MIT Maintains Firm Commitment to Undergraduate Student Support for 2021-2022 | MIT News

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The Institute’s commitment to financial aid will remain strong for 2021-2022, growing from the budget announced of $ 147 million last year to $ 155.2 million. The increase will offset a 3.85% increase in tuition fees and changes in accommodation, food and other estimated costs. The net cost for an average MIT student receiving need-based aid will be $ 22,969.

Measured in real dollars, the average cost of training at MIT for those receiving financial aid has been reduced by 32% over the past two decades.

In response to the Covid-19 pandemic, over the past academic year, MIT has kept tuition fees stable and provided a wide range of financial and academic supports to students. “Given the difficult times the world has faced, we are delighted to be able to continue our long-standing commitment to making education at MIT affordable,” said Stu Schmill, dean of admissions and student financial services.

The estimated average MIT scholarship for students receiving financial aid next year is $ 54,601. Over 38% of MIT’s undergraduates receive enough assistance to enable them to attend the Institute tuition-free. For undergraduates who do not receive any need-based financial aid, the tuition and fees will be $ 55,878 next year. Including accommodation and food costs, the total will be $ 73,978.

“As pointed out by MIT President Reif, we plan to achieve a full return of in-person learning and campus life this fall,” said Ian A. Waitz, vice chancellor for campuses. undergraduate and graduate studies and Professor Jerome C. Hunsaker of Aeronautics and Astronautics. “We are in this privileged position because of the enormous commitment the Institute has made to continue its operations over the past year and develop new ways to support the success of our students, many of whom will persist after the pandemic. “

Like many of its peers, MIT made the switch to distance learning in March 2020. Recognizing that there were financial uncertainties for many families given the pandemic, the Institute awarded a grant of $ 5,000. during the Covid era to all enrolled undergraduates.

“Last March, when students were promptly asked to leave campus, we increased the MIT Grant for Assisted Students to replace the remaining part of the study semester with work-study in their financial aid program. ”Waitz said.

The changes resulted in the rapid processing of more than $ 13.7 million in pro-rated student midterm reimbursements for more than 3,000 accommodation costs, 2,200 meal plans and 11,000 student living expenses; and offered up to six months forbearance to borrowers and 0% interest on student loans for up to six months. Additionally, financial aid allowances have not been adjusted, meaning students received reimbursements from MIT for any additional expenses they incurred, including living expenses.

“We reacted quickly to allow students to continue to progress in their studies, wherever they are,” says Waitz. “Beyond financial support, we created a student mentoring pilot project, a technology loan program (including iPads, laptops and wireless access points) and the new experiential learning opportunities, offering a guarantee of $ 1,900 for the pursuit of a hands-on learning project.

Despite the pandemic’s financial toll, MIT remains one of five US colleges and universities to admit all undergraduates regardless of their financial situation; who grant all financial aid according to need; and which meet, without a loan, all of the estimated financial needs of each student.

For students with a family income of less than $ 90,000 per year and whose assets are typical, most students attend the Institute tuition-free. Although the Institute’s financial aid program primarily supports students from low- and middle-income households, even families earning more than $ 250,000 may be eligible for financial aid based on their needs based on their needs. family situation, for example if two or more children are attending university at the same time.

About 60% of undergraduates at MIT receive financial aid from the Institute on a needs basis and 19% receive federal Pell Grants, which typically go to American students with family incomes of less than $ 60,000.

MIT is treating the Pell Grant in a unique way to further support low-income students. Unlike most other colleges and universities, MIT allows students to use the Pell Grant to offset what they are expected to contribute through their work during the semester and summer. MIT also recently changed its financial aid policies to provide more support for U.S. veterans.

In 2020, 78% of MIT seniors graduated debt-free; among those who took on debt to finance their education, the median debt at graduation was $ 15,614.

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