MIT Student Financial Services How will I afford an MIT education


The total yearly amount your family will need in order to finance your MIT education (which you can calculate from our student budget worksheet) might seem like a daunting figure, but you can break down the total into manageable monthly payments by using a combination of:

Many private agencies offer loan assistance or extended payment programs, and most don’t require demonstration of financial need. For a list of the most common lenders used among students, please view our loans section.

To help you assess the right balance for you between the MIT Monthly Payment Plan and private loan payments, we've provided a payment option calculator. With this calculator, you can specify a total monthly payment and then look at different ways you might split that amount between loan payments (in our example, the Federal Direct PLUS loan) and MIT payments. The calculator also shows the resulting yearly total you would pay.

While it may be tempting to aim for the lowest possible monthly payment by borrowing a lot and allocating very little to the MIT Monthly Payment Plan, it’s usually wiser to pay MIT as much as you can afford each month to minimize the repayment period and installment amounts for any loans you take.

CAUTION: The figures listed in this calculator is for illustrative purposes only, and may not represent the final payment amounts. These calculators apply only to the undergraduate version of the Federal Direct PLUS Loan.

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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.