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 2007-2008 academic year.

Undergraduates

• 70% of undergraduates receive either a need-based or merit-based scholarship. Undergraduates receive more than $78 million annually in scholarships from all sources.
• 16% of undergraduates come from families with incomes of $47,000 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 $26,800.
• 49% of undergraduates have student loan debt at graduation, and the average debt at graduation is $14,150.
• 61% 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 $2,750 per year.

Graduate and professional students

• About 75% of graduate and professional students receive some type of financial aid from some source.
• Research assistantships are the largest source of MIT graduate financial aid, with more than 2,500 graduate students (41%) annually appointed to the research staff.
• About 700 graduate students (11%) hold part-time or full-time jobs as teaching assistants or (in the case of advanced students or those with proven teaching ability) instructors.
• Approximately 1,025 graduate students (17%) receive need-based financial aid in the form of student loans and jobs totaling $36 million.
• More than half of the graduate and professional students who take out loans also receive funding from another source such as a research assistantship, teaching assistantship or fellowship.
• Graduate students from all five schools borrow, although the majority of borrowing is done by professional students in the Sloan School of Management.