MIT Student Financial Services How will I afford an MIT education

GRADUATE STUDENT EXPENSES

The first thing you should know is that relatively few MIT graduate students pay the full price out of pocket. Instead, they use some combination of MIT tuition awards, savings, student loans, and term-time and summer jobs to meet their expenses. This requires some research and careful planning of your current and future budget.

Your actual expenses will vary depending on your academic program as well as your choices of dining and housing options, travel, other out-of-pocket expenses, etc. You can get a more accurate estimate by using our student budget worksheet.

Your price has two categories: charges billed by MIT charges, and things you must pay for out of pocket

1. MIT expenses

Below are some of the amounts charged by MIT for the 2013-14 academic year. These figures do not include expenses for the summer term from June through August.

Expense What most students are charged Details
Tuition 1 $43,210 Registrar’s Office
Student activity fee (mandatory) $288 Registrar's Office
Housing (on campus) 2 $14,363 Housing Office
Meals $4,774 3 Campus Dining
Student Medical Plan $0 MIT Medical
Student Extended Insurance Plan 4 $2,088 MIT Medical

1 Tuition amounts vary widely by academic program. Please confirm your tuition rate with your program directly. All graduate students in the Sloan School of Management are subject to a different base tuition rate than the figure listed above.

2 These figures vary from a double room in one of MIT’s graduate residence halls to a two-bedroom in one of MIT's family residence halls; prices vary depending on which residence hall you choose, whether you are single or seeking a family apartment, and (if you're single) how many roommates you elect to have. These figures don’t apply to off-campus housing.

3 This is the budget figure suggested by Campus Dining for 32 weeks on campus per academic year.

4 Some form of hospital insurance is required by Massachusetts law. As part of the basic tuition fee, MIT provides the basic Student Medical Plan but also charges all students for the Student Extended Insurance Plan, which provides hospitalization coverage. However, students who can demonstrate that they already have comparable coverage under another insurance program are granted a waiver from the Student Extended Insurance Plan. There are additional charges for coverage of partners and dependents under both the Student Medical Plan and the Extended Student Insurance Plan. Click here for a chart that compares all services and rates offered by MIT Medical to students and their families.

2. Out-of-pocket expenses

There are other expenses that are not billed by MIT that you should take into account. Some items below are followed in parentheses by a standard budget amount suggested by MIT.

  • Food ($4,634)
  • Utilities – heat, water, gas, electricity, phone, Internet, cable TV (if you live in an apartment where these are not included in the rent)
  • Books and supplies ($2,107)
  • Local transportation – getting around Cambridge and Boston by bike, car or public transportation ($2,736)
  • Personal and miscellaneous expenses – health insurance, clothing, entertainment, etc. ($5,250)
Student Stories Fausto Morales
Class of '12

Fausto is one of thousands of students who are paying much less than MIT's "sticker price" - because we meet every student's full financial need.

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