Money Matters

Cost of living

The Graduate Student Council publishes an annually updated online cost-of-living guide with average expenditures for housing, food, transportation, and other items. New and returning MIT graduate students are urged to consult this document while planning their budget and determining the amount of financial aid (if any) they will seek.

 

Student Financial Services

Student Financial Services (SFS) coordinates services relating to financial aid, hourly student employment, and student accounts. To meet with an SFS staff member, or to pick up and drop off forms, visit SFS's Student Services Center in Room 11-120, call 617-258-8600, or contact an SFS department or staff member directly.

 

Financial Aid

If you wish to be considered for financial aid in the form of loans, separate from any department funding, you will need to complete the MIT Graduate Loan Application. For students who are U.S. citizens or permanent residents, both the MIT Graduate Loan Application and the Free Application for Federal Student Aid (FAFSA) must be completed. For more information on loans available to graduate students, consult Student Financial Aid (part of SFS) in Room 11-320. International students must also complete and return the Financial Certification Form.

 

Billing and Payment

Student bills are posted the 10th of each month on WebSIS. By logging in, students and their authorized payers may view their account statements, make electronic payments using MITPAY, see their financial aid statements and more. Consult Student Accounts in SFS for further information about billing and payment procedures, or for questions about your specific account.

 

Earning Money

Graduate students usually receive a fellowship or traineeship from their academic departments (an award that covers tuition, partially or fully, and provides a stipend to help defray living expenses). Other appointments and fellowships are also available; see the Graduate Students Office for more information on financial aid.

If you are interested in finding a part-time student job on campus or in the Cambridge or Boston area (separate from departmental stipends, RA/TA and graduate resident tutor appointments), consult SFS's Student Employment Office, which lists job openings and offers help with procedures and forms. Fully funded graduate students need permission from the Graduate Students Office to work at a part-time job on campus.

 

Fellowship Opportunity

The Legatum Center administers a competitive fellowship program for incoming and current MIT graduate students, across all academic disciplines, who demonstrate the potential to create sustainable, for-profit enterprises in low-income countries. Ideal applicants will develop innovative businesses that empower ordinary citizens, while promoting prosperity and economic development. The Center provides financial assistance, specialized seminars, business creation coaching, and opportunities for fellows to engage with prominent entrepreneurs, thought-leaders and investors.

Please visit http://legatum.mit.edu/fellowship for more information and to apply online.