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

(news.mit.edu)
581 points gnabgib | 2 comments | 20 Nov 24 16:59 UTC | HN request time: 0s | source
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meetingthrower ◴[20 Nov 24 19:41 UTC] No.42197376[source]▶
Yes but the algorithm also is that they take 5% of your assets each year. So if you've saved $1M (not much for a $200K a year couple in their 50s), that's $50K a year out the door.
replies(2): >>42197556 #>>42197595 #
1. daveed ◴[20 Nov 24 20:02 UTC] No.42197556[source]▶
Where are you seeing this?
replies(1): >>42198714 #
2. brewdad ◴[20 Nov 24 22:18 UTC] No.42198714[source]▶
FAFSA. That's one of the calculations that goes into Expected Family Contribution. There is an expectation that parent's contribute some % of income (20%?), 5% of assets, and that the student basically contributes 90% of any income or assets to their name before a single dollar of aid, usually federal loans, will be offered.

For all of you younger folks just starting your families, expect to pay full price for college if you are anywhere near the top 25% of earners (most of this site presumably). Any scholarship money is a bonus but aid probably isn't going to be forthcoming.

The subtext of this MIT announcement is that any family making more than $200,000 will be paying full price to subsidize the poorer students.