MIT has announced its tuition and fees for the 2006-2007 academic year, setting them at $33,600, a 4% increase from the previous year. The details were shared during a meeting of the MIT Corporation on March 3. Dean for Undergraduate Education, Daniel Hastings, emphasized MIT’s commitment to ensuring that all admitted students can afford their education, stating, “The Institute is committed to making it financially possible for every admitted student to attend MIT.” This commitment aligns with MIT’s principles of need-blind admissions and need-based financial aid.

About 16% of MIT’s undergraduate students come from households earning less than $42,000 annually. Over 70% of these students receive need-based financial aid from various sources, including scholarships, loans, and part-time jobs. For the upcoming academic year, MIT plans to award approximately $60 million in scholarships to 57% of its undergraduate students. The average scholarship for the 2006-2007 academic year is expected to be around $25,500.

In addition to tuition, other estimated expenses for students include $9,950 for housing and meals, and $2,800 for books and personal expenses. According to Elizabeth Hicks, executive director of Student Financial Services, more than 90% of MIT undergraduates will receive about $85 million in financial aid, which includes both need-based and merit-based aid from all sources.

MIT remains dedicated to providing accessible education. As Daniel Hastings noted, “MIT will remain committed to its principles of need-blind admissions and need-based financial aid to ensure that all of our undergraduates, regardless of family circumstances, can afford an MIT education.”

The full announcement can be found here.

News is prepared from public university announcements for general guidance. Policies change frequently; confirm current details with each university admissions office.