alt Hacker NewsMIT 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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MIT is a great financial investment.
families making $200k seems really unnecessary and helps people that don't really need to help
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.
> They may leave with debt however.
The linked article says not.
Loans are not included in our financial aid offers because we believe your financial aid will cover your expenses. We do not expect any undergraduate to take out a loan. Rather than borrow, most students opt to work during the academic year. At MIT, this work often provides students not only a way to help pay for college but also with world-class research experience.
I feel like the number of children you have makes a big difference. 1 child vs 5 kids potentially with 2 in college / 3 in private school would be vastly different financial situations.
Except it's a financial investment where person A(parents) invests, and person B(student) reaps the rewards.
> Bumping this up to families making $200k seems really unnecessary and helps people that don't really need to help.
My household income is right around $200k, and my daughter (still a few years from college) would definitely consider e.g. UC Berkeley, which (including housing) is half the cost of MIT for an in-state student. Free tuition would certainly make her look at MIT more closely, so if the goal is to draw the best students (and helping poor students is a side-effect), then it's a good idea.
Also, it's headline-grabbing. There's at least one poor kid somewhere in the US who will read this headline and consider MIT, when they previously didn't (even though they probably already would have qualified for free, or nearly-free tuition).