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Since graduating with an SB and an ME, I have often been asked if the MIT education was worth the cost. In my younger days, I frequently answered "no" because I saw equivalently skilled people graduating from the top of their class at local state universities. As I have grown in my career, though, I now recognize that the people I know because of MIT and their influence is priceless. Where my colleague might know a director at a supplier, I know the CEO. These contacts become a tremendous advantage for my employer and, in the end, for my career.
Therefore, I encourage the new direction to emphasize personal face-to-face interaction that builds strong but diverse bonds. The ILG system in the early 90s did this exceptionally well.
If you just want knowledge, then online delivery is fine. In that way, an MIT education is already free. The price premium for the contacts, though, is justifiable as long as the interpersonal face-to-face interaction is not compromised.