MIT’s “sticker price” should not be a factor in your decision to apply or enroll here. The percentage of our students receiving financial aid is extraordinarily high – 90% for undergraduates and approximately 86% for graduate and professional students (click here for more financial aid statistics). MIT itself is the largest source of financial aid to our undergraduate, graduate, and professional students.
At MIT, we have three guiding principles for undergraduate admissions and financial aid:
Click here for information about financial aid for graduate students.
Approximately 90 percent of MIT undergraduates receive some type of financial aid (scholarships, loans and term-time jobs) from some source (MIT, federal, state, or private). This includes need-based and merit-based aid from non-MIT sources.
The largest source of undergraduate financial aid is an MIT scholarship – money that you don’t have to pay back or earn. MIT scholarships are based on your family’s ability to contribute towards the price of your education. These scholarships come from a variety of MIT sources, including endowed funds, gifts donated by alumni/ae and friends, and general Institute funds.
Financial aid package is the term we use to describe the total of all types of aid you receive from all sources. We use information you submit on the FAFSA, CSS PROFILE and other documents to calculate your financial need, and then we use a simple system to award aid:
Here’s another way to look at it:
Student expense budget – EFC = financial need
Self-help + MIT scholarship = financial need
Student expense budget is $59,020 for 2013-14.
EFC is your expected family contribution (parent contribution* plus student contribution**).
Self-help is $6,000 (minus any outside scholarships, grants or awards). The student contributes the self-help amount through term-time work and/or student loans.
MIT scholarship is a grant from MIT, often funded by endowed scholarship funds.
* Parent contribution is determined through a standard formula using your parent’s financial data on the FAFSA form, CSS PROFILE, tax returns, etc. It can be from any combination of sources, including 529 plans and other savings, savings and cash on hand, current income, and parent loans.
** Student contribution is a standard expected amount depending on your class year and usually comes from your summer earnings. Freshmen are expected to contribute $1,900, sophomores $2,500, juniors $2,800 and seniors $3,100.
If you receive any outside scholarships, grants or benefits from federal, state or private sources that aren’t administered by us (for example, the Federal Pell Grant Program or the National Merit or Achievement Program), we use it to offset your loan/work component, so you end up with a higher percentage of MIT scholarship in your financial aid package.
Your financial need and amount of aid you'll receive will be listed in your financial aid award notification.
The family contribution plus the student contribution together are called the expected family contribution or EFC. There are online calculators on the web to help determine your EFC using standard institutional methodology. The results from these calculators are intended for use as only a guide, and suggests likely financial aid awards based on the information you enter. MIT Student Financial Services will still be the final authority on determining actual EFC and aid awards.
If you’re interested in applying for need-based financial aid, you need to apply each year, regardless of whether you're a prospective or enrolled student. The steps and deadlines for applying for financial aid vary according to your enrollment status, so select your category below:
Deadline for all materials:
February 15 – all prospective undergraduates (freshmen and transfers)
April 15 – enrolled undergraduates; prospective and enrolled graduate students
Starting in the middle of February, you can track the status of your financial aid application and find out if we're missing anything on MyMIT.
If your student account has been overpaid, the fastest way to get your refund is through MITPAY’s direct deposit option. You can sign up for direct deposit on MITPAY at any time. Your refund will be deposited into your bank account within two-business days after being processed. If you are graduating this spring, make sure that we have your correct banking information in MITPAY so that we can return funds to you, even after you leave campus.