The Massachusetts Institute of Technology and Columbia University both recently announced expanded financial-aid programs for undergraduates, following in the footsteps of many of their peer institutions, including Penn.
On March 7, MIT announced that it was eliminating tuition for all students whose families earn less than $75,000 per year. This group of students will also no longer be expected to take out loans to cover any expenses beyond tuition and will be guaranteed a paid research job - similar to a work-study job - every semester.
MIT will also eliminate home equity from the aid calculation for families earning less than $100,000 per year and will reduce the number of required work-study hours by 10 percent for all students.
Columbia announced on March 11 that it would eliminate loans for all students receiving financial aid. Families of students that earn less than $60,000 will no longer be expected to pay for their students' education.
Columbia and MIT's announcements are the latest in a wave of expanded-aid-policy announcements that began in December when Harvard announced a sliding-scale loan policy for families earning less than $180,000.
Penn announced its new aid policy on Dec. 17. Under the new plan, students from families earning less than $100,000 per year will receive loan-free packages next year, and loans will be eliminated for all students starting in the 2009-2010 school year.
