MIT will offer free education to 80% of US families: what you need to know

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Massachusetts Institute of Technology, better known as MIT, among the best universities in the world.

Undergraduate students accepted to the prestigious school and with family incomes below $200,000 will now be able to attend MIT for free, the university announced this week.

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According to MIT, about 80% of U.S. families meet the income requirements for tuition-free school in Cambridge, Massachusetts. For students whose families earn less than $100,000, MIT will cover the full cost of attendance, including tuition, room, board, fees, and an allowance for books and personal expenses.

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Last year, MIT offered full tuition to people with family incomes of less than $75,000 and free tuition to students with family incomes of less than $140,000.

The McLaurin Buildings on the Massachusetts Institute of Technology (MIT) campus in Cambridge, Massachusetts, USA, on Tuesday, December 12, 2023. Photographer: Mel Musto/Bloomberg via Getty Images

MIT says it has awarded $167.3 million in undergraduate financial aid this year, up about 70% from a decade ago.

“MIT’s distinctive model of education—intensive, demanding, and grounded in science and technology—has profound, practical value for our students and society,” MIT President Sally Kornbluth said in a press release.

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“The cost of college is a major concern for all families, and we are committed to making this transformative educational experience accessible to the most talented students, regardless of their financial situation. So, for every student who dreams of going to college. MIT: Don’t let cost concerns get in your way.”

According to the university, MIT is one of only nine colleges in the United States that does not consider applicants’ ability to pay when applying for admission.

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“MIT does not expect students who receive aid to take out loans, and unlike many other institutions, MIT does not give admissions preference to the children of alumni or donors. Indeed, 18 percent of current MIT students are first-generation college students.” they said at school.

Annual media expenses for an MIT student who received financial aid last year were $12,938. MIT says 87% of its Class of 2024 graduated without student loan debt. Those who borrowed had an average debt of $14,844 at graduation. The average starting salary for MIT graduates is $126,438.

MIT says its endowment, made up of donations from alumni and supporters, allows it to provide this level of financial aid.