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A historic decision has been taken by one of America’s most prominent colleges to provide tuition-free education to most new undergraduate students.
Tuition-free admission to the Cambridge university will be available to students whose family income is less than $200,000 beginning in the autumn, the Massachusetts Institute of Technology said Wednesday.
80% of entering students will be covered by the new policy, according to the institution, which claims that the majority of American homes fall inside this economic range.
Students whose family income is less than $100,000 will also receive full tuition, housing, meals, fees, and a stipend for books and personal costs at MIT.
In a press release, MIT President Sally Kornbluth stated, “Our students and society benefit greatly from MIT’s unique educational model, which is rigorous, challenging, and based in science and engineering.”
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“The expense of college is a significant problem for families across the board,” Kornbluth continues, “and we’re dedicated to make this transformative educational experience accessible to the most outstanding children, regardless of their financial situation. In light of this, I would advise any students who aspire to attend MIT to not let financial concerns deter them.
The top engineering university in America, which Forbes classified as the third most respected university in the country, has a high annual tuition.
For the 2022–2023 academic year, MIT’s tuition was $57,986, more than the national average of $39,400 for four-year private universities, according to the Education Data Initiative.
The financial aid program enables America’s best qualified students to receive a highly regarded education, irrespective of their family’s financial situation, according to Stu Schmill, dean of admissions and student financial services at MIT.
“We believe MIT should be the preeminent destination for the most talented students in the country interested in an education centered on science and technology, and accessible to the best students regardless of their financial circumstances,” Schmill stated in the announcement.
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MIT was already one of nine American universities that did not take applicants’ financial situation into account when making admissions decisions prior to the historic financial aid announcement.
The announcement stated that MIT does not give “an admissions advantage” to the children of alumni or contributors, in contrast to the majority of American universities, and that it does not expect aid recipients to take out loans.
Schmill, who graduated from MIT in 1986, acknowledged in the release that “the’sticker price’ of MIT is higher now than it was when I was an undergraduate,” but added that “with the need-based financial aid we provide today, our education is much more affordable now than at any point in the past.”
“Generous gifts made by individual alumni and friends” of the university enable the tuition-free financial aid program, according to MIT.
