MIT plans to increase its undergraduate tuition and fees by 3.4 percent, which is among the lowest increases in recent decades, MIT officials announced Friday.
For the 2013 to 2014 school year, tuition and fees will cost $43,498, compared to $42,050 for this year.
The higher cost will be offset by a larger undergraduate financial aid budget to a record $97.6 million, according to a statement released by the institute.
The statement said that “MIT has more than tripled its spending on financial aid since 2000 - a rate of growth that far exceeds tuition and fee increases during that same period - as part of the Institute’s ongoing efforts to shield students and families from the impact of price increases.”
For students with a family income of less than $75,000 per year, MIT will continue a policy instituted in 2008, which ensures that scholarship funding from all sources will allow students to attend tuition-free, the statement said.
Over the past five years, less than half of MIT students have graduated with debt, and 33 percent of students attend tuition-free.
“One of MIT’s top aspirations is our desire to make an MIT education affordable for every single student we admit,” Dean for Undergraduate Education Daniel Hastings said in the statement. “In that spirit, we continually strive to minimize tuition increases for our talented students and their dedicated families. MIT admits students regardless of their financial circumstances, awards all of its financial aid based on need, and meets the full demonstrated financial need of all admitted applicants.”
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