MIT Student Financial Services How will I afford an MIT education


If you’re a graduate student, we use a formula known as the “Federal Methodology” to determine the amount of education loans (both subsidized and unsubsidized) for which you may qualify. The resulting figure is referred to as your estimated family contribution or EFC, although we will only include an amount from you and not from your parents. You may meet this amount in a variety of ways – prepaid college plans, savings accounts, investments, unsubsidized student loans, etc. offers an online calculator to help you figure your expected family contribution amount. Under “Need Analysis Methodology” option, select “Federal Methodology.” However, be aware that this will provide only a rough estimate; you are not guaranteed that MIT’s calculation of your EFC will match the figure produced by this calculator.

Here’s how we determine your financial need:

            Student expense budget
        -   Expected family contribution (EFC)
        -   Departmental support
        =  Financial need

Expected family contribution is based on financial data from the student only, since parents are not expected to contribute toward the price of a graduate education.

Departmental support for graduate students is administered by individual academic departments rather than SFS. Support may come in the form of a teaching assistantship, research assistantship, fellowship, stipend, scholarship or traineeship.

Your share:
Expected family contribution plus work to earn departmental support

To meet your financial need, if any, you may apply for financial aid through SFS to qualify for federal, MIT and private loans. For more information, see graduate student loans.

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.

Outside scholarships

There are hundreds of outside private scholarships for every type of student.