MIT raising tuition, fees by 3.8 percent

By Globe Staff

MIT said today that it will increase undergraduate tuition and fees for the next academic year by 3.8 percent.

Tuition and fees will cost $39,212, compared to $37,782 this year, the Cambridge college said in a statement. Combined expenses for tuition, fees, room, and board will be an estimated $50,446 in 2010-2011, an increase of 2.7 percent.

At the same time, MIT said it will bolster its financial aid budget by 6.7 percent, to $87 million. More than 60 percent of students at the Massachusetts Institute of Technology receive financial aid based on need, college officials said.

The increase at MIT comes as more elite colleges top the $50,000 mark for total annual cost. Brown University recently announced it would raise the cost of undergraduate tuition, room, and board to $51,360, an increase of 4.5 percent.