MIT Modifies Financial Aid Plan

Following the trend other schools have set in the last few weeks, MIT announced Friday that it will make significant changes to the financial aid package it offers students and will also increase tuition, effective next year.

MIT will reduce the "self-help" requirement of its package by $2,000. Before the change, the school required all students on financial aid to contribute at least $7,600 to their education.

The changes mirror those that Harvard announced nearly two weeks ago. The University announced that it would reduce the amount of money students need to contribute or borrow by $2,000.

Both Harvard and MIT's changes come in the wake of Princeton University's decision to replace student loans with grants.

MIT's financial aid increase also comes with a hike in tuition, as did Harvard's change in financial aid policy.

Students attending MIT for the 2001-02 year will now have to pay $34,460, up from this year's $33,225.

Still, the financial aid change is intended to lessen the burden on students who wish to attend MIT.

"We want to make an MIT education possible for students with the highest potential in science and engineering," said Charles M. Vest recently to the Chronicle of Higher Education.

According to the Chronicle, MIT said that the "average aid package to students would be about $24,600, including grants and loans."

Harvard's average financial aid package this year is approximately $23,000. As of next year, Harvard students will only have to contribute $3,150 of "self-help" money.

The decrease in the "self-help" requirement is in effect an increase in the overall aid package given to students. Students usually meet self-help requirements through loans or jobs.