MIT financial aid statistics

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 2006-2007 academic year.

Undergraduates

• 71% of undergraduates receive either a need-based or merit-based scholarship. Undergraduates receive more than $73 million annually in scholarships from all sources.
• 17% of undergraduates come from families with incomes of $45,000 or less.
• 59% of MIT undergraduates are awarded a need-based MIT scholarship that doesn’t have to be repaid, and the average award is $25,200.
• 49% of undergraduates have student loan debt, and the average debt at graduation is $15,000.
• 60% 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 $2,800 per year.

Graduate and professional students

• About 82% 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 950 graduate students (16%) receive need-based financial aid in the form of student loans and jobs totaling $34.5 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.