MIT Student Financial Services Financial Aid

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.

Undergraduates

  • 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.
Important Sites Free Application for Federal Student Aid (FAFSA)
When you complete the FAFSA online, be sure that you and your parents obtain PIN numbers to sign electronically or submit the signature page as instructed. MIT's FAFSA Code is 002178.

CSS Profile
Apply online at the College Board website. MIT's CSS code is 3514. MIT receives your profile data electronically from CSS so you do not send copies or printouts of your application to MIT.

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How will I afford an MIT education?

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View  Stories and actual financial aid packages for other MIT students

 
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