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MIT Announces Tuition-Free Education For Families Earning Under $200K

November 21, 2024

Today's good news story comes from Cambridge, Massachusetts.

In a move to make world-class education more accessible, the Massachusetts Institute of Technology (MIT) has announced that starting next fall, undergraduates from families earning less than $200,000 annually will be eligible to attend tuition-free.

MIT / Pexels

In a press release, MIT revealed that this new income threshold encompasses 80% of American households.

“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 said. “As the Wall Street Journal recently reported, MIT is better at improving the financial futures of its graduates than any other U.S. college, and the Institute also ranks number one in the world for the employability of its graduates.”

“The cost of college is a real concern for families across the board,” Kornbluth added, “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.”

MIT is one of only nine U.S. colleges that admits students without considering their ability to pay and meets the full demonstrated financial need of all undergraduates. Students on aid are not required to take loans, and MIT offers no preferential treatment for legacy admissions, ensuring a meritocratic and inclusive environment.

This significant expansion of financial aid is made possible by MIT’s endowment, which benefits from alumni donations. President Kornbluth noted, “Our endowment is an intergenerational gift from past MIT students to the students of today and tomorrow.”