MIT’s tuition, fees to rise 3.8 percent
February 19, 2009 by Elad Bushari · Leave a Comment
Cambridge: The Massachusetts Institute of Technology will raise tuition an fees for the 2009-2010 academic year by 3.8 percent to $37,782, the college’s smallest increase in eight years.
The increase comes as drops in MIT’s endowment have forced the school to slash its budget.
MIT’s endowment, which stood at $10 billion as of June 30, had declined by as much as 25 percent as of Dec. 31, the institute’s President Susan Hockfield said in a letter posted online Feb. 18. The endowment’s overall value could decline by 30 percent by the end of the fiscal year, she said.
As a result, MIT has sought a $50 million cut from its operating budget for next year, and it will seek a total cut of $150 million in the following years.
Cash gifts have remained steady, but future gifts have fallen by more than 40 percent as of Jan. 1, Hockfield said.
MIT said it will offer an additional $7.6 million student aid enhancements this year.
Source: Boston Business Journal
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