MIT Student Financial Services Loans

MITGO for undergraduates

Interested in MIT but not sure you can afford it? You should know that MIT has need-blind admissions (we don't look at your finances when considering you for admission). Once you're admitted, MIT also guarnattes that we will meet your full financial need for all four years of your undergraduate career.

Bingo is a game of chance, but affording your MIT education is only a matter of your need, not luck. Check out some of these 2007-08 "MITGO" figures for undergraduates.

 

Scholarships

Loans

General facts

Jobs

Price and income


83

%

Total financial aid in the form of scholarships and grants

9

%

Total financial aid in the form of loans

93

million $

Scholarships, loans and jobs from all sources

8

%

Total financial aid in the form of term-time work

50,100

$

What it costs to go to MIT in 2007-08

78

million $

Scholarships and grants from all sources

5,500

$

Average annual student loan total

90

%

Students receiving aid (all types and sources)

2,750

$

Average student term-time earnings

36,390

$

Tuition and fees

70

%

Students receiving scholarships and grants from any source

37

%

Students borrowing from any source

Free spot


No tuition and fees for families earning less than $75,000.

61

%

Students working
term-time

10,860

$

Room and board

26,800

$

Average MIT scholarship

14,150

$

Average debt at graduation

62

%

Students receiving need-based aid (scholarship, loan and/or job)

1,900

$

Freshman summer earnings expectation

2,850

$

Books, supplies and personal expenses

58

%

Students receiving an MIT scholarship

49

%

Graduating seniors who borrowed as undergrads

15

%

Students with a Pell Grant

4,700

$

Standard self-help expectation ($2,800 for families earning less than $75,000)

84,500

$

Median family income of families receiving need-based aid

 
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