A handful of the nation’s best colleges are racing to boost financial aid to incoming students from families with limited means.
On Wednesday alone, the Massachusetts Institute of Technology (MIT), the University of Texas and Carnegie Mellon University announced more generous tuition-free financial aid programs that would, in some cases, completely eliminate the cost of attendance for low- and moderate-income students.
Earlier this month, the private research institute Brandeis University and the University of Massachusetts unveiled similar initiatives.
“The cost of college is a real concern for families across the board,” said MIT President Sally Kornbluth in a statement. Research shows that it’s one of the biggest factors that keep students from enrolling.
Over the past two decades, the annual cost of college has ballooned over 130%, according to data from the Department of Education. While students rarely — if ever — pay the actual sticker price of college, they’re still graduating with average debt loads around $30,000.
As the financial burden of obtaining a degree grows heavier, more students are beginning to question whether college is even worth it.
Free tuition programs like the ones making headlines this week are among the strategies universities are using to reverse those existential trends in higher education. But they also serve another purpose: In the wake of race-based affirmative action being struck down by the U.S. Supreme Court in June 2023, they act as a race-neutral method to boost socioeconomic diversity on campus.
More colleges go tuition-free for families with financial need
Here’s a look at how these new or expanded tuition-free programs work.
Massachusetts Institute of Technology
Starting next fall, undergraduates with family income below $200,000 can attend MIT tuition-free, up from the current threshold of $140,000. MIT says that 80% of U.S. households meet this new income limit.
And for families that earn under $100,000, MIT says they will “pay nothing at all” for the entire cost of attendance, including tuition, books, personal expenses and room and board. The university currently provides this benefit for families earning $75,000 or less.
Once in effect, the expanded financial aid program would be one of the most generous in the country. Already, MIT says 35% of undergrads don’t pay for tuition.
University of Texas System
At all of its nine academic institutions, the University of Texas is waiving tuition and mandatory fees for families who have an adjusted gross income of $100,000 or less beginning in fall 2025.
For the past several years, UT has run a patchwork of similar financial aid programs with varying income thresholds across its massive university system. Officials said Wednesday that $100,000 will become the new baseline for all campuses.
Carnegie Mellon University
Pittsburgh-based Carnegie Mellon University is implementing a brand new tuition-free financial aid program for students and families earning less than $75,000.
Set to begin the 2025-26 academic year, the CMU Pathway program includes additional aid to families who earn up to $100,000. The university says that families below that threshold will not need to take out student loans to cover the cost of attendance.
Brandeis University
Located in the suburbs of Boston, Brandeis University is another Massachusetts college launching a financial aid program aimed at offering a tuition-free education.
For the fall 2025 term, the small research institute will begin covering the full cost of tuition — through grants and scholarships — for incoming undergraduates from families earning less than $75,000 and 50% of tuition for families earning up to $200,000.
University of Massachusetts System
UMass says it already covers the cost of tuition for 92% of students from “high-need” Massachusetts families, defined as having an adjusted gross income of $75,000 or less.
It’s looking to close the gap for the remaining 8%. In addition to the income threshold of $75,000, students eligible for the tuition-free program must be Massachusetts residents who are enrolled full-time in an on-campus undergraduate degree program.
The changes apply to the entire UMass system, including the Amherst, Boston, Dartmouth and Lowell campuses.
More from Money:
FAFSA Opens: All Students Can Now Apply for College Financial Aid for 2025-26
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Here’s Who Actually Got Student Loan Forgiveness — and How They Benefited
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