Studying at Massachusetts Institute of Technology (MIT) is a dream for many technology students, but being able to attend without paying any tuition is truly a once-in-a-lifetime opportunity. MIT, along with a few other universities, is offering this chance to families with annual incomes under $200,000.
This effort will give much-needed support, as the outrageous cost of higher education in the United States frequently puts families in debt or unable to pay for college. Although grants and scholarships benefit some students, they usually only benefit a small percentage of students. Many worthy students will undoubtedly benefit from this new program.
According to a news release by MIT, Eighty percent of American households meet this income threshold. And for the 50 percent of American families with income below $100,000, parents can expect to pay nothing at all toward the full cost of their students’ MIT education, which includes tuition as well as housing, dining, fees, and an allowance for books and personal expenses.
“MIT’s distinctive model of education – intense, demanding, and rooted in science and engineering – has profound practical value to our students and to society,” MIT President Sally Kornbluth says.
“The cost of college is a real concern for families across the board,” Kornbluth adds, “and we’re determined to make this transformative educational experience available to the most talented students, whatever their financial circumstances. So, to every student out there who dreams of coming to MIT: Don’t let concerns about cost stand in your way.”
According to New York Times, MIT joins a long list of universities that have reduced their price tags for students from families of limited means. On Thursday, the University of Texas system approved a plan to wipe out tuition and associated costs for undergraduate students from families earning $100,000 or less a year beginning next fall. In 2004, Harvard began waiving tuition to families with incomes of $40,000 or less. It has since raised the cutoff to $85,000.