The Massachusetts Institute of Technology announced on Wednesday that it would eliminate tuition costs next fall for all undergraduate students whose families earn less than $200,000 per year — following a national movement to try to make higher education more accessible.

For students whose families earn less than $100,000 per year, the university will also cover all other costs, including housing, dining, fees and an allowance for books and personal expenses.

M.I.T., the private research university based in Cambridge, Mass., is ranked among the best higher education institutions in the world. Tuition for the 2024-2025 school year was roughly $62,000, according to MIT’s website. The full cost, including housing and other fees, is just under $86,000 per year.

In a statement, Sally Kornbluth, president of M.I.T., said that “the cost of college is a real concern for families across the board.”

“We’re determined to make this transformative educational experience available to the most talented students, whatever their financial circumstances,” Dr. Kornbluth said. “To every student out there who dreams of coming to M.I.T.: Don’t let concerns about cost stand in your way.”

M.I.T. joins a long list of universities that have reduced their price tags for students from families of limited means. On Thursday, the University of Texas system approved a plan to wipe out tuition and associated costs for undergraduate students from families earning $100,000 or less a year beginning next fall.

In 2004, Harvard began waiving tuition to families with incomes of $40,000 or less. It has since raised the cutoff to $85,000.

M.I.T.’s announcement will raise the bar for free tuition from the current maximum level of up to $140,000 in annual family earnings, and the coverage of all costs up from up to $75,000. The university has earmarked $167.3 million for need-based financial aid this year to undergraduates, up roughly 70 percent from a decade ago, according to the school.

Eligible students whose families make between $100,000 to $200,000 can expect to pay a sliding scale, with a maximum price tag of up to $24,000, the school said.

Families whose income is above $200,000 can still be eligible for financial aid, the school said.

According to the university, undergraduates receiving financial aid for the 2023-2024 school year paid a median price of $12,938⁠, allowing about 87 percent of 2024 graduating students to graduate without loans. Students who did take out loans graduated with a median debt of $14,844, the school said.

“We believe M.I.T. should be the pre-eminent destination for the most talented students in the country interested in an education centered on science and technology, and accessible to the best students regardless of their financial circumstances,” Stu Schmill, M.I.T.’s dean of admissions and student financial services, said in a statement.

It was not clear what steps families must take to prove they qualify. M.I.T. did not immediately respond on Thursday to requests for comment.lucky horse

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