The Massachusetts Institute of Technology (MIT) has announced a significant expansion of its financial aid program, offering free tuition to students from families earning up to $200,000 annually, effective fall 2025. This initiative is expected to benefit approximately 1,500 undergraduates, representing about 30% of the student body.
Previously, MIT provided full free tuition coverage for families earning up to $140,000 per year. The new policy increases this threshold by $60,000, aiming to make education more accessible to middle-income families. MIT President L. Rafael Reif emphasized the importance of this change, stating that it reflects the institution’s commitment to reducing financial barriers for talented students.
This initiative is particularly beneficial for middle-income families who may not qualify for substantial financial aid yet find the cost of higher education burdensome. By extending free tuition to a broader range of income levels, MIT seeks to alleviate the financial burden on families and ensure that a diverse group of students can benefit from its educational offerings.
In comparison, other prestigious institutions have similar financial aid policies:
- Harvard University: Families with incomes below $85,000 are not expected to contribute to the cost of their child’s education. Families with incomes between $85,000 and $150,000 will contribute from 0-10% of their income, and those with incomes above $150,000 will be asked to pay proportionately more than 10%, based on their individual circumstances. Mitad Missions
- Stanford University: Stanford meets the full demonstrated need, without loans, for every admitted undergraduate who qualifies for financial assistance.
- Duke University: Duke University offers need-based financial aid and meets 100% of demonstrated financial need for admitted students.
- Ivy League Schools: Many Ivy League institutions offer generous financial aid packages. For example, families earning less than $65,000 per year pay nothing, and 64% of all students receive some amount of financial aid. Families earning up to $250,000 per year can qualify for need-based aid.
MIT’s enhanced financial aid policy aligns with these institutions’ efforts to make higher education more affordable. By increasing the income threshold for free tuition, MIT aims to reduce the financial burden on a broader spectrum of families, promoting greater diversity and inclusion within its student body.