Newest Free College Pioneer
Joining the ranks of Yale, Harvard, Stanford and Brown Universities, Massachusetts Institute of Technology (MIT) has become the latest college to revise its financial aid package policies to offer free college to low income families. And though MIT's tuition is rising by 4% next year to $36,390, its financial aid budget, which will have increased by $74 million, will help to offset this. In fact, net tuition is expected to drop approximately 15%.
MIT, which does not offer any merit-based financial aid, plans to make three big changes to its need-based plans for the 2008-2009 academic year:
- Families earning less than $75,000 a year will have all tuition covered through scholarships, federal and state grants, and outside scholarship funds. This means 0 student loan obligation. Almost 30% of MIT's students fall into this Free College category.
- Families earning less than $100,000 will no longer have their home equity used to determine their financial need On average, this will reduce the Expected Family Contribution (EFC) by $1,600 for students in this category. Families who rent and do not have home equity will also see a comparable reduction.
- All students will have work study requirements reduced. All financial aid recipients currently on a work study program will have their minimum expectations lowered by 10%.
Says MIT Dean of Undergraduate Admissions Daniel Hastings, "we will continue our long-standing financial commitment to students and their families in the years ahead. That we can welcome to our campus such extraordinary students, regardless of their economic background, is due to our historic dedication to need-based financial aid."
I welcome the latest entrant into the Free College empire. With yet another elite university riding this wave, I can only hope the trend will continue to spread and receive even wider participation.Have any insight on this topic? Want to ask a question or make a suggestion? Click here to leave a comment.
- Columbia Is Final Ivy League to Offer Free College
- Brown University Becomes Latest Ivy League to Offer Free College
- The ‘Free College’ Fad is Catching On – Stanford and Washington Join Harvard and Yale
- Is ‘Free College’ Just a Pointless Gimmick?
- What Parents Don’t Know About Financial Aid Will Hurt Them
- Perhaps Yale Is Not As Friendly to Low-Income Students As Previously Thought
- The College Opportunity and Affordability Act: Why It’s Good News