MIT To Cut Budget, Freeze Pay Raises

The Massachusetts Institute of Technology plans to cut at least $50 million from its budget next year amid a dropping endowment and an expected decline in donations.

MIT President Susan Hockfield said Thursday that senior administrators and faculty will forgo raises next year and tuition and fees will increase 3.8 percent to $37,782.

Professors and staff on the lower end of the pay scale will still receive modest raises but the school will slow new hiring.

Meanwhile, the university will go ahead with all major building projects, including the David H. Koch Institute for Integrative Cancer Research.