Student Financial Services

Student Financial Services (SFS) enables students to meet their financial obligations while ensuring access to an MIT education for all qualified students without regard to their financial need. The major SFS units are: Student Accounts, Student Employment, Student Financial Aid, Student and Parent Loans, Finance and Systems Support, and the Student Services Center.

Student Accounts bills and collects tuition, fees, and other student charges and counsels students and their families on payment options and financial management.

Student Employment develops term-time and summer student employment opportunities; manages on- and off-campus student employment programs, including the Federal Work-Study program; and counsels students on student employment options.

Student Financial Aid administers undergraduate financial aid programs from all sources including institutional, federal, state, and private; administers need-based graduate financial aid programs; and counsels students and their families on financial aid and financing options.

Student and Parent Loans manages undergraduate, graduate, and parent educational loan programs; manages the MIT Educational Loan Plan for faculty and staff; bills and collects institutional loans, including the Federal Perkins Loan program; and provides loan counseling.

Finance and Systems Support provides general accounting and finance services to SFS and coordinates the development, delivery, and maintenance of the SFS business application environment.

The Student Services Center provides a broad range of academic, financial, and general information services to students, parents, alumni, members of the MIT community, and the general public.

Tuition and Fees

For the 2002–2003 academic year, tuition revenues rose 5.7 percent to $304,960,701. Graduate tuition was $189,431,011, or 62 percent, compared to 61 percent in 2001-2002; undergraduate tuition was $115,529,690, or 38 percent, compared to 39 percent last year.

FY 2003 fees include: student activity fees of $1,984,700, late payment fees of $315,070 and MIT Monthly Payment Plan fees of $99,933. Combined monthly and late payment fees were $415,003, a 37 percent increase over FY2002 due to the economic downturn in the United States and abroad.

Student Accounts Receivable

Student accounts receivable as of June 30, 2003 is $5,230,515, a decrease of 1.8 percent from June 30, 2002. A contract was signed with Williams & Fudge, an outside collection agency, for second placement of delinquent student accounts.

Undergraduate Scholarships

For the 2002–2003 academic year, 2,990, or 71.6 percent of the 4,178 registered undergraduates, received scholarships totaling $53,664,074, representing a 3.2 percent increase from the prior year. Scholarships funded by MIT rose 8.7 percent with 53.2 percent of the undergraduates receiving an MIT scholarship. The average MIT scholarship was $19,010. The types and sources of undergraduate scholarships are as follows:

Source of Undergraduate Scholarships Total Undergraduate Scholarships Number of Unduplicated Undergraduate Scholarship Recipients
Federal Government
$ 5,693,245
State Governments
$ 349,430
Private Sources
$ 5,379,677

Undergraduate Student Loans

For the 2002–2003 academic year, 1,994 undergraduates, or 47.7 percent, received a student loan from some source for total borrowing of $9,442,255. For those undergraduates borrowing, the average loan was $4,735. The types and sources of undergraduate student loans are as follows:

Source of Undergraduate Student Loans Total Undergraduate Student Loans Number of Unduplicated Undergraduate Borrowers
$ 908,906
Federal Government
Private Sources

Graduate Student Loans

For the 2002–2003 academic year, 1,004, or 16.8 percent of the 5,984 registered graduates, received a student loan from any source. Total graduate students loans were $25,970,009, an increase of 17.7 percent from 2001–2002. This growth is attributed to the completion of the phase-in of a new student loan program, Sloan CitiAssist, for two-year MBA students. MIT Technology Loans to graduate students decreased 86.3 percent from the prior year, as expected due to the full phase-in of Sloan CitiAssist. For those graduate students borrowing, the average loan was $25,866. The types and sources of graduate student loans are as follows:

Source of Graduate Student Loans Total Amount of Graduate Student Loans Number of Unduplicated Graduate Borrowers
MIT $ 513,813 38
Federal Government $11,126,425 752
Private Sources $14,329,771 506
TOTAL $25,970,009 1,004

Parent Loans

For the 2002-2003 academic year, 397 undergraduate parents, or 9.5 percent, borrowed through a parent loan program administered by MIT. For those parents borrowing in FY 2003, the average loan was $20,988. The types and sources of parent loans are as follows.

Source of Parent Loans Total Amount of Parent Loans Number of Unduplicated Parent Borrowers
$ 1,827,464
Federal Government
$ 4,143,753
Private Sources
$ 2,361,205
$ 8,332,422

Student Loan Notes Receivable

Student Financial Services continues to administer student and parent loan program, including but not limited to MIT Technology Loans, Federal Perkins Loans, the Parent Loan Plan, and MIT Educational Loans. Student loan notes receivable for all educational loan programs is $76,720,101 as of June 30, 2003, down 6.8 percent from the prior year due to the significant number of borrowers consolidating institutional loans under the federal loan program.

During FY2003, $2,593,948 was loaned to MIT faculty and staff and $2,457,557 was collected. The year-end receivable balance for the program is $2,904,769, up 4.2 percent from FY2002.


Significant accomplishments within SFS during FY2003 include the following:


There were staffing changes in SFS during the past year. Four staff members left, eight new staff members arrived, and there were three internal promotions. Staff members who left include: Heather Clang, manager of Student Services; Dwight Doherty, student account counselor; Sheherazade Essack, communications officer; and Danielle Trammel, student services representative. Staff members who arrived include: Daniel Barkowitz, director of financial aid, Shawn Bennett, compliance officer; Gregory Che, associate director of Student Financial Services; Guillermo Creamer, student loan counselor; Gary Ryan, student services representative; Jason Shumaker, student services representative; George Sotirion, financial aid representative; and Brianne Vogan, Student Services Representative. Three staff members took on new responsibilities within SFS: David Andre was promoted to manager of Student Services; Tanitia Graham to staff accountant; and Sophya Gudelman to student accounts counselor.

Betsy Hicks
Executive Director

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