The Massachusetts Institute of Technology has followed the Ivy League "alms race" and eliminated tuition for families who make less than $75,000 a year, the Tech reports. Students and families in the same income range will also be expected to contribute significantly less than before: $2,850, down from $5,250 last year.
This expansion will affect around 30 percent of the student population and will increase the financial aid budget by $7 million, now totaling $74 million.
The university also announced that, for families with incomes less than $100,000, home equity will no longer be factored in for financial aid packages.
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icce of AL 7:29PM November 29, 2009