M.I.T. joins a long list of universities that have reduced their price tags for students from families of limited means. On Thursday, the University of Texas system approved a plan to wipe out tuition and associated costs for undergraduate students from families earning $100,000 or less a year beginning next fall.
In 2004, Harvard began waiving tuition to families with incomes of $40,000 or less. It has since raised the cutoff to $85,000.
M.I.T.’s announcement will raise the bar for free tuition from the current maximum level of up to $140,000 in annual family earnings, and the coverage of all costs up from up to $75,000. The university has earmarked $167.3 million for need-based financial aid this year to undergraduates, up roughly 70 percent from a decade ago, according to the school.
Eligible students whose families make between $100,000 to $200,000 can expect to pay a sliding scale, with a maximum price tag of up to $24,000, the school said.
Families whose income is above $200,000 can still be eligible for financial aid, the school said.
Students must fill out M.I.T.’s financial aid application and submit their tax returns to establish that they qualify. The school also has financial aid advisers to help students through the application process, a spokeswoman for M.I.T. said.
According to the university, undergraduates receiving financial aid for the 2023-2024 school year paid a median price of $12,938, allowing about 87 percent of 2024 graduating students to graduate without loans. Students who did take out loans graduated with a median debt of $14,844, the school said.
“We believe M.I.T. should be the pre-eminent destination for the most talented students in the country interested in an education centered on science and technology, and accessible to the best students regardless of their financial circumstances,” Stu Schmill, M.I.T.’s dean of admissions and student financial services, said in a statement.