Tuition and Financial Aid

Undergraduate Tuition and Living Expenses

Nine months' tuition and fees for 2008–2009 is $36,390. Additionally, undergraduate room and board is approximately $10,860, dependent on the student's housing and dining arrangements. Books and personal expenses are about $2,850.

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 resources. MIT provides financial aid to meet the full cost of an MIT education, based on the calculated needs of the family. In 2007–2008, approximately 62 percent of all undergraduates received some type of need-based financial aid.

Financial aid eligibility is determined using information provided by the family on the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CSS) Profile. MIT then establishes the parents' and the student's contributions. Additionally, all aid recipients are expected to meet a portion of their need through a loan, part-time job, or both. This "self-help" component is set annually (in 2008–2009, $2,850 for students from families earning $75,000 or less, and $4,750 for all other students). The balance is met with MIT scholarships. In 2007–2008, the average need-based financial aid package was $33,950.

For 2008–2009, MIT announced significant enhancements to undergraduate student financial aid. Families earning $75,000 and less a year have their tuition covered by a combination of scholarship funds (including MIT, federal, private, and state grants). For these families, the student no longer needs to take out loans as part of their self-help. For families earning less than $100,000, MIT eliminated home equity in determining their need.

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 2008–2009, nine months' tuition and fees is $36,390 (specific programs and departments may have different tuition amounts). Summer term tuition in 2008 was $12,045 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 $525 to $1,380 for single students, and from $970 to $1,485 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.