MIT financial aid BACKGROUND
Gather your chips and play MITGO – which is actually not a game of chance like Bingo, but a way to learn about undergraduate costs and financial aid.
Here are some more MIT financial aid statistics for both undergraduates and graduate students from the 2012-2013 academic year.
- 72% of undergraduates receive either a need-based or merit-based scholarship. Undergraduates receive more than $105.8 million annually in scholarships from all sources (Institutional, federal, state or private).
- 32% of undergraduates come from families with incomes of $75,000 or less.
- 58% of MIT undergraduates are awarded a need-based MIT scholarship that doesn’t have to be repaid, and the average award is $33,697.
- 41% of undergraduates have student loan debt at graduation, and the average debt at graduation is $17,900.
- 65% of undergraduates work during the term (either on campus or under the Federal Work-Study Program, which includes both on-campus and off-campus work). Students’ average term-time earnings are $3,058 per year.
Graduate and professional students
- Approximately 888 graduate students (13.6%) borrowed on average $52,061 in loans, totaling $46.2 million.
- 176 graduate students earned a total of $2.2 million under the Federal Work Study Program (includes both on- and off-campus programs). The average graduate Federal Work Study participant earned approximately $12,665.