Massachusetts Institute of Technology (MIT) DESIGNATED on Wednesday that it will make tuition free for students with family incomes under $200,000 starting next fall, making college more affordable for more students. The school's current bar for tuition-free attendance stands at $140,000.
MIT also announced it will waive the full cost of education, including room, board, tuition and other fees, for students with family incomes below $100,000 starting in fall 2025 — up from the current level of $75,000 this year .
US News ranked MIT second best global university for the 2024-2025 school year. Average cost to attend school per year without assistance it is $85,960, with $61,990 of that amount. myth RATINGS that a student receiving financial aid paid an average cost of $12,938 per year and that 87% of the class of 2024 graduated debt-free.
Social media users have responded positively to the news of MIT's extended aid. A former MIT student, Michael Daugherty, DECLARING that the new policy was “huge news” and “life-changing for many people”. He wrote that he was “always grateful” for the financial assistance he received during his time at the institution.
That's great news—I've always been grateful for the financial aid I had access to as a student at MIT. Talent is not distributed by wealth, so keeping a good education affordable will be life-changing for many.
– Michael Daugherty? (@mpdaugherty) November 20, 2024
MIT isn't the only school to have recently changed its financial aid policies. On Tuesday, the University of Pennsylvania (UPenn) as well raised the maximum income for full-tuition scholarships from $140,000 to $200,000 for the 2025-2026 school year.
UPenn will also stop considering a family's home equity for their primary residence in financial aid calculations.
The changes will cost UPenn about $6 million a year.
Related: Which Ivy Colleges Alumni Earn the Highest Salaries? – And no, it's not Harvard