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MIT is a great financial investment. There is financing already available (federal and private) so presumably if someone wanted to go they likely could. They ma

by bko 2y ago

MIT 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-attendance/making-mit-affordable/ https://sfs.mit.edu/undergraduate-students/the-cost-of-atten...

rahimnathwani 2y ago
MIT is a great financial investment. How do we know that is true? Among folks whom MIT would accept, do we know whether those who choose to attend MIT get a greater return on their investment (of time and money) compared to those who choose to not apply or not attend? families making $200k seems really unnecessary and helps people that don't really need to help There are certainly families earning $200k who need help. $200k income for a family of 5 in San Francisco is different from $200k income for a family of 3 in rural Idaho.
deleted 2y ago
[deleted]
FuriouslyAdrift 2y ago
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.
- mmcwilliams 2y ago
  It definitely is and is made worse by institutions like MIT and Harvard that don't pay their full tax burden to the city due to the PILOT program. They're allowed to accrue more and more real estate while paying a fraction of the taxes that other property holders would and drive prices up dramatically.
- aidenn0 2y ago
  From the page GP linked, the median scholarship for students with household income under $65k/yr also covered housing, and $65k-$100k covered most of the housing costs.
robocat 2y ago
> 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. Of course there is still the small matter of investing a few years of your life. The biggest regret I have with my degree (Canterbury) is the waste of time. I didn't learn much but the degree did get me a job.
- seanmcdirmid 2y ago
  I've never heard an MIT graduate say they wasted their time there.
aidenn0 2y ago
> 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).
- brewdad 2y ago
  True. Counselors at poorer school districts frequently don't recognize that these "dream schools" are often more affordable than a state school for certain populations. The students certainly don't know it unless a trusted adult shows them and really pushes them towards pursuing it. Hopefully, some students out there will see this and realize that while MIT is crazy selective, getting in is the hardest part.
  - neilv 2y ago
    Good point. Kids of poorer school districts still have the prestigious admissions system stacked against them, in many ways, but simply knowing that Ivy/MIT/Stanford/etc. may be options will lead some to look into it, and some will then have information, time, and means to make their application look plausible. As a young teen, I applied for financial aid, to a state school, and got a nonviable response, since my parents of 6 kids could afford to contribute zero, but some bureaucracy thought otherwise. So I went to Community College part time, while working at a store, and then was a co-op student, and worked my way up from there. After working in industry, I went to grad school, at an Ivy and MIT, and only then did I learn what successful undergrad applications tend to look like, and also that there's various financial assistance available (including some not advertised). My story is not of the system working. I've seen so much systemic class nonsense and rigging (and sometimes bad behavior by people who feel entitled to whatever they can grab). Being at a disadvantage in those games doesn't stop once you're nominally in. But the relatively recent need-blind admissions, and family income thresholds for tuition, help a lot, especially if we can pair that with getting the information/advising about successful applications to everyone.
kodt 2y ago
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.
IncreasePosts 2y ago
Except it's a financial investment where person A(parents) invests, and person B(student) reaps the rewards.

by bko 2y ago

rahimnathwani 2y ago

MIT is a great financial investment. How do we know that is true? Among folks whom MIT would accept, do we know whether those who choose to attend MIT get a greater return on their investment (of time and money) compared to those who choose to not apply or not attend? families making $200k seems really unnecessary and helps people that don't really need to help There are certainly families earning $200k who need help. $200k income for a family of 5 in San Francisco is different from $200k income for a family of 3 in rural Idaho.

deleted 2y ago

[deleted]

FuriouslyAdrift 2y ago

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.

mmcwilliams 2y ago
It definitely is and is made worse by institutions like MIT and Harvard that don't pay their full tax burden to the city due to the PILOT program. They're allowed to accrue more and more real estate while paying a fraction of the taxes that other property holders would and drive prices up dramatically.
aidenn0 2y ago
From the page GP linked, the median scholarship for students with household income under $65k/yr also covered housing, and $65k-$100k covered most of the housing costs.

robocat 2y ago

> 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. Of course there is still the small matter of investing a few years of your life. The biggest regret I have with my degree (Canterbury) is the waste of time. I didn't learn much but the degree did get me a job.

seanmcdirmid 2y ago
I've never heard an MIT graduate say they wasted their time there.

aidenn0 2y ago

> 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).

brewdad 2y ago
True. Counselors at poorer school districts frequently don't recognize that these "dream schools" are often more affordable than a state school for certain populations. The students certainly don't know it unless a trusted adult shows them and really pushes them towards pursuing it. Hopefully, some students out there will see this and realize that while MIT is crazy selective, getting in is the hardest part.
- neilv 2y ago
  Good point. Kids of poorer school districts still have the prestigious admissions system stacked against them, in many ways, but simply knowing that Ivy/MIT/Stanford/etc. may be options will lead some to look into it, and some will then have information, time, and means to make their application look plausible. As a young teen, I applied for financial aid, to a state school, and got a nonviable response, since my parents of 6 kids could afford to contribute zero, but some bureaucracy thought otherwise. So I went to Community College part time, while working at a store, and then was a co-op student, and worked my way up from there. After working in industry, I went to grad school, at an Ivy and MIT, and only then did I learn what successful undergrad applications tend to look like, and also that there's various financial assistance available (including some not advertised). My story is not of the system working. I've seen so much systemic class nonsense and rigging (and sometimes bad behavior by people who feel entitled to whatever they can grab). Being at a disadvantage in those games doesn't stop once you're nominally in. But the relatively recent need-blind admissions, and family income thresholds for tuition, help a lot, especially if we can pair that with getting the information/advising about successful applications to everyone.

kodt 2y ago

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.

IncreasePosts 2y ago

Except it's a financial investment where person A(parents) invests, and person B(student) reaps the rewards.