Tuition and Financial Aid
Undergraduate Tuition and Living Expenses
Nine months’ tuition for 2015–2016 is $46,400.* In addition, undergraduate room and board is approximately $13,730 depending on the student’s housing and dining arrangements. Books and personal expenses are about $2,816.
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 2014–2015, 91 percent of undergraduates received $129.7 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 $5,500 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.|
|Average net price of an MIT education**||$40,451|
|Average need-based MIT scholarship||$36,566|
|Average need-based financial aid award||$43,298|
|Students awarded a need-based MIT scholarship||56%|
|Students attending tuition-free||33%|
|Class of 2015 graduates with student loan debt||32%|
|Average student loan debt for those who borrowed||$23,537|
|Average term-time earnings for those who worked||$3,167|
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 2015–2016, nine months’ tuition is $46,400 (specific programs and departments may have different tuition amounts).* Summer term tuition in 2015 was $15,460 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 $874 to $1,816 for single students and from $1,322 to $1,956 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.