Today, MIT released the following information (from the news office release):
MIT to be tuition-free for families earning less than $75,000 a year
Nearly 30 percent of MIT students to have all tuition charges covered
March 7, 2008
The Massachusetts Institute of Technology (MIT) today announced its financial aid program for 2008-2009. Increases in financial aid will make it possible for a larger fraction of MIT students to have their tuition and fees completely covered.
Under the new plan, which will take effect in the 2008-2009 academic year:
- Families earning less than $75,000 a year will have all tuition covered. For parents with total annual income below $75,000 and typical assets, MIT will ensure that all tuition charges are covered with an MIT scholarship, federal and state grants, and/or outside scholarship funds. Nearly 30 percent of MIT students fall into this tuition-free category.
- For families earning less than $75,000 a year, MIT will eliminate the student loan expectation. MIT will no longer expect students from families with total annual income below $75,000 and typical assets to take out loans to cover expenses beyond tuition. Under this provision, for example, students in this income group who participate in MIT's paid Undergraduate Research Opportunities Program (UROP) each semester would be able to graduate debt-free.
- For families earning less than $100,000, MIT will eliminate home equity in determining their need. In determining the ability to pay for college, MIT will no longer consider home equity for families with total annual income below $100,000 and typical assets. On average, this will reduce parental contributions by $1,600. For families who rent, rather than own a home, MIT will provide a comparable reduction in the expected parental contribution.
- MIT will reduce student work-study requirements for all financial aid recipients. During the past decade, MIT has steadily lowered the amount it expects students to provide through term-time work. MIT will take a further step in this direction by reducing the work-study expectation for all financial aid recipients by an additional 10 percent.
The Institute has a long tradition of opening its doors to talented students from a full range of economic backgrounds. For more than four decades, MIT has made its undergraduate financial aid decisions by following a three-part financial aid philosophy. "First, we are need-blind in admissions, meaning that we admit all undergraduates on the basis of academic merit alone, without considering their ability to pay," said Dean for Undergraduate Education Daniel Hastings. "Second, MIT meets the full demonstrated financial need of all students we admit. Third, we award all our aid based on need alone; MIT does not award any academic, athletic or other forms of merit scholarships."
Total financial aid budget is one of the highest per enrolled student in the nation.
Building on this commitment, MIT will increase its financial aid budget to $74 million. MIT's total financial aid budget is one of the highest per enrolled student in the nation. Sixty percent of MIT undergraduates receive scholarship aid from the Institute's internal resources. Fully 90 percent of MIT undergraduates receive financial aid of some kind, from a range of sources. While MIT focuses assistance on those with fewer resources, it also provides aid to families with incomes well above $100,000 who demonstrate need--for example, because they have more than one child in college at a time. In fact, approximately 38 percent of our current MIT scholarship recipients come from families earning more than $100,000.
Tuition and fees for the upcoming academic year will increase 4 percent to $36,390; however, this figure represents less than half of what it costs MIT to educate an undergraduate. As Hastings noted, "In a pattern MIT has followed for many years, we are increasing funds available for financial aid this year at a far greater rate than the rise in tuition." During the past decade, the net tuition for undergraduates--what students and families pay after financial aid--has, on average, dropped by more than 15 percent when adjusted for inflation.
"For those receiving an MIT scholarship, which is six out of every 10 MIT undergraduates, net tuition is $8,100--an amount that approximates the in-state cost of many public universities," Hastings added.
Tradition of ensuring access and affordability for those who need it most.
MIT has long taken an aggressive position on aid because its students demonstrate a much higher level of need than students at peer institutions. More than 22 percent of MIT undergraduates come from families with annual incomes less than $60,000 a year; 17 percent come from families with incomes under $45,000.
Two years ago, the Institute took a leadership role in the national debate on financial aid when it became the first private university to match Federal Pell Grants, dollar for dollar, effectively doubling this federal grant for the neediest students. Approximately 14 percent of MIT undergraduates receive a Pell Grant, the largest federal grant program for undergraduate education.
"We will continue our longstanding financial commitment to students and their families in the years ahead," Hastings stated. "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."
Q&As from the SFS Web Page:
2008-09 FINANCIAL AID ENHANCEMENT: Q&A
1. How do you define a family's total annual income?
We define total annual income by including taxable and non-taxable sources of support from the prior calendar year. We do not define income by just using Adjusted Gross Income (AGI) as reported on U.S. federal income tax returns, as this is not representative of all sources of income available to a family.
2. What do you mean by "typical assets"?
By "typical assets" we mean a family's total net worth as compared to that of other families at the same income level. We include assets such as cash, savings, checking, investments, real estate equity and business net worth when evaluating assets for families earning less than $75,000. A few families might have, for example, a relatively low annual income but also have significant investments in the stock market or own valuable real estate in addition to their home. MIT will examine each case individually, but only a small number of families should be excluded on the basis of atypical assets.
3. My parents earn less than $75,000 a year. Does that mean we don't have to pay tuition?
If your family earns less than $75,000 a year and has typical assets, you do not have to pay tuition. We'll make sure that your tuition will be covered by scholarships and grants from a variety of sources, but we are the largest provider of this gift aid. Some students may have part of their tuition covered by a scholarship or grant from federal, state and/or private sources in addition to, or in place of, their need-based scholarship.
4. If I qualify to have my tuition covered, can I expect any additional help with my room, board and other expenses?
Depending on your level of financial need, you may be eligible for additional scholarships or grants to cover some of your other charges such as room and board. For example, a student with the maximum Federal Pell Grant ordinarily would have all of his or her room and board charges covered by additional scholarships because of MIT's Federal Pell Grant Matching Program, which effectively doubles the value of this federal grant.
5. My parents earn more than $75,000 but less than $100,000. Will we receive any additional help next year?
Yes — our financial aid enhancements will benefit your family in two ways. First, the amount we expect you to earn through work-study has decreased by 10% or $500. Second, if your parents own a home, we're eliminating their home equity in determining assets for the purposes of calculating financial need. This will result, on average, in a $1,600 reduction in the expected family contribution compared to our current practice. If your parents earn less than $100,000 and rent rather than own a home, we will make a similar reduction in their asset calculations.
6. What does it mean when you say you eliminated the student loan expectation for families earning less than $75,000?
If your parents earn less than $75,000 and have typical assets, we will no longer expect you to borrow. You will still have what we call a "self-help" expectation of $2,850. You can earn that amount by working 10 hours a week at an on-campus job paying $9.50 an hour. We have lots of exciting work opportunities including paid research through UROP, our signature undergraduate research program. Also, if you receive an outside scholarship or grant (such as a federal or state grant or a private scholarship), we use it to offset your self-help.
7. If my parents make less than $75,000 a year, does this mean I have to work on-campus if I would rather take out a low-interest student loan?
No — students from families earning less than $75,000 have the same flexibility as other MIT undergraduates when it comes to choosing whether they prefer to borrow or work to meet their college expenses. If you would rather borrow some or all of your $2,850 self-help, that's fine. What we did was lower your self-help to a level that now makes it possible to work for the whole amount, which was not true in the past.
8. My family earns more than $100,000 a year. Should we even bother to apply for financial aid?
By all means apply for financial aid regardless of your family income if you and your parents are concerned about financing an MIT education. It's possible to demonstrate financial aid at income levels above $100,000 because we take many factors into account when determining need, such as the education costs of your siblings. Approximately 38 percent of our current MIT scholarship recipients have parents earning more than $100,000.
9. I'm currently an international undergraduate at MIT. Do these changes apply to me as well?
Yes. We have a single set of financial aid policies that apply to current as well as incoming students, regardless of citizenship or permanent residence.
10. Do I need to complete a separate application for these new programs?
No. All you have to do is follow our directions for applying for financial aid.
11. Does this new financial aid announcement do away with your previously announced programs for financial aid recipients (the MIT Pell Matching Grant program and the UROP Guaranteed Direct Funding program)?
No – the financial aid enhancements will actually extend the reach of those earlier programs. Students with Federal Pell Grants will still have their grant amount applied against their student term-time and summer earning expectations (effectively doubling the grant), but now more students will have full support from grants and scholarships without having to borrow. Under the UROP program, MIT scholarship recipients are still guaranteed only one semester of direct funding from the UROP office – but with the expanded reach of financial aid, more students will now be eligible for this program.
For more information, see the MIT press release on the Pell Matching Grant and the UROP web page on funding.
And last but not least, some background information about financial aid at MIT (from the SFS web page):
2008-09 FINANCIAL AID ENHANCEMENT: Background information and statistics
MIT aid is rising faster than tuition:
- Between 1998 and 2008, MIT more than doubled its undergraduate scholarships, from $27 million to $66 million. Next year MIT will award $74 million in undergraduate need-based scholarships, one of the highest per enrolled student in the U.S.During that same period, while MIT tuition and fees increased at an average annual growth rate of 4.2%, MIT undergraduate scholarships rose 9.1%.
- This rapid rise in aid means that MIT's students and families today pay net tuition (i.e., tuition after MIT scholarship) that is, on average, almost 15% less than ten years ago, after adjusting for inflation.
- Six out of every ten MIT undergraduates receives a scholarship from MIT that brings their average tuition to $8,100 — a figure close to the in-state price of many public universities.
- MIT is the largest provider of financial aid to its undergraduates, providing 76 percent of all aid undergraduates receive: the federal government provides 15 percent and the remaining 9 percent is from private and state sources.
MIT students have greater need than those at other schools on average
- The proportion of MIT undergraduates with demonstrated need is more than 15 percentage points higher than at other top schools, according to U.S. News & World Report's "America's Best Colleges 2008."
- 17% of MIT undergraduates come from families earning less than $45,000 a year; 22% come from families earning less than $60,000.
- MIT also educates a high proportion of first-generation college students, including 16% of current freshmen.
Approximately 14% of MIT undergraduates are Federal Pell Grant recipients and MIT matches their grant, dollar for dollar, effectively doubling the value of this federal grant.
An MIT education is uniquely expensive to provide
- Eighty-five percent of MIT undergraduates major in science or engineering, with course work that requires state-of-the-art laboratories and other equipment.
- MIT's full "sticker price" tuition actually represents less than half of what it costs to educate an undergraduate at MIT.
- Eighty-five percent of MIT undergraduates also engage in hands-on research side by side with our faculty through the Undergraduate Research Opportunities Program (UROP).
MIT debt fell as student debt nationally rose
- In last year's class, more than half of MIT undergraduates graduated with zero debt.
- For undergraduates who do borrow, the median total debt is $11,500 -- a decrease of 51% since 1998.
- Median MIT undergraduate debt decreased significantly in the last decade because the Institute replaced student loans with MIT scholarships.
Endowment spending is constrained
- Every year since 1999, MIT has spent more than 5% of the three-year average market value of its endowment.
- Eighty-two percent of the 2,898 separate funds making up MIT's endowment are restricted to meet specific donor requirements, such as professorships — the largest category of restrictions.
- Thirteen percent of MIT's endowed funds are restricted specifically for undergraduate financial aid, making it possible for MIT to provide need-based scholarships to 60% of its undergraduates from all income levels.
So there it is... I'll be posting more on this in the coming days... For now, back to reading Freshmen applications...
Late update! The Boston Globe has picked up the story. See here for their coverage.
Comments (Closed after 30 days to reduce spam)
Posted by: Snively on March 7, 2008
Posted by: Paul on March 7, 2008
Thank you, in any case, for providing the financial aid update.
Posted by: Anon on March 7, 2008
Posted by: HappilyNerdy88 on March 7, 2008
Posted by: Steph on March 7, 2008
Posted by: Daniel Barkowitz on March 7, 2008
Thank you for the update!
Posted by: Priya on March 7, 2008
Posted by: 0 on March 7, 2008
Posted by: Anna on March 7, 2008
I've wanted to go to MIT for quite some time, but it looks like I may wind up going somewhere with better aid to people in my situation. Or to the University in town.
Posted by: Anonymous on March 7, 2008
thanks!
Posted by: carmen on March 7, 2008
Posted by: class of 08 on March 7, 2008
Now re-enable online application tracking, please.
Posted by: 0 on March 7, 2008
Posted by: Laser on March 7, 2008
Posted by: 0 on March 7, 2008
Posted by: <3 on March 7, 2008
Imagine a student whose parents are divorced, the student's father and mother both have very modest annual income but the father has remarried to a very successful nurse who makes well over the income cap. Now the student's father still offers financial support to the student (exceeding $500) but the students stepmother does not contribute to the students education in any way. In a circuitous route one could argue that because of the stepmother's high income the father is able to contribute more than he would be able to were he single. Would the student's stepmother's income negatively impact the student's financial aid?
Posted by: Ian on March 7, 2008
Posted by: Daniel Barkowitz on March 7, 2008
Great MIT!
YAY
Posted by: 0 on March 7, 2008
Posted by: Havi on March 7, 2008
and i still get reduced work-study requirements, right?
Posted by: job'12 on March 7, 2008
Posted by: Anxious Person on March 7, 2008
(Yeah, it's not going to help us whatsoever if we go to MIT, but we have to look at it practically. We can't ask them to completely empty their endowment for all students for the next few years.)
Posted by: passerby on March 7, 2008
Posted by: no longer worried about finances but now worried a on March 7, 2008
Posted by: anonymous on March 7, 2008
2007: Total Income 88k
So basically in the end my parents have a net loss of 10k.
Good Job...Good Job... :(
Posted by: Pracitcally Screwed on March 7, 2008
Posted by: Anonymous on March 7, 2008
Posted by: Roy on March 7, 2008
We have already borrowed $100,000, and will have to borrow about that much more before our second child graduates, if MEFA will continue to loan us the money. And the children have their own student loans.
The only year we got any kind of grant or scholarship from MIT was the year the children overlapped.
I'm not complaining, just very disappointed.
Posted by: Dad of 2 Engineers on March 7, 2008
Posted by: Hawkins on March 7, 2008
Thanks you so much MIT Financial Aid Staff for making an awesome education more accessible for me and for everyone who has ever dared to dream.
Posted by: Efe on March 7, 2008
It's extraordinarily disappointing that I won't be able to attend my dream school because my family is trapped halfway between free tuition and having no problem paying the full cost. If I were to attend MIT, I would come out far behind the kids whose families earn less than $75000, since we would have the same assets (an MIT education), and could probably earn about the same starting salary, but I would be tens of thousands of dollars deeper in debt.
I think what "screwing the middle class" means is that the middle class is hurt proportionally more by college costs than the lower class. Colleges look at my family's "assets" and say, "yep, you can afford it," but those assets include my parents' retirement fund, money saved for my younger brother's college education, etc. If my parents were the type to say, "Yes, we'll find a way for you to attend MIT, no matter what," then we could do it-- with a lot of sacrifices. But my parents aren't that type and it really isn't fair of me to ask them to give up their own dreams so I can follow mine.
Well, that's my take on it. I know MIT can't just waive tuition for everyone it accepts, and I understand the reasoning behind the financial aid policy, but still, I can't help but feel very disappointed.
Posted by: 0 on March 7, 2008
Posted by: Tanmay on March 7, 2008
Posted by: 0 on March 7, 2008
Did you see the April issue of Kiplinger's? It lists private colleges in order of best value as measured by both quality and affordability. MIT is ranked 4th. And that's before this announcement came out.
Posted by: MIT '11 Parent on March 7, 2008
Posted by: Jennifer on March 7, 2008
Posted by: 0 on March 7, 2008
Posted by: Domenzain on March 7, 2008
Selection is the admissions process...
Posted by: Daniel Barkowitz on March 7, 2008
Posted by: 0 on March 7, 2008
Posted by: 0 on March 7, 2008
Schools are handling this issue differently, and for many, HPYS are going to be a better deal than MIT. Be glad there are other options. In the end, everyone will get an education, if they want it.
(On a personal note - we would not get aid from MIT, and it is off the table, though it is my son's first choice. He has the option of free tuition an another excellent school. We are very lucky!)
Posted by: A Mom on March 7, 2008
Posted by: anon on March 7, 2008
Posted by: anon on March 7, 2008
but it is a good point that anybody could get scholarships if they were really up to it.
which i'm not.
and that's why i'm going to UT!
but i do think your 75K thing is very generous. so thank you for making a lot of people very happy.
Posted by: anon on March 7, 2008
i have no words to say thanks.
Posted by: eswar on March 7, 2008
Posted by: Amy on March 7, 2008
Posted by: Collin on March 7, 2008
=D
Posted by: Jessica G. on March 8, 2008
Posted by: Jordan on March 8, 2008
Kudos to all you guys at MIT!!!
Posted by: Shruthi on March 8, 2008
Mr. Barkowitz, you may criticize those who post empirical evidence on the MIT Admissions blogs for making things personal -- however, please realize that financial aid is indeed very personal. I could care less about the statistics about the percentages of students being helped -- I am not one of them, and to be honest, to my bank account and wallet, that's the only thing that matters.
You cannot argue with the fact that other top-tier universities have better financial aid plans than MIT at this point.
Posted by: Current '11 on March 8, 2008
though I sympathize with the selfish viewpoint, I can't help but wonder why you did not choose to attend one of the "other top-tier universities" if you felt you could not afford this one without the apparently severe discomfort that you have shown here.
Posted by: lulu on March 8, 2008
Last March, when I was picking schools, my decision was not based on financial aid since I received no aid from any school. However, this past year, that has clearly changed.
Posted by: Current '11 on March 8, 2008
Posted by: E on March 8, 2008
Posted by: Alexander on March 8, 2008
Posted by: Nihar on March 8, 2008
Not many universities treat domestic students and international students truly equally
I really wish that I can go to MIT some day, regardless of whether I am an undergraduate or graduate student
Posted by: Ying Wei on March 8, 2008
Posted by: amogh on March 8, 2008
I'm just grateful that my kid is studying at MIT despite the fact that we have to pay the full tuition.
Come to think of it, not many families have an income of $100,000+.
I am glad that MIT is doing their best to help the kids who need it most.
Posted by: parent of '11 on March 8, 2008
Posted by: Shruthi on March 8, 2008
Posted by: soaham on March 8, 2008
I personally feel that MIT has been very generous!Since MIT does not distinguish between domestic and international applicants,it actually nurtures talent from all over the world and thus it has the most talented and powerful bunch of students the world can imagine.These students can therefore make a real difference not only to america but to humanity as a whole.If some good earners feel bad they arent getting a bigger share of the pie that is only because they havent yet seen what poverty is.They should visit a few third world countries to know the extent to which students go to gain knowledge.I know of people who sacrifice their food to buy books!!!It is only justice that they get some relief and an actual chance to dream fo the first time in their life,ever!!!!!!Thanks a lot MIT!!!!Way to go and keep up the good work!!!!!!!!!
Posted by: pratik on March 8, 2008
Posted by: anon on March 8, 2008
All the tons of scholarships are almost exclusively for low-income students. We are talking about a sticker price of almost $50,000 for a middle class student. We have forgot about family vacation for years; we have cut back every thing from our daily life; we are seeking loans after loans to pay for going MIT; we need to also forget about grad school because of the student loans.... Jennifer, you don't know what you are talking about, believe me.
"There are a ton of scholarships out there, and you can also cut back on some parts of your life to save the money to help pay for school. I know that's what I plan on doing. Every dollar counts and not going on vacation or another event could put a dent in the cost of attending MIT." LOL
Is this true? True with Stanford BUT NOT WITH MIT
"....and on NBC, they broadcasted a report about how top universities all over America are beginning this sweeping financial aid reform to help more middle class kids go to college." PRETTY IRONICAL
Posted by: MIT '11 on March 8, 2008
1. Is there any point whatsoever in bothering to apply again, this year, for financial aid?
2. Does MIT have statistics regarding how successful their students have been in transfering to Harvard/Brown/Yale after their freshman year? Although our child is extremely happy at MIT, had we realized the financial difference in attending MIT v. other top tier colleges (who would have provided aid), I'm afraid we would have pitched more strongly for those institutions who are more friendly to the middle classes.
Thank you for your patience in responding to all these posts!
Posted by: 0 on March 8, 2008
You are rightfully CRUEL! With an excellent camara at hand to play with, you don't need to worry about money like the other middle class students like me.
Posted by: MIT '11 on March 8, 2008
Truly, if you can, go to other school. I insisted to follow my heart to MIT a year ago, but now I am regretful that I have put that much financial burden on my middle class parents and myself. The money pressure is so imminent, true and cruel. A year ago I was as ignorant about the money pressure. I did not think clearly about the differences between "thousand" and "ten thousands". I though the sticker price of $48,000 was not much different from $4,800 because I never really see that much an amount put in fornt of my eyes. I did not know how hard my parents would need to work and save every penny for even just $1,000 from their income every quarter besides mortgage, car installments, gas, utility, food and clothing us....I thought if there is a will, there is a way even regarding money matter. Now I know I have got myself into big trouble. I hope I can graduate MIT in another 2 years to save the cost, go ahead to work to pay back the debts, and I don't know what next.... Bill Gates does not have a PhD degree (well, an honored PhD degree from Harvard), and I think I can live without a PhD though most of my low income peers at MIT now will have a carefree plan to go to grad school after the 4 years' of free ride and my peers from rich families will for sure go to grad school if they want to. Well, I need to face this fact years later... Don't take me wrong. I am not saying MIT is a bad school. MIT is quite good, but I really know now I can learn as much at other schools too. I have got excellent grades from all the 12 subjects I have taken and are taking at MIT so far, I have tested out 5 subjects at MIT too. If I can study by myself this much at MIT, I know I can do that at Stanford too. I realy regret that I turned down Stanford and UC Berkely last year.
Posted by: MIT'11 on March 8, 2008
To those who are being critical towards MIT and threatening not to accept a spot that you may not even have in the first place, you are opening up more room and opportunity for those who are anxiously awaiting admission. By the way, if admitted we will have to pay full tilt and happy to do so. This is not coming from someone who will benefit from this plan financially. However we will benefit from getting an excellent education from MIT that is well worth paying for.
Posted by: anonymous on March 8, 2008
2. I can't even imagine what would possess someone to claim that middle-class families are "being screwed" by MIT's commitment to helping its students pay for college. I'm sorry that MIT isn't as affordable for middle-class families as it is for families that have trouble affording everyday life. I really wish people would stop and think about how fortunate they are before they start complaining about having to choose between MIT and Harvard or MIT and Yale (aka one incredible institution and one incredible and slightly more affordable institution).
3. I think I've said this before: if you're willing to nickel-and-dime a school until they throw as much money at you as you'd prefer, then it's probably not the place for you and you'll be happier at some other place that's cheaper. Anonymous, if it were really your dream school, I think you could find a way (that doesn't include complaining anonymously on a web blog?) to make it work. I happened to luck out as far as financial aid is concerned, but as naive as it sounds, I would move mountains and work 3 jobs and EVERY summer if it meant I could go to my dream school. Period.
:D Thanks, MIT SFS!
Posted by: Shamarah on March 8, 2008
Posted by: Libin Daniel on March 8, 2008
Posted by: Libin Daniel on March 8, 2008
Interesting question as to what defines middle-income. It all depends on who you ask. According to the US Census Bureau's 2006 study (see their report on income, poverty and health insurance in America) median household income in 2006 was $48,201. Family households had a median income of $59,894. Median income by state is here.
Of course, we realize that all families, both those above and below median income, can have trouble writing a check to pay the cost of an MIT education. That's why our total financial aid policy has no articifial cut off on income. Anyone who feels that they need assistance can (and should) apply for financial aid.
Posted by: Daniel Barkowitz on March 8, 2008
Posted by: Daniel Barkowitz on March 8, 2008
Your federal loans will also be deferred while you are in graduate school, giving you a chance to pay them back with low or no interest.
Posted by: Mollie on March 8, 2008
Grad school may be out, not because he would have to pay for it, but because he will need to forgo grad school to work and pay back his undergrad loans.
Posted by: Anon on March 8, 2008
Posted by: Dan'sDad on March 8, 2008
Posted by: Dan's Dad on March 8, 2008
Posted by: Paul on March 8, 2008
Posted by: Daniel Barkowitz on March 8, 2008
Posted by: Jeseth on March 8, 2008
Posted by: Lydia on March 8, 2008
I have received a likely-letter from an Ivy and now the warm fuzzies are taking over my brain. I compare it to Obama taking over one-time unbeatable Clinton.
MIT is still my first choice, but its loosing ground.
I vote for March 15 as decision day.
Posted by: 0 on March 8, 2008
Posted by: S on March 8, 2008
MIT thank you very much, for offering a chance to poorer foreign kids of studying on a college that will value their abilities.
For all of the middle class kids, thank you for not being so selfish. I mean, my parents have a sad income when compared with yours. Yet they have still agreed to give me 2500$.. If you have a four times bigger income maybe you should pay four times more. Maybe you should pay eight times more. And even then, your parents will have bigger income than mine.
So what are we talking about?
I'm not saying that your parents should give up their vacations so you could go to college or something (I for once could never ask my parents for that, because they kill themselves over the year, and they deserve it), but maybe a vacation that doesn't cost as much as your college tuition would be nice. Or you know that perfect whatever that you payed dollars... You don't really have to have it!
So think about it.. Either you want to go to MIT, but give a little, or you don't go to MIT, have more money, buuuuuuuuuuuut...... are you satisfied with you choice of school? If yes then, you didn't really want to go to MIT anyway.. If no then, what's more expensive your nerves or money?
Good luck everyone
Posted by: some kid out there on March 8, 2008
Posted by: WTBS Alumni on March 8, 2008
Posted by: Anomyous 2 on March 8, 2008
Posted by: 0 on March 8, 2008
Posted by: Libin Daniel on March 8, 2008
MIT, why don't you open your eyes and your hears for the middle class families like Harvard, Yale, Stanford do? They even consider $200,000 families' true situation. Caltech does much much better and more for middle class students than MIT too. Who can say Caltech is any inferior than MIT?
Posted by: MIT '11 on March 8, 2008
Have you ever thought of how much poor kids have to do to get those benefits? First off, their families have a hard time doing the basics like feeding and clothing them (Have you ever had to go grocery shopping at a food shelf or wear used donated clothes? I have for several years.) Those kids also do not get the perks of going on vacations or visiting their schools because their parents have to work 52 weeks a year. When they do get a "handout" they have to work for it. I bet you never had to write several essays and get teacher recs and what not just to go to camp or on a school trip.
This is really aggravating that people don't seem to realize how privileged they are.
Posted by: 0 on March 8, 2008
No one is getting a free ride to MIT. Those with families getting under $75,000 get free tuition, but if I remember correctly that is only about half of the cost of attending MIT. Many of these students will still struggle to pay for room and board. And MIT does consider everyones family situation. You chose this school to go to and now MIT has made it a little easier for you by lowering the expected student contrubution. You should be happy about this. Many students can't go to MIT because they can't afford it at all. You chose to go there and now must deal with the cost. Let those of us who now can potentially attend our dream school be happy about it and please stop putting down the school because they are trying as hard as they can.
Posted by: Jennifer on March 8, 2008
Thanks for the point. I completly agree.
Posted by: Jennifer on March 8, 2008
Posted by: 0 on March 8, 2008
Posted by: Anonymous on March 8, 2008
My family brings in close to $200,000 a year, but my father told me I will only have $100,000 for college. I don't know the whole situation--I know our family's got medical problems, etc., etc.--but either way, my financial situation is extremely limited, which is not at all recognizable on the financial aid sheets. I don't know how to prove this to anyone, either--he just tells me that I've got that much, and after that, loans. The problem is that this puts me in the category where I technically don't need financial aid, but if admitted I'll be graduating with something along the lines of $75,000-$100,000 in debt. What can a student like me do? Thanks!
Posted by: Will on March 8, 2008
Will, financial aid offices will take medical or other situations into account. After receiving the financial aid package you can contact them and provide details. Packages can be adjusted.
Good luck!
Posted by: WTBS Alumni on March 8, 2008
I am from Middle calss family. There are something you don't know about middle class family life style like my family's. I wear handout or hand-me-down clothes and sometime shoes from neighbors and relatives. My family largely collects all knids of coupons for food, for essential clothings to cut our expense. I don't wear Nike. I wear whatever Walmart has on their shelves. I don't get to go to summer camps because we can not afford them and we can not get scholarship to attend them either. Instead I babysit in summer to earn some money. I don't go to movies. I don't go to field trips or choir tours with school. Why? Every extra penny imposes an unnecessary burden to my father. He is the only breadmaker in my family. I wrote tons and tons of essays and applications for scholarship, but I seldom get any because I am a middle class student. Here at MIT, I save every penny from food and everything. Rice to me is more economical than pasta or noodle. Cabbage is a lot cheaper than apples. Do you know what I am talking about? If you get a lot of financial aids, Pell grants, free tuition. You will never know what I am experiencing. I don't go out to take T or bus. They require a fair. I walk. I anxciously search for lowest possible airflight tickets and even delayed to go home for Christmas for a cheaper fair. You can not possibly understand what I am through, a middle class student at MIT with 2 very bright younger siblings going to college not too long from now.
$75,000- students don't need to pay room and board either at MIT and they get the book fee and flight fees paid by MIT.
Posted by: MIT '11 on March 8, 2008
Have you applied to Stanford, Harvard or Caltech? They offer much better financial package.
@WTBS Alumni
It is not necessarily MIT will look into your situation in the third or fourth year. Please personally check or talk with them before you get too optomistic.
Posted by: 0 on March 8, 2008
As they say in that old musical, "It ain't necessarily so". Families with less than $75,000 won't necessarily have all of those costs covered, but they might. It depends on their eligibility. They will get tuition covered by scholarships (if they have typical assets), but you can't jump to the conclusion you've made.
Also, MIT '11, I know you have posted several times expressing your concern about your aid package. Why don't you schedule an appointment with me so I can review your financial aid award with you and look at what options you and your family have? Or just email me your contact information (name and ID) and I can look up your award and do a quick review and communicate via email with you.
Posted by: Daniel Barkowitz on March 8, 2008
We ABSOLUTELY review each financial aid applicant every year, and if a family shows additional need in a later year (or has a change in circumstances even during an academic year) take that into account. WTBS Alumni should apply each year and should express the concern about the funds running out in the application itself.
You all should consider re-reading (or reading) my old posts on how we determine your family contribution since much of these posts is still applicable. You can find them in the archives at this blog or at my original blog here.
Posted by: Daniel Barkowitz on March 8, 2008
1. Is there any point whatsoever in bothering to apply again, this year, for financial aid?
2. Does MIT have statistics regarding how successful their students have been in transfering to Harvard/Brown/Yale after their freshman year? Although our child is extremely happy at MIT, had we realized the financial difference in attending MIT v. other top tier colleges (who would have provided aid), I'm afraid we would have pitched more strongly for those institutions who are more friendly to the middle classes.
Thank you for your patience in responding to all these posts!
Posted by: Sad Parent on March 8, 2008
I know it's all relative and a little hard to take on faith, having really just experienced the one way of life our parents have given us, but differences in income really makes a huge impact on quality of life. Every income bracket will complain about scrounging for cash- hell, you hear about millionaires who can't pay their bills all the time- but this is largely because of a shift in the baseline quality of life. My parents used to make ~50k combined and now they make about 90k, and day-to-day things never feel too different, the coupons, the hand-me-downs, yeah, i know all that. But now we live in a house and no one in my family has ever owned a house before- the expenses are far greater, but it's a natural upgrade you take with an increase in income, what really kills you is that there's no road the other way. At least there's no dignified way to downgrade your standards of living. It's something parents never even think about doing to put their kid through college. When I applied to college I made every preparation to strip my choices down to only the schools we can afford. This meant RPI (on 60k scholarship), this meant state schools, Rice (on 100k) all that. I came to MIT because I loved the school, but also because it offered me the best financial aid package. But that's just me. I think I can make the best of any education. I have friends here who are taking out 20k a year in loans to go to MIT simply because they believe this is the only place for them. And I totally respect that. They're making it work, and yes, they're applying and planning to go to graduate school right out of college. Most loans can be deferred until after graduate school. Having heavy debt hanging over your head until you're 30 it's certainly not ideal, but if you believe it is worth it, you can definitely make it work. Though I don't recommend it, certainly. I agree, I think it's pretty clear and agreed upon all over that the middle class really gets a raw deal for financial aid, but I think unless the higher education system undergoes a monumental reform, the colleges are doing their best, and so must we do our best to make things work for us. This includes considering financial safeties and the whole lot. We can't simply choose a school on some blind faith that somewhere down the line they will change their financial aid policies to include us. You say you got into Harvard first time around? Well, I think that'll make it easier for you to transfer if you are ultimately unhappy with your financial aid situation here (of course I hope you take Daniel up on his offer of assistance). You're an adult now. It's a weird transition to make but it's time to take your life into your own hands and really fix the things that are wrong in your world. Complaining is a teenager's weapon.
I'm not really sure how to respond to your comment about my camera. Your parents are clearly very frugal and don't believe in wasted expenses, but my parents on my 16th birthday decided to feed a passion of mine at about $400 expense, and I've been ever grateful to them about that. But I don't doubt that your parents are very different from mine, in the financial sense sector, anyways.
Posted by: lulu on March 8, 2008
Posted by: Justin Powell on March 8, 2008
IMO, in general middle, upper middle class family wuz robbered in kids' college education. Just think about that the tuition part any college give out as FA are tax free for both side. Which makes a To all those who think middle and upper middle class family made it easy, just think about $50k out of pocket money after the TAX. Which equevlant to $75k!!!!
IMO, in general middle, upper middle class family wuz robbered in kids' college education. Just think about that the tuition part any college give out as FA are tax free for both side. Which makes a <$75k family, whoc receive tuition free from MIT, into the same income braket as a family with $120k ($75k + $36k * 25%) income. Dose this mean a family with $120k income could expect some FA from MIT to cover their kid's other attendence cost (such as room, food, book, etc.) just like the <$75k family? ... I think not! .... How come no one dose the math? Is it fair?
Posted by: 0 on March 8, 2008
IMO, in general middle, upper middle class family wuz robbered in kids' college education. Just think about that the tuition part any college give out as FA are tax free for both side. Which makes a To all those who think middle and upper middle class family made it easy, just think about $50k out of pocket money after the TAX. Which equevlant to $75k!!!!
IMO, in general middle, upper middle class family wuz robbered in kids' college education. Just think about that the tuition part any college give out as FA are tax free for both side. Which makes a <$75k family, whoc receive tuition free from MIT, into the same income braket as a family with $120k ($75k + $36k * 25%) income. Dose this mean a family with $120k income could expect some FA from MIT to cover their kid's other attendence cost (such as room, food, book, etc.) just like the <$75k family? ... I think not! .... How come no one dose the math? Is it fair?
Posted by: 0 on March 8, 2008
Just think about that the tuition part any college give out as FA are tax free for both side. Which makes a Sorry, somehow my post got cut shot. here is another half. hope this time get through.
Just think about that the tuition part any college give out as FA are tax free for both side. Which makes a <$75k family, whoc receive tuition free from MIT, into the same income braket as a family with $120k ($75k + $36k * 25%) income. Dose this mean a family with $120k income could expect some FA from MIT to cover their kid's other attendence cost (such as room, food, book, etc.) just like the <$75k family? ... I think not! .... How come no one dose the math? Is it fair?
Posted by: 0 on March 8, 2008
Posted by: Anonymous on March 8, 2008
Your "$50,000 dollar poorer" comment would indicate you think of your child's education as an expense and not as a prudent investment in your child's future. I will give your student the benefit of the doubt and bet he/she looks at it as an investment opportunity with a tremendous upside potential.
Posted by: Dad'11 on March 8, 2008
Posted by: MIT Parent on March 8, 2008
Could you share with us what percentage ofthe MIT u/g students get zero percent fin aid (excluding non-subsidized stafford loan)?
Posted by: A parent on March 8, 2008
Posted by: carmen on March 8, 2008
Daniel, would you mind to explain the reason and logic why MIT decided not to make paying for education everyone’s responsibility? If you make little, you pay little, if you make less, you pay less, if you make more, you pay more, if you make huge, you pay huge… Why does it have to be either all or nothing?
We were a $35,000 family when our child was a 5-year-old, as we both were students ourselves. We then started from entry-level, worked extremely hard throughout all these years, just to realize we are now one of the caught-in-the-middle families,
Posted by: curious on March 8, 2008
This may be the time to introduce you to a great page on our web site entitled "MITGO". Depending on how you define the question, I can answer it any of multiple ways. These statistics are a little out of date (based on 2006-07 data) but 90% of MIT students received aid from any source and of any type (Federal, Institutional, State, Private and Loan, Job, and Grant). 71% received grants from any source. 65% received aid based on financial need (scholarship, loan and job). And 59% of students received aid in the form of MIT scholarships. Again, keep in mind this data is for 2006-07. We are still in 2007-08, so that data won't be out for a while.
Curious, what you are describing is exactly how the aid process works at MIT. Remember that we have families of all incomes applying and receiving aid. There is no "magic" cut-off for eligibility.
I would urge all of you to read my posts above through this comment section. MIT does provide aid up and down the income ladder.
Posted by: Daniel Barkowitz on March 8, 2008
I do think low-income families deserve more aid than others, and I'm sure many fellow middle-incomers will agree with me. However, the reason why so many of us are upset/disappointed is... just because low-income families deserve "more aid" doesn't mean middle-income family deserve "no aid."
We're not asking for free tuition or anything as monumental as what MIT has done for those of low-income (we aren't that optimistic). We just wish that MIT had changed some of its financial policy towards the middle-class. It doesn't have to be the equivalent of Harvard or Yale, but anything is better than nothing.
We just don't understand why - after all the reports, statistics, studies, and personal experiences showing that it's the middle-class that's hurt the most financially during college - we are asked to pay the full sticker-price. When colleges provide amazing and mountainous aid toward low-income families but provide nothing for middle-class, it feels like we're being ignored. We think MIT is doing a great thing, but can you guys understand why many of us "complainers" have a bitter taste in our mouths and on our fingertips?
(An attempt to explain some of the feelings of middle-income families)
Posted by: explanatory on March 8, 2008
A family who makes $100K only has about $60K left after pay roll tax and income tax. MIT tuition and living expenses is $48K the current year. This is tough!
Posted by: 0 on March 8, 2008
Families making incomes above $100,000 may still qualify for financial aid, sometimes significant financial aid.
Again, I would urge those of you who have concerns about affordability to apply.
Our financial aid policy is not full tuition or nothing. We have many families who qualify for financial aid at all income levels. Take a look at the Grassley and Baucus response for some examples.
Posted by: Daniel Barkowitz on March 8, 2008
Posted by: Parent on March 8, 2008
Posted by: Daniel Barkowitz on March 8, 2008
Posted by: Chanddeep on March 8, 2008
It is important to realize that nobody is trashing MIT's decision to give more aid. More aid is great. I am pretty tired (and bitter) of reading posts from students (prospectives '12s, even!) blindly praising MIT SFS and putting down those of us who are complaining that the new financial aid policy is not enough.
Prospectives, stop sucking up. It won't help you get in and it's not good karma. Seriously.
That being said, as Daniel has made very clear, financial aid packages are awarded on a case-by-case basis, and that's why I should get back to 6.01 (signal processing is pretty cool especially since i'm learning it the first time) and leave this thread to the karma-grubbing prospective '12s.
Posted by: Current '11 on March 8, 2008
I feel like you're really sincere when you make these decisions and try to just keep a level head and do the right thing.
The only thing I find to be a bit of a political stunt is the elimination of the loan expectation for people making Mr. Barkowitz,
I feel like you're really sincere when you make these decisions and try to just keep a level head and do the right thing.
The only thing I find to be a bit of a political stunt is the elimination of the loan expectation for people making < $75k. Isn't that an arbitrary cutoff that could put some kid whose family makes $76k in debt of ~$11,200 over 4 years vs. $0 debt if his family made a little less. Maybe they should work less overtime? I feel like the loan expectation should be flat for all students regardless of parents income (for the most part) because entering students are pretty much all making nothing or next to nothing working at McDonalds. This rewards students' finances for something that they have nothing to do with--their parents finances.
For me, I can't complain. I can empathize with the rich people clamoring for aid but the solution is to cut wasteful spending at MIT to lower costs not to waste millions of dollars subsidizing rich people.
Posted by: Steve on March 8, 2008
As the first-born child of a middle-class family, I had always assumed that I was going to have to take out significant loans if I intended on going to anything other than a state school. I'm unsure about how these new financial aid policies will affect my family (I'm not really sure what our income is, but I'm pretty sure it's over $75k) but I'm hopeful that I won't have to graduate $100k in debt. I am extremely grateful that MIT has the potential to be one of my more affordable options, and I too am eagerly awaiting admissions decisions!
My economics teacher always stresses that everything in life is a choice. I'm going to have to make a choice about how much debt I'm willing to take on in exchange for an education, and I would hope that the rest of the prospective students are planning on doing the same thing. Hopefully MIT won't put me between a rock and a hard place
Posted by: Karen on March 8, 2008
We value our child's undergraduate education, but we'd also like to have some money left for post-graduate options, and it would be pleasant to be able to retire with just a few savings left in the bank. As it is right now, MIT plans on taking every cent saved.
Had the current financial aid offerings been available last year at comparable institutions (to which our child was accepted) I would not be writing this right now....
Posted by: 0 on March 9, 2008
First, I believe all of us have our right to post comments. Besides, it is foolish and un-MIT though to think that praising the new policy will help us getting in.
Second, many big name universities that many of you mentioned which "offers better packages than MIT" are not admitting international students on need-blind basis. Besides, many big name schools, do not provide reasonable financial aid package for international students.
Third, To a family which earns USD 30000 per year with half of the annual income used to pay house loan, this financial scheme really sounds GOOD. It even seems "TOO GOOD TO BE TRUE". Spare some thought for low-income families please.
Not every family have the abilitiy to complain about the financial aid package. To middle income families, financial aid package is a case of lose-more-or-lose-less, but to low income families, financial aid package is a factor determining our choice of college.
Posted by: Ying Wei (ya i am a prospective too so what) on March 9, 2008
MIT is so great (now please accept me).
Posted by: 0 on March 9, 2008
But one also needs to consider how much debt a student is willing to take on him-/herself and look at other options. I come from a high middle class family which makes about 275 000 USD before taxes a year. That being said, living in this country (yes, I'm one of 'em "internationals" you might have heared about) is very expensive. For instance, we use a good 70 000 $/year just on food.
That being said, it isn't any exlusive food or something that costs a lot of money. Put it simple, in my country, everything is expensive. I have an offer to pay $50 (that is fifty us dollars per semester) and go to a state school which cooperates with MiT. Students who attend that program don't even apply - they just jump on a plane and go to the US.
Therefore, I honestly can't say wether or not I will be accepting any freshman admission offer from MiT. But it is really exciting!
Posted by: EV on March 9, 2008
Would there ever be compelling reason to waive the noncustodial parent's contribution? What if there is documented evidence of a psychological disorder (one symptom of which is rash spending of money)? Or is it necessary to show abuse...? Is it pretty much impossible to do this if a noncustodial parent is still paying child support? Even if the above cases of mental disorder + abuse are met, Plus there is documented of history of this parent refusing to pay educational expenses?
Also, at Anonymous above, lol, so only internationals and low-income students should be able to go to MIT at an affordable price, since the middle class can always go to other schools?!? I'm not criticizing MIT's policy, as I do not really understand what happens for incomes above $100,000 but that is sorely wrong thinking. Other schools are NOT the same as MIT, and MIT, for its own sake, should definitely try to make MIT affordable for all who are accepted (for, who knows in what income bracket the next world leader(s) will lay?).
But I could potentially be screwed no matter where I go, if my dad decides he's not paying/he "can't pay"/"doesn't have the money", seeing as he makes twice what my mom does (with just my mom's income, we'd probably qualify for this initiative, or come really close, but including his, we're probably going to be full-pay. Which means HE will be expected to pay most of tuition... and I'm not convinced he is able to do that... hence my questions above)
Posted by: Ehnawneemuhs on March 9, 2008
Also, thanks to MIT for helping out a lot of students who really need it!
Posted by: Becky on March 9, 2008
Be aware the fact that:
1) Even MIT provide need blind addmittion to internationals it is limited at certain % of international students they take to cut the burget under control.
2) Even $30k anual counted as a 'low income' family in US. But in China (and most of other developing countries), $30k anual income goes to a looooooooooooooooooooong way even in big cities like Shanhai and Peijing.
3) It is very different to track the family assets for an international student. Especialy some of Asia countries where income tax law just established recently. And there is no compliance law to follow.
We have seen here some international students live in Mansion with stay home mom, go to private prep school while dad in Asia make 'huge money' (even by US standard). Their reported EFC=0 got free ride to some top universities.
While I cheer for all universities who extends more FA to low income family (more cheer to HYPS who extends FA to middle and upper-middle classs as well). ... I can't help feeling sorry for middle and upper-middle class families with responsible parents (like curious and myselv) who put education above every thing to saving up for kids college, only to find out now if you DID NOT save up, and/or one of parents quit job and stay home help kids prepare for college you are now qualifying for FA every where in need based FA schools. ... But the resposible ones shall dig deep into their retirement saving. By end the one works full life and saving will live the same retirment life as the one who chose not to work.
Posted by: Another Parent on March 9, 2008
Posted by: Hyun Jin on March 9, 2008
-MIT has a much smaller endowment per student than some of these other top schools.
-There is no guarantee that any one student is actually going to gain admittance to one of the schools with 'better" aid packages.
-Grants are given to MIT families in the middle class range, it's just done on a case by case basis.
-The average starting salaries for MIT graduates is significantly higher than in a lot of smaller colleges offering free/low cost programs.
-Middle income families who are satisfied with the aid they received from MIT are a lot less likely to be on these blogs.
It seems like the best thing to do would be to apply, and see what kind of aid package you get if you are admitted. Assuming MIT doesn't care about middle income families and won't package you decently at this point is premature. It's also not a good idea to assume a better deal is out there somewhere waiting for you. Wouldn't you have to at least see where you are accepted and what they offer first?
In any case, I hope everyone has a good weekend.
Posted by: realist mama on March 9, 2008
Posted by: MITDad on March 9, 2008
Needless to say, as a student from an income of greater than $100K, I'm disappointed by the new policy. Particularly since my grant from MIT was about one semester's tuition. My family does not make twice as much as these students yet we are being asked to pay, proportionately, a much higher amount. However, I have not yet submitted my FAFSA for this year. If, as I am hoping, this new policy does indeed mean that other students will receive something of a difference on their financial aid estimates, then I can accept this policy. If, however, my offer for next year is identical to last year...this is where we reach a problem. I fail to understand why some students would become more deserving of aid while others would not receive any additional assistance.
I would also say that I find it naive for the students who are benefiting from this new policy to accept it totally without question. The middle class families aren't upset because you're receiving assistance; the upset is because they are not getting any additional help. Please don't believe that anyone thinks you don't need financial assistance. I would ask that you try to be open and actually listen to what is being said; understand that students who are upset about the financial aid policy are struggling right now, event to afford the bare essentials of living. Perhaps you can relate, if you come from a low income family, to the stresses and pressures that come from not having enough money and being unsure as to whether or not you can pay the bills. Understand that this is the position that many students find themselves in, and that many students will continue to find themselves in, even as you work your way through MIT on a full-tuition scholarship. Have empathy; don't just blindly accept the new policy because it benefits you.
That being said, I'm hoping that once my FAFSA is submitted I can see something of an improvement in my own case.
To MIT '11 (and other concerned students):
As Mr. Barkowitz said, he is available for students to contact him and is very willing to work with you on your case. I struggled last semester because of confusion in the financial aid department - I was shuttled from counselor to counselor and nothing was ever done. However, I met with Mr. Barkowitz last week and found that he is extremely personable and very caring about individuals and their situations. He is going to be working with me on my case and I have no doubt that he would be willing to work with you on yours.
This is a huge controversy and will probably continue to be. I still have problems with the financial aid policies and I still believe there are many things that can be corrected. However, for the first time this year, I've found that dealing with financial aid can help, and I now believe that I maybe be able to complete MIT with a (semi) reasonable amount of loan debt.
Posted by: Alison on March 9, 2008
75000 - all tuition covered equivalent of ~30 000.
76000 - same as now (I expect around 15000$, since this is how much I am paying with slightly lower income)
Posted by: Jerzy on March 9, 2008
75000 - all tuition covered equivalent of ~30 000.
76000 - same as now-1600$? (I expect around 15000$, since this is how much I am paying with slightly lower income), this gives some 12 000 less money for a person earning one thousand more. I do not understand this cut-off system.
Posted by: Jerzy on March 9, 2008
So, I missed most of today working on my drama program at the Temple where I belong (I'm directing a musical - more on that later) and I am just sitting down to the computer to try to get some more files read, but first to try to answer some of your questions. I am not sure how many of you have read the 136 (yikes!) comments that have come above, but I know that I have.
There have been a lot of misconceptions expressed and a lot of very important and valuable feedback. As I have said before, I am not a Pollyana, so I don't mind critical feedback. I just want honest, truthful and respectful dialogue and a chance to make things right when they go wrong.
Let me again try to state this in a clear a manner as I can: MANY families with more than 100,000 in income will still qualify for financial aid, even under our new policy. And some of these families may still receive enough scholarship and grant support that their tuition is covered. Our new financial aid policy does not undo any of the great financial aid programs we have had in the past... it only enhances them.
That said, do I think that every family will be happy with their financial aid award? No. But I can safely say that last year not everyone was happy with their financial aid decision either. What do you do if you have a decision you are not happy with? The first thing to do is to contact us and explain why you think we didn't understand your financial circumstances. We will try to work with you to see if we missed something in our original review, and to see if there are grounds for an appeal of your award. Did every family leave the appeal process happy? Again, I think the answer is probably no. But I hope that every family came out of the process feeling that their concerns were understood, listened to, and that MIT and their financial aid officer did everything we could to assist them in determining a way to make the financing of an MIT education a reality.
Now a note for our current students (and their parents): Some of you have asked for information about transfer rates from MIT to other institutions. First, I don't have that information. I do know that many institutions like MIT have a very small transfer admit pool (most of their spaces are reserved for incoming Freshmen students), and I would urge you not to give up the chance of your MIT education without carefully considering your options. You chose to attend MIT for a particular reason - maybe it was because you've always felt that the MIT culture was a perfect match for you, maybe it was your commitment to making the world a better place, your passion for taking things apart and rebuilding them, your desire to finally be at a place where people like you are the norm. Whatever your reason, that reason hasn't disappeared. Might the finances be different? Sure. Might the fiscal realities have changed? Yes. But does that mean your initial decision was the wrong one? I’m sure not.
Also remember, YOU HAVE NOT RECEIVED YOUR AID YET for next year. When you accepted the offer of admission, presumably you had a financial aid award in hand. Our commitment to you at that time was that assuming nothing in your personal circumstances changed, our financial aid award would not change (of course if your circumstances worsened, we would listen and respond). Well, our commitment has not changed. In fact, for all of you, we have improved your aid award (by removing at minimum $500 per year of what you otherwise would have had to borrow or earn during the term). We will still review your financial aid application each year, and will make any adjustments we can to assist. We also pledge to listen to your concerns and work with you individually.
Has the environment changed? Yes. Has the value of your MIT experience changed? No.
I am very excited about the financial aid enhancements we have made this year. I think for all financial aid recipients these changes are a very positive step. I look forward to speaking with families through the admission and renewal process.
And once again, I thank you for a respectful and open dialogue. But I have now said all I can on this topic. I need to move on to make sure that all of the financial aid decisions we can ready are part of the admissions mailing next weekend. So feel free to soldier on here without me, but I will be busy reading files...
Posted by: Daniel Barkowitz on March 9, 2008
Posted by: Abismael Diaz on March 9, 2008
Now all I have to do is...be accepted lol.
Posted by: Blake Deville on March 10, 2008
Posted by: Jeseth on March 10, 2008
Posted by: Edward on March 10, 2008
Posted by: Me on March 10, 2008
Of course MIT has always attracted students of all income levels, and of course it will continue to do so. However, with other top tier universities offering more attractive financial aid packages to the middle classes, it would definitely be naive to think that MIT will continue to attract and to "net" the same caliber middle class students as it has in the past. In an increasingly competitive market place, Harvard, Yale and Brown will definitely lure the children of increasingly strapped middle class families. Doubtless this is a scenario MIT has considered, and it has made its priority the funding of internationals and low income students at the expense of the middle and upper middle classes. No crime in that -- but to say that their decision won't affect middle class yield is to underestimate the financial exigencies facing many middle class families.
Posted by: 0 on March 10, 2008
Even for students from families at the lowest end of the income scale will, presumably, get reasonable jobs after MIT and be nearly as able as any other student to pay back some student loans. When then should they have zero when I have a full load of them?
Much fairer is the Harvard plan to cap family college contributions at 10% of income. It seems reasonable that once you make $500K/year, paynig the full tuition should not even be a question. But having two students in private colleges, even with a family income of $200K, is impossible to float without significant loans or retirement savings drawdown, which should not be an expectation.
MIT should not be surprised at the significant number of its graduates that do not later donate back to the school. It takes a very long time to forget that one got almost no financial help from the school and had to pay back loans for fifteen years! Or maybe some of us will never forget ...
Posted by: Anonymous on March 10, 2008
I went thru al the comments and couldn't find an answer to my question. Maybe somebody could just answer me short:
My parents gain before taxes and everything 102,000$, but then there are a little less than 20,000$ taxes. So my parents income isn't that much higher than 100,000$.
Do I fall in the category of students which families earn less or more than 100,000$?
(Sorry to bother you with personel problems and I realized, too, that I might not even be accepted. But funny as it is, worrying about financial aid brings Saturday closer and closer :o). )
Posted by: Tina on March 10, 2008
Is the $75,000 marker a hard and set line, or is it slightly adjustable, taking into account other factors? I have not been accepted (deferred Early Action), so I don't know if it even matters to me, but this is my situation:
My parents are divorced. My mother makes about $90,000 per year, putting me well above the $75,000 line. However: My father has been mostly unemployed for the last 10 years. I have a twin brother, so my family will have two students going through college at the exact same time. We have three mortgages.
For these reasons, it is completely unfeasible for me to pay anywhere near the full cost of an MIT education. Is it a great education? Yes. Is it my number one choice? Yes. Can I come even close to affording it? No.
Posted by: Alex Z on March 11, 2008
The reason I ask about this specifically and not aid in general is because all the financial aid calculators I have tried so far give me an EFC of about $17,000 (which means that * 2 for my brother, my family is expected to pay $34,000 per year + loans that we will need to pay back eventually)
Really, unless the $75,000 line is a bit flexible or my aid package surprises me greatly and all the aid calculators have been off, I can't afford MIT.
Posted by: Alex Z on March 11, 2008
For those that are accepted for class of 2012 - please visit SFS during Campus Preview Weekend and speak with a financial aid officer regarding your particular situation.
Posted by: Anonymous on March 11, 2008
Posted by: Anonymous on March 11, 2008
eM aI Tee is LOVE!!!!
Posted by: 0 on March 11, 2008
just lost in deep thoughts of MIT... hehe
Posted by: rohail on March 11, 2008
Thanks for the update guys! Hope to see yuo next year.
Posted by: enewts on March 11, 2008
to be eligible for the aid we have to get accepted first...lols
Posted by: Rohail on March 11, 2008
I have a sailing regatta on Saturday so i fully expect to be sitting on my friends iPhone during my off rotation. Ill be on a beach in Santa Barbara CA in full sailing attire (swimsuit, hopefully not foul weather gear) when i read my decision. how many people can say that? :D
Posted by: enewts on March 11, 2008
Posted by: 0 on March 11, 2008
Posted by: Rohail on March 11, 2008
Posted by: Rohail on March 11, 2008
We were ectstatic to read this news. My thanks to you and the team at MIT who have crafted the new policies.
I also heartily appreciate the fact that you actually take the time to respond to the many comments, both charitable and not-so, that people post here. It's totally unmatched on other college websites. A big "attaboy!" to you.
Posted by: Schief on March 12, 2008
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