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MIT In Focus

Affordable MIT

A world-class undergraduate education doesn't come cheap—but at MIT, the heaviest financial burden is carried by the Institute itself, which provided $84.9 million in aid to students last year alone.

"Being born and raised in a middle-class family in Cambodia, it never even crossed my mind that I could attend a world-leading college like MIT. …MIT has taught me 'nothing is impossible.'"

—Meng Heng Touch '12

The tuition "sticker price" of MIT, $40,732, represents less than half of the cost of an MIT education. And 92 percent of MIT undergraduates pay even less than that, the majority thanks to the generosity of MIT's donors. (More than 71 percent of MIT's scholarships come from gifts and endowed funds; the rest from general Institute funds.)

"What differentiates us is that our largest source of financial aid is MIT, and the most common form is a scholarship that doesn't need to be paid back," says Elizabeth M. Hicks, executive director of Student Financial Services. "We want to be mindful that we're not asking students to borrow more than they can repay."

In academic year 2010–2011:

  • Fifty-four percent of the undergraduate Class of 2011 graduated with no student loan debt.
  • For students who graduated with loans, the average debt was $18,100.
  • Thirty-four percent of all undergraduates received scholarships from one or more sources greater
than or equal to the cost of tuition.

MIT awards all aid based on need, and meets the full need for both American and international students. "That's a distinguishing feature," Hicks says. "We're trying to ensure access and affordability and make sure the most talented students are able to attend."

First-generation college students, immigrants, children of means—and of the unemployed alike—are therefore admitted to MIT without regard to their financial circumstances. And, once admitted, MIT promises they will have the resources to attend—a promise the Institute has kept since 1969. Today, the Institute is one of just six US universities that both maintains need-blind admissions and ensures that full need is met for all students.

"Our need-blind admissions policy fosters an environment of academic excellence by rewarding students for their hard work and personal achievements."

—President Susan Hockfield

"It's an expensive thing to do," Hicks says, noting that MIT's financial aid budget has risen faster than tuition for 12 straight years. "But limiting access to those who could afford it would be self-defeating."

"If we're going to accomplish our mission, we need to have the best students here. We can't succeed in a global economy without that."