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Massachusetts Institute of Technology Scholarships & Financial Aid
Massachusetts Institute of Technology Financial Aid Overview
Cost of Attendance
$72,462.00
Average net price
$16,407.00
Average student loan debt
$13,418.00
Massachusetts Institute of Technology Cost
Cost of Attendance:
Tuition
$53,450.00
Books & Supplies
$830.00
Room & Board
$16,000.00
Other Expenses
$2,182.00
Total Sticker Price
$72,462.00
The sticker price at MIT is $72,462.00. This sticker price includes costs for tuition, books and supplies, room and board, and other miscellaneous expenses.
It’s also important to note that the cost of tuition can vary from year to year and you can expect the cost of tuition to rise over your four years in college. With that said, your financial aid will also be recalculated each year which will take into account any tuition increases.
Massachusetts Institute of Technology Net Price
The sticker cost of Massachusetts Institute of Technology is not actually what students will pay. Depending on factors such as student and parent finances, the actual cost can be lower. This price that takes financial aid into account is also known as a “net price.”
Family Income
Net Price Paid
$0 - $30,000 family income
$5,193.00
$30,001 - $48,000 family income
$-2,603.00
$48,001 - $75,000 family income
$2,834.00
$48,001 - $75,000 family income
$14,291.00
$110,000+ family income
$41,635.00
If you use the Net Price Calculator, you should know that it only provides an estimate of financial aid. To actually apply for financial aid, you’ll need to submit the FAFSA and any other required financial aid forms to receive their official financial aid award letter. Also, the NPC does not include any outside scholarships that you might earn.
Ultimately, students can treat the Net Price Calculator as a useful gauge to understand what a potential financial aid package could look like.
Massachusetts Institute of Technology Financial Aid
The FAFSA opens up on October 1st, and students should apply as soon as they can! The FAFSA uses financial information from the prior, prior year which means that you don’t need to wait for the year to end and can use last year’s financial information.
The FAFSA code for MIT is 002178 and the CSS Profile Code is 3514.
It should be noted that while the FAFSA is free, the CSS Profile does require an application fee. However, students can qualify for a CSS Profile application fee waiver if the cost presents a financial hardship for the students’ family.
If you are looking for more information on how to complete the FAFSA or the CSS Profile, check out these resources:
Pell Grants at Massachusetts Institute of Technology
19% of students at Massachusetts Institute of Technology receive Pell Grants, which are awarded to undergraduate students with demonstrated financial need (students who have a bachelor’s or professional degree are not eligible). Pell Grants are awarded by the federal government and do not need to be repaid. To apply for a Pell Grant, students will need to submit their FAFSA. If you are awarded a Pell Grant, you’ll see it listed in your financial aid award letter if you are accepted to Massachusetts Institute of Technology.
You can learn more about Pell Grant eligibility here.
Outside Scholarships
No Loan Financial Aid Program
Massachusetts Institute of Technology has a generous financial aid program which includes a “no loan” policy. This means that students admitted to MIT will not receive any student loans in their financial aid package. For students, this means that your financial aid package will only include scholarships, grants, and work study.
MIT Questbridge Scholarships
MIT is a member of Questbridge, which is a prestigious scholarship program that supports high-achieving students from low-income backgrounds. Students who are “matched” to Massachusetts Institute of Technology through Questbridge receive a four year, full ride scholarship to the school. If you are interested in learning more about Questbridge, you can check out our Questbridge Scholarship guide.
Massachusetts Institute of Technology Student Debt
Student Loan Stats:
Average student loan debt payment per month
$134.14
Average student loan debt
$13,418.00
Student loan default rate
<=0.02
In addition to scholarships and financial aid, student loans are another way that students can pay for college. However, unlike other types of aid, student loans need to be repaid. This is why it’s so important to know how much student loan debt you are taking out.
8% percent of Massachusetts Institute of Technology students take out federal student loans. The average student at Massachusetts Institute of Technology takes out in student loan debt, which winds up being a $134.14 payment per month. The important thing to remember about these numbers is that they only include federal student loans and not private student loans.
Parent PLUS loans are another type of student loan that families may use to pay for college. While Parent PLUS Loans are offered by the federal government, they are not included in the above federal student loan metrics because they are not technically taken out by students. The median amount of Parent PLUS loan debt at MIT is $49,071.00. Between 0% and 5% percent of parents of Massachusetts Institute of Technology students will take out these Parent PLUS Loans.
If you want to learn more about Parent PLUS Loans, you can check out the pros and cons of borrowing them.
Is MIT Worth it?
College is an investment, which is why it is important to assess the return on your education. To understand your return on investment or ROI, you will need to first understand what that investment will look like financially.
By completing the net price calculator, you will have a good sense of how much MIT will cost you. This will also give you a sense of how much debt you can expect to graduate with.
Once you have a sense of your investment, you can think about your “return” or what you will get out of an education at Massachusetts Institute of Technology. In other words, what types of outcomes can you expect?
The important factors to consider when thinking about outcomes are the graduation rate of the institution, as well as your expected earnings.
Here’s how MIT stacks up:
- 6-year graduation rate: 84.69
- Median earnings (10 years after graduation): $111,222.00
Note that the average earnings will vary by both major and intended career, so this is not a perfect metric, but should serve as a good starting point.
Massachusetts Institute of Technology Financial Aid Resources
If you are looking for more information about financial aid and scholarships at MIT or have questions that are specific to your personal situation, we recommend that you reach out directly to the financial aid office!
Here’s how you can get in touch:
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Website: Massachusetts Institute of Technology Office of Financial Aid
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Email: [email protected]
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Phone: 617-258-8600
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Phone: Data Sources
We strive to provide users with the most up-to-date information and source data from publicly available sources, including the College Scorecard and directly from the colleges. If you see an error, feel free to contact us at [email protected].
