MIT Waives Tuition for Low-Income Families

The Massachusetts Institute of Technology (MIT) has announced a significant change to its financial aid policy, allowing students from families earning less than $200,000 to attend tuition-free starting in the fall of 2024. For families earning below $100,000, all costs including housing, dining, and fees will be covered, marking an increase from previous thresholds of $140,000 and $75,000 respectively. This initiative aims to make MIT's education more accessible, as around 80% of American households fall under the new income cap. MIT has allocated $167.3 million for need-based financial aid this year, a 70% increase over the past decade, demonstrating its commitment to affordability. Additionally, other Massachusetts institutions, including Brandeis University and UMass campuses, are implementing similar tuition waivers, further addressing the rising costs of higher education. MIT President Sally Kornbluth emphasized the importance of making quality education available regardless of financial circumstances, urging prospective students not to let cost deter their ambitions.