The Massachusetts Institute of Technology announced Thursday it is offering free tuition to undergraduate students whose families earn less than $200,000 a year. For those earning less than $100,000 annually, MIT will also cover other costs including housing, dining, fees and an allowance for books and personal expenses. The offer will begin for the 2025-26 academic school year.The cost of college is a real concern for families across the board, MIT President Sally Kornbluth said, and were determined to make this transformative educational experience available to the most talented students, whatever their financial circumstances. So, to every student out there who dreams of coming to MIT: Dont let concerns about cost stand in your way.RELATED STORY | Yale offering course on Beyoncs cultural impact in spring 2025Tuition for a full-time MIT student in 2024-25 costs $61,990, and that figure does not include expenses. Housing costs around $13,060 and meal plans are $7,220. MIT estimates that the full cost of attendance is $85,960. However, most students receive significant financial aid to attend. MIT says the median annual cost paid by an MIT undergraduate receiving financial aid was $12,938. MIT estimated that 87% of graduates from the class of 2024 finished college debt-free. The university says that there is significant value that comes with graduating from MIT. The school says the average starting salary for graduates entering industry is $126,438. The median earnings for full-time workers in the U.S. was $61,440 in 2023, according to U.S. Census Bureau data. Typical earnings for those with bachelor's degrees in the U.S. were about $77,600 in 2023.RELATED STORY | 8 million student loan borrowers won't have to make payments until AprilWe believe MIT should be the preeminent 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, says Stu Schmill, MITs dean of admissions and student financial services.For the last academic year, about 38% of its total student body of nearly 12,000 students were undergraduates.