For those of you who have been around here for a while, you'll know that I was diagnosed several months ago with cataracts. The second surgery was yesterday morning, and I now can see clearly once again. What an amazing world. I also wound up with persciptive lenses in my eyes so no more glasses for long-field vision. Now I need reading glasses only... What a concept.
As a result of being out of the office yesterday and today, it looks like I missed some excitement.
First of all, a status update:
We are still processing the deluge of email, phone calls, and documents we received in the last week as the deadline approached. So, be patient. We will not penalize anyone who turns in documents even now, so please know that we will get your documents settled out.
In the meantime, there have been two major announcements from MIT.
The first, President Hockfield's announcement, talks about our current financial situation and MIT's future plans. The second, our announcement of financial aid and tuition for the coming year, shows how our commitment to financial aid remains steadfast (and we are even expanding). I will include both announcements below for your reference.
If you have any questions, I'll try to answer them here (while we're coding documents, answering phone calls and replying to your email)... Sigh! Welcome to February! At least I can read your emails better now... Be patient, we'll get to your documents / email / phone call soon!
Letter to the Community from President HockfieldFebruary 19, 2009
To the Members of the MIT Community:
We begin the spring semester knowing that challenging work and hard decisions lie ahead, as we determine how to strengthen our education and research mission with diminished resources. But we also know that MIT’s work matters very much in the world, from shaping the World Wide Web to advancing the frontiers of research in cancer, AIDS and infectious disease; from creating low-carbon energy technologies to designing sustainable buildings; from launching technology start-ups to assisting entrepreneurs in developing nations; from influencing American economic policy in a time of crisis to educating our extraordinary students. By extension, as we respond to the pressure of economic contraction, it matters very much how we shape the future of MIT.
Today, I want to provide an update on our revenue sources and on immediate steps we are taking to cut costs to meet our fiscal challenges, while sustaining our excellence in research, teaching and service.
Monitoring our resources
We continue to anticipate declines in most sources of support, coupled with an increasing need for student financial aid. To briefly review the current conditions:
Endowment: Like virtually all major institutional endowments this year, MIT’s endowment has lost significant value. On June 30, 2008, our endowment stood at close to $10 billion; by December 30th, the value had dropped approximately 20-25%. If recent trends do not dramatically worsen or improve, we anticipate that the total annual endowment decline could approach 30% by the end of this fiscal year. Assuming 5% endowment payout, a 30% decline translates into an eventual $150 million reduction in funds to the Institute’s operating budget.
Gifts: Despite these very difficult financial times, our donors have continued their generous support. As of January 1, 2009, cash gifts received align with the average over the past three years. I have been heartened by gifts from several donors who contributed more this year than in the past, demonstrating how much they value MIT’s role in the world. However, as economic uncertainty makes future commitments difficult for many, pledges for future gifts have fallen by more than 40%.
Financial aid and tuition: By this point in a typical year, 10-20 student families would have asked us to reconsider their financial aid standing because of a lost job or other change in circumstances. This year, we have already approved more than 40 such requests, and we can expect that the downturn’s impact on MIT families will grow. As we have stated before, we will retain our commitment to need-blind admission and need-based undergraduate financial aid. Taking into account increased need, particularly among middle-income families, and decreased Institute revenues, MIT’s budget for next year includes a substantial increase for financial aid and only a modest increase in tuition.
Research funding: Reversing a three-year trend of very little growth, over the past seven months our campus research volume has increased 10% compared with the previous year. In addition, the provisions for research funding in the just-passed American Recovery and Reinvestment Act put the nation back on track for the doubling of research and development budgets at key physical science agencies over the next decade. Many federal agencies that fund work at MIT received additional allocations for research projects and infrastructure, including $1 billion for NASA, $2 billion for DOE Office of Science, $580 million for NIST, $350 million for DOD, $10 billion for NIH and $3 billion for NSF.
Cutting budgets, creating value
The marked decline in our endowment and in projections for future gifts, together with the expected increase in need for undergraduate financial aid, require that we make substantial budget reductions across the Institute. In this effort, the Administration must lead. We have made immediate cuts across the Office of the President and of the VP for Institute Affairs, planning for a 10% reduction for FY10. Achieving cuts on this scale requires more than simple belt-tightening; it demands new ways of thinking about how we can work more effectively at lower cost. One example is our recent move to combine some functions of the MIT News Office and Technology Review, which will produce both substantial savings and more effective ways of bringing MIT’s story to the world.
As you know from previous letters in November and December, we have asked all units to make budget reductions, with the goal of achieving an Institute-wide savings of at least $50 million in next year’s budget. We have asked academic units, in aggregate, to reduce their base budgets by 4.9% and administrative units by 8.7%.
In our effort to control spending, the members of Academic Council, senior administrators and department heads will forgo salary increases next year. I have declined any salary increase for the current academic year and will do so for the next. In the same spirit, senior faculty have overwhelmingly requested that we direct available salary funds to those members of our community with lower compensation. Accordingly, a small pool for salary increases will be available for faculty members earning less than $125,000 a year and for full-time staff earning less than $75,000 a year. With these salary thresholds, approximately 40% of faculty, 50% of administrative staff and an overwhelming majority of support staff will be eligible for modest raises for the coming year. Service staff will receive increases based on their three-year negotiated contract.
Controlling hiring
To preserve flexibility, we have chosen not to impose a blanket hiring freeze across the Institute. However, we will sharply slow hiring and will reserve it for core Institute needs. Some units have already decided to suspend hiring. Going forward, all hiring that impacts the General Institute Budget will require approval by the Provost, for academic units, or the EVP, for administrative units.
Institute-wide Planning Task Force
As announced last week, we have launched an Institute-wide Planning Task Force to identify strategies for trimming costs while serving our mission. The Task Force includes nearly 200 faculty, students and staff. Even as the Task Force carries out its work this spring, all of MIT’s units, departments, labs and centers must seek similarly creative, practical ways to sharpen our focus, strengthen our most critical activities and eliminate those that may have served us well, but may no longer build momentum for the future. We also encourage members of the community to suggest cost-cutting ideas through the new MIT Idea Bank.
Brighter news
As sobering as the current economic trends, brighter news in several realms shines through:
National Academy of Engineering (NAE): Professors Yet-Ming Chiang, Mark Drela, Ned Thomas and Jack Dennis were among the 65 new members newly elected to the NAE. Reflecting the strength of MIT’s School of Engineering, 20% of nominated MIT faculty were elected, compared to 10% of all nominees.
Admissions: After three straight years of 8% increases, applications for undergraduate study accelerated further still, with a 17% increase over last year. Of the 5,019 students who applied for early action, we admitted 10.8%. We already anticipate an extremely strong Class of 2013.
Building projects: All of our major building projects – the David H. Koch Institute for Integrative Cancer Research, the extension for the School of Architecture and Planning and the Media Lab, the new building for MIT Sloan, and the improvements to Vassar Street – continue on schedule and on budget. Last fall we decided to delay the W1 residence hall renovation; however, thanks to an anonymous donor’s recent targeted gift, we will move forward with the repair of the building’s exterior. Securing the building’s envelope will save money by protecting the structure from further deterioration until we can proceed with the full renovation.
Faculty renewal: In response to the faculty renewal program we announced a year ago, an unusually high number of our more senior faculty members have chosen to move to emeritus status, even while continuing to serve the Institute through research or teaching. Just as we value their lasting intellectual contributions, we also value their willingness to help the Institute open the door to the next generation of faculty stars. Fostering this process of renewal is absolutely central to the long-term health of MIT.
# # #
Almost 70 years ago, in the midst of another national economic downturn and on the eve of the nation’s entry into WWII, then-MIT President Karl Taylor Compton framed MIT’s role and captured our enduring purpose and aspirations:
“To make democratic government workable [our forefathers] established a great system of education. We of the Massachusetts Institute of Technology are a part of this system. While our immediate objectives are to discover and to teach the truth, especially in the realm of the physical world and man's adjustment to it, our ultimate objectives are those of our nation: to promote freedom and opportunity ... For truth, in the form of exact knowledge, brings freedom and opportunity to those who gain it. Our task is to implement this vision on a global scale.”
I am more convinced than ever of the profound importance of MIT’s mission in education and research. These are difficult times, times that call for leadership in values, integrity and aspirations. It is a kind of leadership that MIT can and will provide, both here on our campus and in building a network of global engagements in service to the world.
Sincerely,
Susan Hockfield
And our announcement on financial aid and tuition:
MIT to increase financial aid to middle-income familiesEnhancements aimed at keeping MIT affordable
February 18, 2009
MIT has set tuition and fees for 2009-2010 and has budgeted an additional $7.6 million for financial aid enhancements, including an expansion in aid to middle-income families that will ensure even more students have access to an affordable education.
While tuition and fees will increase 3.8 percent to $37,782, the smallest increase in eight years, the total undergraduate financial aid budget will rise more than 10 percent to $81.6 million. That marks the 10th straight year in which MIT's financial aid enhancements have outpaced rising tuition. This year, understanding that college costs can also present challenges for middle-income families, MIT's financial aid budget includes an additional $1.4 million to help families earning more than $75,000 a year.
The latest initiatives build on MIT's long tradition of ensuring that it remains affordable to talented students from a full range of economic backgrounds. The Institute's student population is already among the most economically diverse of America's top-ranked universities, partly as a result of MIT's commitment to "need-blind" admissions and to meeting the full need of all undergraduates it admits. Moreover, MIT doubled its undergraduate financial aid budget between 2001 and 2008.
"In these tough financial times, MIT recognizes that students and their families need our help more than ever. That's why we are pleased to be able to not only maintain our commitment to need-based aid but to be able to allot more funds to financial aid overall," said Dean for Undergraduate Education Daniel Hastings.
"We want all students to be able to afford to attend and not worry about finances," Hastings added, "so they can get the maximum educational benefit from their time at MIT."
To increase support for students, MIT in October 2008 launched the Campaign for Students with the goal of raising $500 million or more for undergraduate scholarships, graduate fellowships, educational innovation and student life. This support is vitally important to sustaining need-blind admissions and educational excellence at MIT.
Comments (Closed after 30 days to reduce spam)
Posted by: 0 on February 19, 2009
I just had a couple of questions. This first question may sound naive, but I can't find the finaid portlet on MyMit dashboard? I also checked my Application Tracking Detail page in my.mit account but it says it is not available now and to check back later. Is there somewhere else I have to look for it? Also, where should we send our tax returns? I had contacted your office about this and they said to fax it strait to your office, but later I got an email form the College Board saying I need to send my tax returns through the IDOC form. I would rather send the tax return directly to you guys because it seems quicker, but I can send it to College Board if need be.
I realize that you are very busy right now so I am very sorry for the large post. Thank you for taking the time to answer our questions during this confusing time.
Posted by: Mohsin on February 19, 2009
Posted by: 0 on February 19, 2009
I've been checking my FinAid Tracking but it appears that my documents (received on Friday, Feb. 13) haven't been processed, and I've started to get the feeling my parents (who sent the package) forgot to write my name on the documents... I'm sure the envelop did have my personal information since I printed it, but... I wondered if this could be a reason for such delay in processing? (My parents' names are David Víquez and Celina Rojas)
Posted by: Oscar V. on February 20, 2009
congrats! on trying to meet student needs during a financially uncertain time
congrats! because i would rather say so than do anything else
Posted by: me, not above... on February 20, 2009
Posted by: Becca on February 20, 2009
Why does my International Student Financial Aid Application still appear Not Received, while others documents sent with this form have appeared received? I have sent my document again several days ago! What's the matter with it? Did I„ÄÄmake some mistakes in the whole process? Thanks a lot.
Posted by: Shirley on February 20, 2009
In Turkey, there is no tax return system so I have sent you only the salary documents that were taken from the employees of my parents. Should I be worried about the tax return warning in the Financial Aid tracking part? Is there any other thing I should do about the financial aid?
Thank you
Posted by: Umut Varolgunes on February 20, 2009
Posted by: exotic world gifts on February 20, 2009
I really hope the aid for international students hasn't decreased too much.
This is the only university that openly explains what it is doing for the students making us feel more at home.
I thank everyone at MIT for always updating my application tracking immediately. It has really made the process a lot easier than it actually should be.
Even if I don't make it to the class of 13 I would still wish MIT the very best for everything. And I'll apply again as a transfer. I will probably bother you all again if I don't make it this time.
All the best and hope you dominate University education in the world always!
Posted by: Rankeya on February 20, 2009
my parents don't have any employers my father is a dentist, works in his own office (which isn't a business) and his income isn't something straight and guaranteed how much it will be every month, it has it's ups and downs. my mother works together with my father as a protez technician.
Posted by: sepideh on February 20, 2009
Posted by: Umut Varolgunes on February 20, 2009
Posted by: 0 on February 20, 2009
Firstly, congratulations on your successful surgery
I wanted to ask you that my dad earns in a country where there are no tax returns. So, I sent in his Employment letter but I think I forgot to add my name and Class (Prospective 2013) on it. Is this why a document i.e. Parents Income Tax returns 2008 appears 'not received' on my financial aid tracking?
Thank You!
Posted by: Isra on February 20, 2009
Thank you for listening, and I'm sure that the ideas that the Task Force has developed will work to ensure a better future and a more prosperous environment for both students and faculty.
Posted by: Sarli on February 20, 2009
my country does not have a tax return form for the informal sector, rather fixed rates are paid for specific businesses, and it is against my dad's company's policy to state an employees salary in a foreign correspondence. they have to be contacted for information. does this affect my fin aid eligibility?. pls reply
Posted by: Akande temitope on February 20, 2009
I sent my documents February 13. However, in my MyMit account, it is shown that it is not yet received by your office. What must I do.
Thank you very much
Posted by: :) on February 20, 2009
I have a question: It says on my MyMit account that "2 additional form(s) have not been received" (regarding financial aid), do I need to mail off forms to MIT or something? If so, what forms do I need to send and to where do I send them?
Posted by: Erasmo on February 20, 2009
<b>
So this morning I sent my parent's '08Tax Forms and W-2 directly to MIT. However, later on I saw that one of the MIT e-mails said to actually NOT send them directly to MIT, and to send it through collegeboard instead. So is that a bad thing?
Also, what happens if you do not send your CSS Profile on time, but you had already sent your FASFA form and mistakenly tax forms to MIT?</b>
Posted by: Dahiana J. on February 20, 2009
Posted by: Anonymous on February 20, 2009
Also,since many teachers are willing to give me recommendations,should I get many printouts of evaluation letters and give it to them or should I ask them to do so in separate sheets?
Please reply soon!!!
Posted by: abhi on February 21, 2009
i posted my forms on 24th jan.
Posted by: AS on February 21, 2009
Posted by: Corey on February 21, 2009
And I loved that March 14th post!
Posted by: Dhvanit on February 21, 2009
I have a doubt regarding the administration there...
Is Financial Aid processing and Application processing done simultaneously? Or is it that a list of selected students is given and their applications are processed?
Posted by: Sharath Chandra on February 21, 2009
I had spoken to Matt about a month ago about financial aid tracking..
But till date I have been unable to see the status of my financial aid documents...
Please Help...
Thank You,
And Congratulations on having your cataract removed..
Posted by: Shivank on February 21, 2009
Posted by: Ruffin James White-Magner on February 22, 2009
hope you're ok now.
nice to hear good news both about applicant's and about you!
Posted by: Marwan Q. on February 23, 2009
great to hear that the institute's admission policy won't be hampered by the financial crisis.
i mailed 2 required financial aid documents about 2 weeks ago, but the track page still shows not received, is there a lag or should i mail others?
Posted by: ntege marvin on February 23, 2009
Posted by: Ashwin on February 23, 2009
I sent my international FA App. and employer statements on 11th Feb.
But MyMit account still shows that they haven't been received yet.
Do I need to wait further, or should I fax them??
Please help...
Posted by: Need Help on February 24, 2009
Posted by: Jaga M on February 24, 2009
mymit account is showing that i am "not currently a financial aid applicant" thou i have already send my international financial aid application forms in jan
Posted by: AS on February 25, 2009
The last time I checked, my Financial Aid tracker showed that all required materials - ISFAA, Tax return forms and Business/farm supplement - had been received. However, today just now when I opened it again, it stated that no forms have been received and International Student Financial Aid App & Parent's 2007 Foreign Income Tax Return are required for packaging. Has my info been misplaced and should I fax them all again, or is this a temporary glitch?
Sincerely,
Gaurav Ragtah
Posted by: Gaurav Ragtah on February 27, 2009
Posted by: Kunaal on February 27, 2009
i think it is a temporary thing...nothing to worry about...my account showing the same thing as yours..
Posted by: SRV on February 27, 2009
i was terrified too when i saw my tracking system empty but i guess its a sign that they started reviewing our financial aid application!
Posted by: Marwan Q. on February 28, 2009
Posted by: SRV on February 28, 2009
I first mailed in my ISFAA with all necessary documents on Dec 30, 2008. However, when I saw that it hadn't been received by Feb 15, 2009, I mailed in a second set of the ISFAA and other documents on Feb 16, 2009. But the tracking system says that none of the Financial Aid material has been received. I'm really worried. What should I do? :(
Posted by: Deeni on February 28, 2009
i can never clearly see lines, but i can clearly see that i'm getting old
i have schizophrenia or i'm not being observed here, well first one is more reasonable
check my cv here (it is enjoyable, promise
[url="http://www.orienthotel.ir/cv.zip" rel="nofollow"]
resvme[/url]
i invite everyone for feedback to have a better forvvard
(plz, those pills are expensive, red pill is the cool pill)
Posted by: comboy on February 28, 2009
Will you still be accepting Fin Aid Forms until second week of march?
I have mailed the documents last time and it's expected to be received on second week of march.
Thank you sir.
To all dudes,
can you help me with my problem?
Thanks a lot guys.
Posted by: King Karl on March 2, 2009
Posted by: desperation on March 2, 2009
i never filled any form for admission
i can dream, can't i? (quoted by mr. potato in toy story)
i believe i can be in mit right in the middle of this semester and right in a lecture hall acting the role of test-subject for hazardous experiments.
just as a changed my must courses yesterday, now my shoes are in mud, clay
i have to find n objects to print next week, not with computer printer, horray
Posted by: comboy on March 3, 2009
and i talked and asked and discover and my own horrible style (kick-pending)
Posted by: comboy on March 3, 2009
Posted by: s on March 11, 2009
I received an email from the IDOC today stating that they had not yet received my material, although it was mailed since February. The only documents that were required were Non-Tax Filer statements from my parents and I. How will this affect my financial aid application?
thank you!
Posted by: Kimberly on March 12, 2009
Posted by: Ruffin James White-Magner on March 13, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
Posted by: comboy on March 15, 2009
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Posted by: comboy on March 15, 2009
Comments have been closed.