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 2011-2012 academic year.

Undergraduates

• 74% of undergraduates receive either a need-based or merit-based scholarship. Undergraduates receive more than $105.5 million annually in scholarships from all sources (Institutional, federal, state or private).
• 29% of undergraduates come from families with incomes of $75,000 or less.
• 61% of MIT undergraduates are awarded a need-based MIT scholarship that doesn’t have to be repaid, and the average award is $32,917.
• 41% of undergraduates have student loan debt at graduation, and the average debt at graduation is $20,800.
• 63% 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 $2,971 per year.

Graduate and professional students

• Approximately 971 graduate students (15%) receive need-based financial aid in the form of student loans and jobs totaling $45.4 million.
• 14% of graduate students borrowed on average $48,000 in loans.
• 185 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 $11,650.