SAMPLE UNDERGRADUATE FINANCIAL AID PACKAGES
These are actual MIT undergraduate aid packages for 2007-08. The student expense budgets vary because some students have a larger travel allowance, which is determined by the student’s home ZIP code. Examples that list “U.S. dollar equivalent” are for international students.
Student A:
| Family total income |
$4,303 (U.S. dollar equivalent) |
Financial aid package: |
|
| Family total assets |
$5,662 (U.S. dollar equivalent) |
MIT scholarship |
$40,850 |
| Student budget |
$46,350 |
MIT Technology Loan |
$4,000 |
| EFC |
$0 (no student contribution is required for international students) |
MIT work |
$1,500 |
| Financial need: |
$46,350 |
Total aid package: |
$46,350 |
Student B:
| Family total income |
$25,000 |
Financial aid package: |
|
| Family total assets |
$6,886 |
MIT scholarship |
$28,750 |
| Student budget |
$46,450 |
MIT Pell Matching Grant |
$3,100 |
| EFC |
$0 (student contribution is replaced in full by outside scholarships) |
Federal SEOG Grant |
$4,000 |
| |
|
Outside scholarship |
$7,500 |
| Financial need: |
$46,450 |
Total aid package: |
$46,450 |
Student C: *
| Family total income |
$120,943 |
Financial aid package: |
|
| Family total assets |
$94,615 |
MIT scholarship |
$20,096 |
| Student budget |
$47,100 (includes $750 travel allowance) |
Federal Work-Study |
$4,000 |
| EFC |
$21,504 (includes student contribution of $2,800) |
Outside scholarship |
$1,500 |
| Financial need: |
$25,596 |
Total aid package: |
$25,596 |
* This student’s need and aid are relatively high compared to income because the family has four other children, one of whom is also in college.
Student D:
| Family total income |
$73,700 (U.S. dollar equivalent) |
Financial aid package: |
|
| Family total assets |
$104,946 (U.S. dollar equivalent) |
MIT scholarship |
$30,202 |
| Student budget |
$46,350 |
MIT Technology Loan |
$4,000 |
| EFC |
$10,648 |
MIT work |
$1,500 |
| Financial need: |
$35,702 |
Total aid package: |
$35,702 |
Student E:
| Family total income |
$149,896 |
Financial aid package: |
|
| Family total assets |
$172,516 |
MIT scholarship |
$5,479 |
| Student budget |
$46,350 |
Federal Work-Study |
$500 |
| EFC |
$35,371 (includes student contribution of $2,500) |
Outside scholarship |
$5,000 |
| Financial need: |
$10,979 |
Total aid package: |
$10,979 |
Student F: **
| Family total income |
$148,060 |
Financial aid package: |
|
| Family total assets |
$409,308 |
Outside scholarship |
$8,000 |
| Student budget |
$46,800 |
MIT work |
$2,000 |
| EFC |
$47,716 (includes student contribution of $300 after outside scholarship) |
|
|
| Financial need: |
$0 |
Total aid package: |
$10,000* |
** This student was awarded $2,000 in MIT work even though he had no financial need because every student who applies for financial aid from MIT is offered the opportunity to borrow and/or work. In this case the student’s work earnings and other awards will cover part of his EFC.
