Comment by bko
1 day 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-atten...
> 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).
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.
Programs like Stars College Network (https://starscollegenetwork.org/) and Questbridge (https://www.questbridge.org/) help to bridge this gap in knowledge. They are really good programs, based on my limited to exposure to them as a Caltech alumnus. It was an incredible stroke of luck that I knew Caltech even existed growing up in a very small town pre-Internet, and these programs take some of that luck out of the equation.
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.
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?
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.
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.
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.
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.
> They may leave with debt however.
The linked article says not.
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.
I've never heard an MIT graduate say they wasted their time there.
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.
Except it's a financial investment where person A(parents) invests, and person B(student) reaps the rewards.