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Undergraduates with family income below $200k will be tuition-free at MIT

(news.mit.edu)
581 points gnabgib | 3 comments | 20 Nov 24 16:59 UTC | HN request time: 0s | source
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bko ◴[20 Nov 24 18:22 UTC] No.42196722[source]▶
MIT is a great financial investment. There is financing already available (federal and private) so presumably if someone wanted to go they likely could. They may leave with debt however.

The median salary of an MIT graduate is 120k and the median debt is 12k, and less for lower income families (2023-2024):

$0 - $30,000 family income: $6,866

$30,001 - $75,000 family income: $9,132

$75,000+ family income: $12,500

Bumping this up to families making $200k seems really unnecessary and helps people that don't really need to help.

https://sfs.mit.edu/undergraduate-students/the-cost-of-atten...

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1. FuriouslyAdrift ◴[20 Nov 24 18:49 UTC] No.42196956[source]▶
When I looked at MIT in 1990, tuition was fully covered but housing was BRUTAL.

More than twice my parents mortgage. I'm sure it's worse, now.

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2. mmcwilliams ◴[20 Nov 24 19:23 UTC] No.42197227[source]▶
It definitely is and is made worse by institutions like MIT and Harvard that don't pay their full tax burden to the city due to the PILOT program. They're allowed to accrue more and more real estate while paying a fraction of the taxes that other property holders would and drive prices up dramatically.
3. aidenn0 ◴[20 Nov 24 22:51 UTC] No.42198967[source]▶
From the page GP linked, the median scholarship for students with household income under $65k/yr also covered housing, and $65k-$100k covered most of the housing costs.