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Tuition and Financial Aid

Undergraduate Tuition and Living Expenses

Nine months' tuition for 2013–2014 is $43,210. In addtion, undergraduate room and board is approximately $12,744, depending on the student's housing and dining arrangements. Books and personal expenses are about $2,778.

Undergraduate Financial Aid

The Institute’s undergraduate financial aid program ensures that an MIT education is accessible to all qualified candidates regardless of their financial circumstances. MIT provides financial aid to meet the full price of an MIT education, based on the calculated financial need of the family. In 2012–2013, approximately 61 percent of all undergraduates received some type of need-based financial aid. For students with a family income under $75,000, the Institute ensures that scholarship funding from all sources will allow them to attend MIT tuition-free.

Financial need is the difference between the price to attend MIT and the family’s ability to finance that price, which is determined using information parents provide on the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CSS) Profile. The first $6,000 of financial need is met with an offer of a student loan/term-time job. The remaining need, if any, is met with MIT scholarship. Students receiving scholarships and grants from sources outside MIT may use this financial aid to replace the self-help expectation.

Selected Undergraduate Financial Aid Statistics, 2012–2013
Average net price of an MIT education $38,046
Average need-based MIT scholarship $33,697
Average need-based financial aid award $40,952
Students awarded a need-based MIT scholarship 58%
Students receiving some form of financial aid 90%
MIT families earning less than $75,000 annually 32%
Class of 2013 graduates with student loan debt 41%
Average student loan debt for those who borrowed $18,000
Median debt at graduation for those who borrowed $11,000
Average term-time earnings for those who worked $3,050

Graduate Tuition and Living Expenses

Graduate students generally incur greater expenses than undergraduates. Most attend the Institute for a calendar year rather than an academic year, increasing the cost of tuition. In 2013–2014, nine months' tuition and fees is $43,210 (specific programs and departments may have different tuition amounts).* Summer term tuition in 2013 was $14,395 for students enrolled in courses.

MIT's residential system can accommodate about one-third of its graduate students; the rest find housing in the Boston/Cambridge area. Graduate students' costs for housing, food, books, medical insurance, and incidentals vary widely, depending on marital status, quality-of-life expectations, and housing arrangements. For example, monthly charges for on-campus housing range from $760 to $1,695 for single students and from $1,234 to $1,826 for family housing.

Graduate Financial Aid

Financial aid for graduate students is in large part provided by individual departments, and the amount of aid varies significantly. Financial support includes fellowships, traineeships, teaching and research assistantships, and loans. Most forms of support are granted for merit, while others are granted for financial need or a combination of merit and need.

* Tuition rates are set by the Academic Council in the spring for the following academic year.