M.I.T. cuts tuition based on income

The Massachusetts Institute of Technology says undergraduates whose families earn less than $75,000 a year will not have to pay tuition.The university says in its plan approved Friday that students will also not be expected take out loans beginning next academic year.

The plan is the latest move by elite American universities to cut costs for middle-class families. It is expected to cover about 30 percent of the university’s 4,000 undergraduates.

The university is increasing its financial aid budget by $7 million to $74 million a year, and students who have work-study jobs as part of their aid will work fewer hours.

The school says tuition and fees will go up next year by 4 percent to $36,390.

-with a report from CP