Published on : Aug 06, 2014
Looking to increase the strength of the student body and revenue generated from tuition, the Massachusetts Institute of Technology is considering letting its undergraduate students finish their degrees in less than four years. In 2013, nearly 14% of the university’s total revenue of USD 2.2 billion came from tuition. University authority has stated that in order to improve its research facilities and overall educational environment, MIT will have to strengthen the inflow of income and generate newer revenue opportunities.
Granting students degrees in less than four years will result in more space in student housing, which the university is currently facing a shortage of. Lack of housing has caused MIT to reduce its intake of undergrad student population. Last year, MIT received 19,000 applications for its undergraduate program but could admit only 8.2% of those. The size of the undergraduate population has remained more or less unchanged since the 1980s and an internal task force commissioned to look into the matter has stated that the university is in urgent need to raise funding. Even though MIT’s income is much greater than it was 30 years ago, with its five primary streams generating revenue of USD 2.2 billion in 2013, some of these streams are under serious pressure to increase revenue sources.
Some of the challenges facing MIT as underlined by the task force include rising cost of education and learning, and the growth and popularity of online teaching. If the Massachusetts institute wants to enhance education, it needs to lower barriers and allow more students into its programs.