On Dec. 1, President Susan Hockfield announced to the MIT Corporation that the Institute is launching a major fundraising effort to support undergraduate and graduate education and student life. Beginning this fall, MIT plans to raise at least $500 million over the next five years to support undergraduate scholarships, graduate fellowships, initiatives growing out of the report of the Task Force on the Undergraduate Educational Commons, and programmatic and capital investments in student life.
"The Campaign for Students will help ensure the continuing excellence of MIT's living and learning experience. It will provide crucial support for our long-standing policies of need-blind admission and need-based aid at the undergraduate level, and for graduate aid," Hockfield said. "MIT students are absolutely the best in the world, and the campaign will help ensure the continuing excellence the living and learning experience offers them."
Chancellor Phillip L. Clay will take on a leadership role in the new campaign, working closely with Interim Vice President for Resource Development Stephen A. Dare and the Resource Development staff. Over the next 18 months, the Institute will work to identify volunteer leaders for the campaign and to engage lead donors. A formal launch is expected in October 2008. The Campaign for Students will conclude in 2011, to coincide with the celebrations of the 150th anniversary of MIT's founding.
Commenting on campaign priorities, Clay noted, "We are currently hoping to raise at least $200 million for undergraduate scholarships, $100 million for graduate fellowships, $100 million for the undergraduate commons and $100 million for student life and related capital projects."
The Campaign for Students is a central component of fundraising activities in support of institutional priorities that also include the MIT Energy Initiative, capital projects, and research and teaching in areas at the intersection of the life sciences and engineering, including cancer. It follows the success of the record-breaking $2 billion Campaign for MIT, which concluded in December 2004 and raised more than $450 million for scholarships, fellowships and student life.