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

(news.mit.edu)
642 points gnabgib | 2 comments | 20 Nov 24 16:59 UTC | HN request time: 0.775s | source
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TheJoeMan ◴[20 Nov 24 19:26 UTC] No.42197249[source]▶
This is a great step in the right direction. I can't speak directly for MIT, but there are issues with how these programs don't apply to parents with small family businesses. My parents had a small business, with my father taking home a salary of $XX,XXX. Duke University used the business assets to determine the EFC (expected family contribution) of literally 90% of the salary. Essentially saying to sell off the family business for the college fund, which was a non-starter.

Small businesses are allegedly the backbone of America, and I feel these tuition support programs overlook this segment of the middle-class.

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s1artibartfast ◴[20 Nov 24 22:09 UTC] No.42198630[source]▶
Isn't the entire point of these assessments to look at total assets, and not just annual income?

I dont think this was an oversight or mistake. I think the expectation was that yes, people should sell assets if they have them .

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xboxnolifes ◴[20 Nov 24 22:39 UTC] No.42198884[source]▶
The "mistake" is that the assets themselves are the source of income. Sell them off, and the income goes away too. It's the equivalent of expecting the parents to use 100% of their income to put their kids into college, which is impossible.
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s1artibartfast ◴[20 Nov 24 23:34 UTC] No.42199287[source]▶
IF I have stock and make $XX,XXX in dividends, how is that different? IF I have own apartments and make $XX,XXX in rent, how is that different?

I think the idea is that Yes, the expectation is for people to make actual sacrifice before they qualify.

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1. xboxnolifes ◴[21 Nov 24 09:04 UTC] No.42202424[source]▶
Running a small business is not the same as owning stock. I can own stock and can still work and one does not affect the other in terms of time or capability. On the other hand, selling your small business is equivalent to quitting your job.
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2. michaelt ◴[21 Nov 24 10:32 UTC] No.42202867[source]▶
Imagine I own farmland worth $10M.

I claim we've had a lean few years, as we had to replace some aged equipment. I'm working all the hours god sends and only making $30,000 a year. There's also, uh, inflation. Market volatility. Climate change. Rising fuel prices. And I'm really worried labour costs are about to rise under this new government.

I also claim we can't sell any of the land without undermining the commercial viability of the farm; and the land would be difficult to sell profitably, because anyone except me and my immediate neighbours would have to travel a long way to farm it. And the remainder of our capital is tied up in crops, which obviously we can't sell until harvest.

On the other hand, it's an almighty coincidence that I needed to replace my tractor, my combine harvester, my skid steer, and my truck all at the same time, just as my kid turned 17. And that I just planted all those apple trees, hops and asparagus that I won't be able to harvest for a few years.

And yet - should MIT be in the business of second-guessing how farmers run their farms? Should my kid be denied a scholarship because some desk jockey in Cambridge thinks he knows the asparagus market better than I do?