Tuition and Financial Aid
Undergraduate Tuition and Living Expenses
Nine months' tuition for 2014–2015 is $43,720. In addtion, undergraduate room and board is approximately $13,224 depending on the student's housing and dining arrangements. Books and personal expenses are about $2,790.
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. For 2013–2014, 91 percent of undergraduates received $125.7 million in financial aid from all sources, with MIT being the largest source. 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 an MIT scholarship. Students receiving scholarships and grants from sources outside MIT may use this financial aid to replace the student loan/term-time job.
* Cost of attendance minus MIT scholarships averaged across alll undergraduates.
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 2014–2015, nine months' tuition and fees is $44,720 (specific programs and departments may have different tuition amounts).* Summer term tuition in 2014 was $14,900 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 $845 to $1,436 for single students and from $1,277 to $1,890 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.