Has this been posted? MIT to be tuition-free for families earning less than $75,000

[Quiver0f10]

MIT to be tuition-free for families earning less than $75,000 a year. http://web.mit.edu/newsoffice/2008/tuition-0307.html

I knew Harvard was doing something like this, but I didn't know MIT offered the same!

Sorry if this had already been posted.

[Jane in NC]

One glitch for the many colleges who proposed this a year ago: their endowments have taken a beating. My bro-in-law, a prof at a top LAC, mused over our Thanksgiving meal that he wonders how his school will make good on its promise to allow students to graduate debt free.

A recent WSJ article on the pain of college tuition bills can be found here (http://online.wsj.com/article/SB122895685290096607.html).

Stay tuned.

[Quiver0f10]

Thanks for the link and info. Interesting.

[Renee in FL]

WOOOHOOO!

My 10yo better start preparing!:lol:

[Moni]

Wow, does it matter where the family lives? :glare:
$75,000 wouldn't go far, say in San Francisco, San Diego, and other states, counties that have a high cost of living

:auto:

[Gwen in VA]

There is one caveat though -- the family has to only have assets that are commensurate with that income.

A friend of mine thought they would qualify for free tuition under a similar program at her son's college, and the school said that they had too many assets.

While I understand the reason for the caveat -- the college doesn't want a multimillionaire going back to grad school to qualify for the program -- I do think that caveat should be better publicized so people don't get their hopes up needlessly!

[LizzyBee]

Duke has a similar program as well.

[Ailaena]

You just made my entire yearhttp://i252.photobucket.com/albums/hh9/starchild95/RiffRaff/banana.gif

At this moment, MIT is dd's first choice, but I told her she couldn't even consider applying unless they followed Harvard and the rest with their free tuition. Of course, the odds of her making it in are incredibly slim, but at least now she can try!

Although who knows what four years may bring (from both ends).

[Nan in Mass]

A problem in my area is that a farm is considered an asset. As one farmer told me - "It's the family farm. It isn't as though I can sell it." (Not that I can't see the reason behind the asset rule... but in this case, it is a problem.)

[Renee in FL]

A problem in my area is that a farm is considered an asset. As one farmer told me - "It's the family farm. It isn't as though I can sell it." (Not that I can't see the reason behind the asset rule... but in this case, it is a problem.)

They don't expect you to sell it - rather it is an asset you can borrow against.

The programs are for low to low middle income students from families with no assets.

[LisaK in VA]

Looks like my children's only hope will be merit scholarships.... I better start cracking that whip...;)

Seriously, $75k in DC isn't much, and with 5 children, it's even less. My dh is hoping to start a side-business from the house, if we can do minimally well with that, there is a good chance the children will be able to have a college fund.

But, right now, it's all about (1) paying off business debt and (2) building our rainy day fund (that's two years), and (3) retirement. College funding just has to wait.

[Nan in Mass]

I think the catch is that if a farmer is just barely making a living with a family farm, although it is indeed a large asset that he could borrow against, he would have no way to pay the mortgage back. Farms that are bought into with the understanding that the living made from it is enough to pay the mortgage and support the family might be different, at least as long as all goes well, maybe, from ones who just produce enough income for a family to scratch by and then get passed along to the next generation. The small farms in my town are of this type. I don't really know much about it, though. I'm just guessing.
-Nan

[Renee in FL]

I think the catch is that if a farmer is just barely making a living with a family farm, although it is indeed a large asset that he could borrow against, he would have no way to pay the mortgage back. Farms that are bought into with the understanding that the living made from it is enough to pay the mortgage and support the family might be different, at least as long as all goes well, maybe, from ones who just produce enough income for a family to scratch by and then get passed along to the next generation. The small farms in my town are of this type. I don't really know much about it, though. I'm just guessing.
-Nan

No, I agree. I was just repeating what I had heard as the reason for the "no assets."

[Nan in Mass]

Yeah. The poor small farmers always fall through the cracks. I guess they are too busy to be the squeaky wheels that get the oil.