Undergraduate expenses
Graduate student expenses
How will I finance my family’s share?
Is my family eligible for tax benefits?
HOW WILL I AFFORD AN MIT EDUCATION?
At first glance, MIT can look so expensive that it seems out of reach for most students. This section of the SFS web site gives you some information and strategies to make attendance financially possible for you and your family, both while you’re in school and after you graduate.
As with any budget, there are two sides: expenses and resources.
Expenses
- Tuition and fees
- Housing
- Food
- Personal expenses (books, clothing, computer, transportation, utilities, entertainment, etc.)
Resources
- Family contribution, including students’ savings (and for undergraduate students, their parents’ earnings, savings, parent loans, etc).
- MIT scholarships
- Outside scholarships and grants
- Student loans
- Term-time work (this can include research opportunities taken for pay during the academic-year)
- Summer work
Click on your student category for more detailed budget outlines:
Need a loan?
For details on applying for specific student and parent loans, see Get a Loan. Remember that you must first apply for financial aid to qualify for federal loans that are based on financial need.
Financial aid status
1. Undergrads – The majority of the undergraduate financial aid applications received by April 22 have been reviewed and award letters have been sent. SFS Financial Aid is working hard to award all completed files as soon as possible. You may check the status of your financial aid award on WebSIS. Questions? Call 617-253-4971 or email finaid@mit.edu.
2. Graduate students – SFS Financial Aid will be finalizing all completed graduate financial aid applications within the next few weeks. Your patience is appreciated. If you have further questions, call 617-253-4971 or email finaid@mit.edu.
