All ΜΗΠΔ΄«Γ½ students from families with annual income levels up to $175,000 will have federal loans replaced with University grants as part of the ΜΗΠΔ΄«Γ½ Commitment, beginning in the 2023β2024 academic year β an expansion from the current income threshold of $150,000.
In addition, students on financial aid will have their aid packages expanded to meet the average cost for textbooks and other academic expenses as part of ΜΗΠΔ΄«Γ½βs efforts to reduce the financial burden on students with financial need.
The ΜΗΠΔ΄«Γ½ Commitment first launched in 2020, and is an essential piece of the Universityβs Third-Century Plan. Its expansion reflects ΜΗΠΔ΄«Γ½βs continued pursuit of the robust future that the plan sets forth.
βThis is the next phase of the Universityβs long-term initiative to increase student access and affordability, supporting ΜΗΠΔ΄«Γ½βs efforts to recruit the most talented students,β said ΜΗΠΔ΄«Γ½ President Brian W. Casey.
This is the second expansion of the ΜΗΠΔ΄«Γ½ Commitment. When it first launched, the income threshold for families was $125,000. That was increased a year later in 2021 to $150,000.
As a continuing part of the ΜΗΠΔ΄«Γ½ Commitment, students from families with incomes below $80,000 will attend ΜΗΠΔ΄«Γ½ tuition free. ΜΗΠΔ΄«Γ½ will continue to cap tuition costs at 5 percent of income for families with incomes between $80,000 and $125,000, and cap tuition costs at 10 percent for families with incomes between $125,000 and $150,000. Further, the University reaffirms its longstanding tradition of meeting 100 percent of all studentsβ demonstrated financial need.
In total, since the launch of this Third-Century initiative, ΜΗΠΔ΄«Γ½ has added several million dollars in new student support, resulting in a total annual financial aid budget of $76 million. These additional investments in ΜΗΠΔ΄«Γ½ students have been made possible by the remarkable support of ΜΗΠΔ΄«Γ½ alumni, parents, and friends as well as through direct investments made by the University within ΜΗΠΔ΄«Γ½βs operating budget.