Undergraduate student costs for the academic year 2012–2013 at MIT will be about $57,010. This includes $42,050 for tuition and mandatory fees, plus an estimate for the costs of room and meals, books, supplies, and personal expenses. An allowance for travel is added to the student costs if the student lives in the United States. The allowance varies depending on the student's home address. The cost of books and supplies, clothes, laundry, recreation, and other personal necessities vary widely, depending upon interests, tastes, and needs, but typically total about $2,772. There are many dining and housing options available at MIT and the range of student expenses for room and board is broad. Student Financial Services uses a standard allowance of $12,188 for room and meals. Actual costs for 2012–2013 may be more or less than the standard allowances based on individual costs.
The following are the basic tuition and fees at MIT for the academic year 2012–2013 (which are reviewed and likely to increase each year):
|Student Activity Fee||$280|
|MIT Student Extended Insurance Plan (optional)||$1,980|
Payment of the tuition fee entitles all regular and special students to many health care services at MIT Medical (Building E23) at no charge.
The MIT Student Extended Insurance Plan covers hospitalization due to accidents or illness. The insurance is required for all students, unless they can demonstrate that they have comparable coverage through another insurance program. Refer to the Medical Requirements section of this chapter for additional details or visit http://medweb.mit.edu/.
The tuition for all regular undergraduates in the fall and spring terms is $20,885 per term. Full tuition in either term of the current year covers the January Independent Activities Period (IAP). Tuition rates for the Summer Session are published each year in the Summer Session Catalog, available in April.
Regular undergraduate students who have permission to take only a few subjects are initially charged full tuition. They may then apply to have their tuition charged at the rate of $650 per unit with the approval of the faculty advisor. In such cases, there is a minimum fee of $3,900 for subjects and a minimum of $1,740 for the SB thesis. Registration for 32 or more units will be assessed the full tuition charge. Upon recommendation of a department, the Dean for Undergraduate Education, in the case of an undergraduate student, may set a special tuition rate in unusual circumstances. Financial aid will be adjusted based on enrollment costs. Some classes (including ROTC and classes taken on listener status) are not included in the determination of financial aid eligibility.
Special students are charged at the rate of $650 per unit taken either for credit or not for credit. This unit fee applies up to a maximum of $20,885 per term and is subject to the following minimum fees:
|Members of the MIT community||$3,900|
|(Includes special students who are full-time employees of the Institute or who are dependents of full-time employees or regular students.)|
|Other special students||$5,850|
Internship and cooperative programs offered by MIT provide industrial and research experience through a series of work assignments interwoven with regular study at the Institute. The tuition fee for these programs is the same as that for other regular undergraduate students:
Upon recommendation of the department, a special tuition rate for any cooperative program may be set in an unusual case. Light-load tuition adjustments are not normally available to students who are (or were) in cooperative and internship programs.
A student withdrawing before the start of a term is not charged any tuition for that term, and any tuition payments previously made for that term will be refunded. Students withdrawing during the fall or spring term are charged one-twelfth of the stated tuition for the term for each week from the starting date of the term, with a minimum two-week charge. A student is financially obligated to the Institute for the tuition appropriate to the program approved by his or her faculty advisor at the beginning of the term. Any subsequent reduction in fees is based on the date that cancellation of subject or withdrawal from the Institute is effected. At that time, any excess payments which the student has made will be refunded.
If the student receives financial aid through one of the Title IV federally based student financial aid programs, and aid is reduced as a consequence of the reduced tuition, the reduction in aid will be made in accordance with current federal regulations. Contact Student Financial Services for examples of refund calculations.
Miscellaneous fees include the following:
|Application fee for undergraduate admission||$75|
|Fee for late submission of preregistration ($85 if very late)||$50|
|Fee for late filing of the degree application ($85 if very late—see Academic Calendar preceding the Overview section in Part 1)||$50|
|Fee for late initiation of the registration process or very late registration||$100|
Miscellaneous fees are nonrefundable unless levied in error.
An individual who registers as a student at MIT agrees to pay all charges on his or her account when due, and acknowledges that the Institute may charge late payment fees, suspend registration, revoke Institute services, and withhold the degree if these charges are not paid.
Student Financial Services (SFS) gathers, bills, and collects student charges and provides a student account statement of that activity. These charges originate in the offices from which the student receives Institute services. SFS bills by posting a monthly student account electronic billing statement on MITPAY—a secure, paperless online billing and payment system. The statement is posted by the 10th of any month in which there's a new charge or credit on the account. SFS sends courtesy email reminders to students each month to check the statement and pay any balance due. The statement includes charges (e.g., tuition, fees, housing, and library fees), payments (financial aid, tuition awards), additional amounts due, and payment deadlines. Visit http://web.mit.edu/sfs/bills/index.html for more information on getting and paying the student account bill.
Payment in full or a satisfactory arrangement for payment is due prior to the beginning of each term (July 1, August 1, and January 1). New charges and credits that occur after the initial statement will appear on a subsequent statement. If a student anticipates that he or she may not be able to pay the entire account by the July, August, or January deadline, the MIT Payment Plan is available and should be considered.
The MIT Monthly Payment Plan is an installment arrangement administered by Tuition Management Systems (TMS) that allows students to pay their bills in monthly installments interest free. The terms and conditions of the monthly payment plan can be found at http://web.mit.edu/sfs/afford/monthly_payment_plan.html.
SFS also offers information on various loan programs as additional options, including federal programs. For more information visit http://web.mit.edu/sfs/loans/get_a_loan.html.
If a student fails to make satisfactory arrangements for payment and has amounts outstanding after a payment due date, that balance will be subject to late fees of 1.5 percent per month (18 percent annual percentage rate). Outstanding balances at the end of a term will result in a hold on the student's registration or graduation. Student accounts unpaid after the student has left MIT for any reason may be reported to credit bureau agencies, sent to an outside collection agency, and assessed additional collection fees.
SFS staff members are available to answer questions and offer assistance in resolving billing matters related to student accounts, payment options, billing sponsors, educational loans, refund and cash advances. Visit SFS in the Student Services Center, Room 11-120, or http://web.mit.edu/sfs/.
Undergraduate students are subject to the Financial Hold policy adopted by the Committee on the Undergraduate Program (CUP) and the Committee on Academic Performance (CAP) in 1998. Students who have not paid their outstanding student account balance, made satisfactory arrangements with SFS to pay the balance, or completed a financial aid application by the end of the term will lose access to student services for subsequent terms. Removal of services includes the right to register for the term, Athena access, MIT housing, dining, the MIT Card, and library access. Students who have not made efforts to resolve their financial problems will not be allowed to register or receive credit retroactively.
If a student has an outstanding balance at the end of the term, including Independent Living Group charges, the student's graduation or registration for the subsequent term is placed on hold.
Students who have unanticipated financial problems during a term should resolve them using the resources of SFS and Student Support Services (S3), as well as outside sources such as parents and relatives. The policy is designed to allow students sufficient time to resolve their financial difficulties. Students owing fall term balances have six months, from August to January, to clear their accounts before a hold on registration is imposed; students owing spring term balances have five months, from January through May. This should be sufficient time for students to deal with their financial issues.
To resolve financial holds, students should contact their counselor for customer service in the Student Services Center, Room 11-120.
Undergraduates with unpaid balances will not be allowed to register for any subsequent term, receive credit retroactively, nor receive any student services, including but not limited to the libraries, dining system, computing resources, and Institute housing. To assure the timely payment of bills and equitable treatment of students, as well as to educate students about their rights and responsibilities in meeting their financial obligations to the Institute, the following procedures have been approved by the Committee on the Undergraduate Program and the Committee on Academic Performance.
After the fifth week of the term, SFS will identify undergraduates who have unpaid balances on their student accounts for that term and who have not made satisfactory arrangements for payment of those balances. SFS will notify these students—both through the regular billing process and by email—informing them of the MIT policy regarding financial holds and registration holds for subsequent terms.
After the eleventh week of the term, SFS will identify undergraduate students who have unpaid balances on their student accounts for that term and who have not made satisfactory arrangements for payment of those balances. SFS will notify these students—both through the regular monthly billing process and by email—informing them of the Institute's policy regarding financial holds.
Undergraduate students who have not paid or negotiated satisfactory arrangements for payment of unpaid balances from the previous term may not register for subsequent terms, and therefore may not partake of Institute student services. When students have not made satisfactory payment arrangements by Registration Day of the subsequent term, SFS and other Institute offices may take the following actions:
Undergraduates who do not settle their prior term balances or who have not made efforts to resolve their financial problems will not be allowed to register for the subsequent term or receive credit retroactively. Students who face loss of services should immediately contact their counselor for customer service in Room 11-120.