What will it cost MIT to keep our promise of need-based financial aid for undergraduate students? Where will that money come from?
Taking into account increased need, particularly among middle-income families, and decreased Institute revenues, MIT’s budget for next year includes a substantial increase for financial aid and only a modest increase in tuition. The total undergraduate financial aid budget for 2009-2010 will rise more than 10 percent to $81.6 million to support undergraduate students and families receiving financial aid. This budget an additional $7.6 million for financial aid enhancements, including an expansion in aid to middle-income families that will ensure even more students have access to an affordable education. This funding comes from two sources: earnings on endowment funds pledged by alumni and friends to support financial aid, and direct support from the Institute’s general Operating Budget.
