I don't feel like my degree is somehow cheapened because my university gives honorary degrees to people who didn't "earn it".
MIT was started as a reaction to other universities whose graduates couldn't do anything "useful." (That is William Barton's word, not mine.) At that time, supposedly prestigious colleges were accepting and graduating rich and powerful students who could talk the talk, but couldn't make any real contributions when it came to math, economics, physics, or any other hard science or engineering discipline.
So, MIT was founded to be a utopia of meritocracy where no one cared where you were from or who your father is, all anyone wanted to know is "can you do the work?" Furthermore, MIT was founded on the principle that if you've graduated from MIT, you are guaranteed to be capable of useful contributions to society. This was considered to be a binary question -- either you're an MIT graduate or you aren't. That's why honor rolls are anathema to the Institute.
At the end of the day, this means that honorary degrees, athletic scholarships, and status-based admissions were out from the beginning because they are diametrically opposed to the mission of the Institute. What was (and is) in? Rigorous math, physics, chemistry, biology for every single graduate, no matter if they are mechanical engineers or music majors.
At $34k a year? The key word is 'founded' I guess.
The need-blind admission has been going on forever and the commitment to meet 100% of financial need has been going on for a long time, though I can only say with certainty that it's been in play since 1998 (when I first started looking seriously at the MIT admissions materials).
The good news is that a lot of other "elite" schools are doing this now too. If anyone here knows a smart kid with an expensive dream school, definitely advise them to apply now and worry about the money later.
I believe the song said "honor roll", not "honorary". MIT does not have an honor roll.
IIRC it has given out one honorary degree, to Winston Churchill.
MIT has never given an honorary degree. This tradition is so deeply rooted in the Institute's culture that I would bet a year's salary that it won't ever happen.
MIT has allowed certain people to serve as "honorary lecturers." That's what Winston Churchill did.
And doesn't offer honors.
Actually, the thing that I absolutely adore is that MIT doesn't do "honorary" degrees. You earn it.