<p>Also, for anyone with an income under $100K/year, MIT will now eliminate home equity in determining your financial need.</p>
<p>MIT</a> to be tuition-free for families earning less than $75,000 a year - MIT News Office</p>
<p>too little, too late.</p>
<p>Ahhh, that is the most amazing news I have heard all this week! Thank you MIT financial aid office! I was so worried that the money was going to make or break my decision of whether or not to go, but now, I can finally just sit back and relax. Seriously, this is awesome, it just totally brightened up my weekend (rainy forecast aside) =)</p>
<p>And thank you for posting this! :D</p>
<p>My family makes $106,000. Does this mean home equity is still considered?</p>
<p>You . . . can't be serious. $106,000 > $100,000</p>
<p>It's a valid question. There isn't much difference between 99,999 and 100,001, I dunno, someone wanna do the math? A little disappointed. I don't have much to complain about I have a great finaid package but 75k? ouch. Tough cookies.</p>
<p>jzzsxm: Yes, I am very aware that $106,000 > $100,000. My question is: are they extremely strict with the dollar amount? Going along pebbles' example: if you're a thousand over, are you out of the running completely? That sort of thing. I know six thousand seems like a lot more than $100,000, but since my family's combined college tuitions (father's, siblings', myself) for the next year is actually going to roughly equal my parents' annual income, I think I have valid reasoning for looking for a little elbow room.</p>
<p>Meh, this isn't nearly as good as Stanford's financial aid.</p>
<p>stupidkid: You have to keep in mind that Stanford's endowment is nearly twice that of MIT's ($17.2 billion vs. $9.98 billion). I bet all Ivy-ranking schools were gnashing their teeth when they heard Harvard's/Yale's/Stanford's new financial aid program. If it were plausible, I bet they would have immediately matched the three because they knew that most kids would choose the cheaper Ivy over the more expensive Ivy (generalization here). Unfortunately, doing so would probably bankrupt the endowments faster than Social Security.</p>
<p>I think MIT will consider case by case.
If someone with a family earning 100k, but having 7 kids going to college at the same time... MIT will give you exceptions... MIT is need based.
And, if you have over 100k earning per year... try to get rid of some of them. Donations works right?
The saddest thing would be the a person whose family chose not to pay any of the college tuitions. and his family is way above the financial aid level.
I wish there are free education around. This is what the world lacks. It's difficult to obtain knowledge without paying.</p>
<p>What if your family makes only $1500 more than that?!?! Are you completely out of luck?! <em>cries</em></p>
<p>Mgccl: Thank you! If I get in, I'll be hoping that they remember that I'm not an only child.</p>
<p>It seems that MIT has always had a worse financial aid program than HYPS...and it still does. But like Skramata pointed out, MIT's endowment is much smaller. At least it's a step in the right direction.</p>
<p>stupidkid: Now, to speed up the process: pestering alumni! Necesitamos dinero, por favor.</p>
<p>(... too bad we'd be way out of college by the time MIT's endowment rivals HYPS (>.>))</p>
<p>More information is at my blog post [url=<a href="http://www.mitadmissions.org/topics/finaid/financial_aid/mits_financial_aid_enhancement.shtml%5Dhere%5B/url">http://www.mitadmissions.org/topics/finaid/financial_aid/mits_financial_aid_enhancement.shtml]here[/url</a>]. And of course we will look very carefully at those earning just above both limits so that there isn't a cliff effect.</p>
<p>What about a sliding scale for everyone else?</p>
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And of course we will look very carefully at those earning just above both limits so that there isn't a cliff effect.
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<p>I'm glad to hear that from you, Daniel. It's good to see a little humanity in the Financial Aid office. :)</p>
<p>As was pointed out, this seems to be a step in the right direction - positive delta, as it were. I feel that any aid is good for the students...hopefully this is just the start. Time will tell.</p>
<p>What if you're not a citizen nor permanent resident ... nor an international student?</p>
<p>^
the definition of international student is that one's neither a citizen of the united states nor a permanent resident (greencard-holder).
do you mean those who dont have green cards but live in the united states? they are considered international applicants.</p>
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What about a sliding scale for everyone else?
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<p>Guys, it's not "Either you get free tuition or you have to pay full tuition." There's <em>already</em> a sliding scale for everyone else - if you have more need, you get more aid (obviously, with any system that's not "everything is free for everyone", there will be edge cases where people get screwed, but I'm speaking in the general sense). If your family makes $80K instead of $75K, for instance, you might not get a full ride, but you will probably get a lot.</p>