Let me begin this post with a plea.

I know all of you are eager and anxious to know about how your individual financial aid awards will be affected by any announcement MIT will be making in the coming week. I understand this, and I empathize with your situation - this Fall I applied for admission for a part-time Doctoral program and I know the "pins and needles" feeling that you get sitting waiting for the mail (or email) announcing your decision.

In the meantime, however, my plea is for civility. I have no problem with anyone posting a critique of general policy or practice (nor do I have an issue with anyone posting their support of a particular policy or pratice).

I want to be clear, however, that hurtful speech of any kind won’t be tolerated (nor will “missives”).

I also feel that the level of personal disclosure has reached somewhat over the line from some of the posters, and I am concerned that I cannot respond in this forum other than to speak in generalities. If you have individual concerns, please please share them with either me or with other members of the SFS financial aid staff (and, by the way, the repetition of "please" was on purpose!).

If we can abide by a civil dialogue (including honest and open critique where you don't agree with or like the policies), then I can support keeping the dialogue open! If I see the conversation degrading, I reserve the right to remove comments or close the commenting option (both of which are painful for me, and neither of which is my preference).

Now, to my post:

As you undoubtedly know, MIT has been requested by Senators Baucus and Grassley (along with a host of other colleges) to provide information on our endowment spending policies and our committment to financial aid. As of late yesterday our response was made public.

You can find the news release here with the letter from President Hockfield here and the response itself is here.

There is a lot of interesting data to look at in the response. You'll see, for instance, that while our average tuition and fees have had an annual growth rate of 4.2% over the last 10 years, the average amount an MIT grant recipient pays for their education has actually declined and even when measured in constant dollars. Also you'll note that during the same period of time, our committment to our undergraduates in the form of MIT scholarships has had an average annual increase of 9.2% (more than double the tuition increase).

During the same period of time, average student debt has dropped to less than half of the borrowing level of 10 years ago. The numbers of students borrowing loans to finance their education has also dropped to less than half of the graduating class.

Am I a Pollyanna (actually there is a really interesting NPR series talking about famous fictional characters and they profiled Pollyana)? No. I know there is still more work to do, and I understand that some families still feel that paying for an MIT education is a reach. Believe me when I say that we are looking at these issues.

Stay tuned for our formal announcement of this year's financial aid plan which should be coming in the next several days.

In the meantime, what interests you in the Baucus/Grassley data? What questions do you have about the data we've presented?

Comments (Closed after 30 days to reduce spam)

First! (really a necessity on these blogs)

And thank you for your update. I can't wait to see the options that MIT rolls out. (hopefully like Harvard!)

Posted by: Ryan M on March 4, 2008

Looking forward to next week. In the meanwhile, good luck with your doctoral program.

Posted by: Ana on March 4, 2008

As a prospective MIT student, it's encouraging to see transparency in the financial aid department. I too have seen the distasteful speech you describe, much of which directly contadicted what I've heard from the admission representatives.

The numbers recently released are in line with what both Brian Nance and Stu Schmill stated at the regional informative meetigs in October. Now, I can sleep a little more soundly, despite the fact that decision
letters are right around the corner.

Gaah!

Posted by: Nick on March 4, 2008

Thanks Ana! I did get the news somewhat recently, and I start in the Fall. It is a part-time program and will lead to a Ph.D. in Higher Education Administration (so since it is part-time, you'll still have me here posting about financial aid).

Posted by: Daniel Barkowitz on March 4, 2008

That's really great. I was thinking who would be dealing with it then! Any light on last year's scholarships for Indian Undergraduates? Would this be tagged under a personal question?
Decisions......awaiting for them :(

Posted by: Libin Daniel on March 4, 2008

So, Libin, what do you want to know? In my mind, personal questions about status of applications are fine. I just worry about the comments that begin "my parents make $xxx in income".

In your case, what do you need to know?

Posted by: Daniel Barkowitz on March 4, 2008

I give the response an A+

Well done!!!!

Posted by: 0 on March 4, 2008

Hello Daniel and congrats on your acceptance for your Ph.D program!

I had a question about the financial aid material I submitted. I sent in all of my financial aid information but my MyMIT page still says that you are missing my 2007 Federal Tax Return. Do I need to re-send it? and if so to you or the the IDOC?

Posted by: Justin Powell on March 4, 2008

Hi Daniel,
I posted a comment on your last blog post with a doubt about my financial aid status. After you closed the comments section and gave your email for any doubt I decided to send you my question directly to your mail account. I know that you are probably busy, but could you see my doubt and suggest me what to do?
Thanks
Prospective student of class of 2012

Posted by: Luis Felipe García on March 4, 2008

Sorry I just read your last comment on your last post and I will email you my question instead. Thank you for all your time! :D

Posted by: Justin Powell on March 4, 2008

Hi Daniel, I have a question about a specific document. I sent everything, but the 2007 tax return document isn't available; Instead, I sent an employer statement from the company at which my mom works.
In mymit I saw that it would be fine, but recently I checked it and it still asks for that form. What should I do?

Thank you.

Posted by: Rick on March 4, 2008

i didn't know that mit gives out such a large percent of its money to students. =)

quick question: if i do need a loan to cover my tuition etc cost, would mit help me find a loan with good interest rate etc, or would i have to find it myself. sorry, i am very new to the financial aid stuff, and do not really understand a lot of the details. thanks

Posted by: carmen on March 4, 2008

all i can do is pray that mit financial aid program remains strong as i can hardly afford the fees. leonard from kenya(prospective '12).

Anybody who can help me figure out the tantative date for the admission decision for this year's freshmen?

Posted by: leonard korir on March 4, 2008

I am of the opinion that prospective '12s are misguided in posting optimistic comments about what their expected financial aid packages will look like. The fact of the matter is that empirical evidence trumps whatever President Hockfield says -- I'm not saying that these two are mutually exclusive, but that overarching generalizations about financial aid as a whole does not necessarily mean everyone will be happy with the program.

Case in point, it seems to me that in Mr. (soon to be Dr.!) Barkowitz's previous post, the majority of negative comments were from current students or parents of current students, while the majority of positive comments were from prefrosh.

Prospective '12s, please wait until you see your financial aid packages before judging how your financial outlook will be in a year or two.

Posted by: current '11 on March 4, 2008

Since Financial Aid information (meaning how it will work and everything this year or whatever) will be disclosed soon, I'm guessing we will also soon hear on the date of decisions?

Posted by: Collin on March 4, 2008

Speaking of expectations. I'm an applicant for '12. I first would be honored to be accepted to MIT. If I get accepted, I would do whatever I could to attend. But, my parents have worked very, very hard to get me to the point where I could even think that I'd have a chance to get into MIT. I can't imagine asking them to do more. It's my turn to work and if I'm close, I'll take out the loans and work hard to pay them off, because I believe they think this is something that will make a better life for me and ultimately, for them. I, too, think this is the right path and I'm thankful that I have a chance.

Posted by: mattd on March 4, 2008

I have a question about MIT's financial aid policy: How are non-custodial parents considered? I am probably not the only person to have this question, which is why I ask... I suppose I am going to be getting my aid package in a few weeks, but I'm constantly worrying about this of late. Are noncustodial parents expected to contribute exactly the same as custodial parents? Moreover, is their contribution included in the EFC, or is it a separate "noncustodial parent contribution"? I would greatly appreciate having more information on this matter; though it doesn't really make a huge difference as I will be getting my package soon enough, it could also be a question other prospective students/applicants have...

Posted by: Lauren '12 on March 4, 2008

I know you're all anxious to know about decisions, but you've already waiting three months...I know you can handle the next two or three weeks! Don't worry about the date, just rest assured that it's all going to be okay.

(Collin, as a result of MIT's need-blind admissions policy, financial aid and admissions are two very separate things here. That being said...yes, the decision date should be announced soon.)

Posted by: Paul on March 4, 2008

I wanted to know the average scholarship Indian students got for the last 3-4 years? It has increased or remained almost the same? Besides, can you tell me the intake of Indian students last year? And every international applicant has an assured on campus job?( I am sorry if there are many questions) Do MIT provide financial support if the international applicant wants to take up a study abroad program(The answer is yes, as such I wanted to know if international applicants are chosen for Study Abroad Programs or Internships)?

Posted by: Libin Daniel on March 5, 2008

I would like to know about what Libin Daniel asked too....

Posted by: Shruthi on March 5, 2008

Add a comment

Commenting is not available in this channel entry.