MASSACHUSETTS — The Massachusetts Institute of Technology announced on Wednesday that students with family income below $200,000 can expect to attend the Cambridge institution tuition-free starting next fall.
The bulk of American households meet this income threshold, according to the university, which says the new policy will cover 80% of its incoming classes.
Additionally, students whose family income is below $100,000 will see their entire MIT experience paid for, including tuition, 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 said in a press release.
"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."
America's top engineering university, which was also ranked as the third-most prestigious university in the nation by Forbes, comes at a steep annual price.
MIT tuition was $57,986 for the 2022-2023 school year, which is higher than the $39,400 average for four-year private institutions in the nation, according to the Education Data Initiative.
Stu Schmill, MIT's dean of admissions and student financial services, said the financial aid initiative allows for America's most eligible students to gain a top-ranked education, regardless of their family's income.
"We believe MIT should be the preeminent destination for the most talented students in the country interested in an education centered on science and technology, and accessible to the best students regardless of their financial circumstances," Schmill said in the release.
Before the landmark financial aid announcement, MIT was already one of nine universities in the U.S. that does not consider applicants' ability to pay as part of its admissions process.
Unlike most American colleges, MIT does not expect students on aid to take loans, and the institution does not provide "an admissions advantage" to the children of alumni or donors, according to the release.
"With the need-based financial aid we provide today, our education is much more affordable now than at any point in the past," Schmill, who graduated from MIT in 1986, said in the release, while acknowledging that, of course, "the 'sticker price' of MIT is higher now than it was when I was an undergraduate."
The tuition-free financial aid initiative is made possible by "generous gifts made by individual alumni and friends" of the university, according to MIT.