MIT scholarships, student loans and grants

How much does it cost to go to MIT?

_{Source: Massachusetts Institute of Technology}

MIT’s price tag isn’t just tuition and fees. Costs like housing, meal plans, supplies and other living expenses also factor into the cost of attendance.

Does MIT offer a tuition payment plan?

Yes, MIT offers a monthly payment plan to break up your expenses into five monthly installments. It costs $35 to enroll each semester, which you can do online through MITPAY.

Fall semester repayments run from August to December, while Spring semester repayments run from January to May. Students must re-enroll each semester.

How MIT’s financial aid program works

MIT is one of a handful of schools that offers full-need financial aid. It covers the full cost of attendance for all students from families that make less than $90,000 a year. And students from families that make more than that amount also typically receive need-based scholarships. About 72% of students graduate without debt, according to the school’s admissions office.

MIT uses the college board’s method of calculating financial need by considering two main factors: expected parent contribution and student contribution.

• Parent contribution

  One of the main factors that contributes to your financial aid award is how much MIT thinks your family can afford to contribute. When calculating your expected parent contribution, it considers:

  • Parent’s total income
  • Family assets, not including retirement plans
  • Number of people in your family
  • Number of children in your family in college
  • Private school tuition of younger siblings
  • Unreimbursed medical bills
  • Where your family lives

  Retirement savings, mortgages and other financial obligations like debt payments don’t factor in.

• Student contribution

  MIT expects students to contribute about $5,400 to their education expenses. You can cover this by working over the summer and during the semester — you can typically save around $2,000 with a summer job. In fact, MIT typically includes student employment as part of its financial aid award.

  Don’t have time to work? Students can also cover this with outside scholarships from the government, organizations and private individuals — it won’t reduce the amount of need-based funding you receive from MIT. Otherwise, you might need to take out a student loan.

MIT scholarships

What MIT calls scholarships are actually need-based grants. They’re the main source of financial aid at the school — around 60% of students get one. Since they’re entirely based on need, you won’t be able to get more funding with high test scores or an exceptional talent. Awards are based on how much MIT thinks your parents can contribute.

MIT student employment

One of the most common ways to cover your expected contribution as a student is through work-study. Aside from the Federal Work-Study program, the Undergraduate Research Opportunities Program (UROP) is another popular way to cover your share of the bill — around 90% of students participate at some point in their MIT career.

In addition to earning money, UROP allows you to build up valuable experience by overseeing research from the development phase to publishing the results.

How do I apply for financial aid?

MIT’s financial aid application is a little more involved than what you might find at other schools. There are three main steps:

1. Complete the FAFSA. All US citizens and permanent residents must complete the Free Application for Federal Student Aid (FAFSA), which you use to apply for federal grants, work-study and student loans.
2. Submit a CSS Profile. You also need to fill out a College Scholarship Services (CSS) Profile with information about your family’s finances. MIT uses this to determine financial need.
3. Submit tax returns or income documents. In addition, you need to submit your parent’s federal tax returns and documentation of any income from a trust or ownership in a partnership or corporation.

You can complete all three of these steps on the MIT Student Financial Services website.

Student loans to pay for MIT

Most MIT students don’t need student loans to pay for school — only 28% took on debt in the 2016–2017 academic year. If you’re a part of that group, you might want to consider federal loans first. They’re often less expensive and come with more flexible repayment options.

However, not everyone can qualify for federal funding, such as international students or those who’ve reached their federal loan limit. In those cases, you might want to look into your private student loan options.

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Bottom line

Chances are you won’t end up with much student debt for an MIT degree — if at all. International students might have the most trouble qualifying for funding, since federal aid is off the table and many private student lenders are restricted to citizens and residents. You can learn more about your student loan options by reading our guide.

Frequently asked questions

• Does MIT offer any merit scholarships?

  No, MIT doesn’t offer any scholarships based on academics or test scores.

• Can I go to MIT on an athletic scholarship?

  No, MIT competes at the NCAA Division III level, which means it can’t offer athletic scholarships. All scholarships are based on financial need.

• Does MIT offer scholarships to international students?

  Yes, international students are considered for the same types of scholarships as US residents. However, they aren’t eligible for federal aid such as Pell Grants, work-study or federal student loans.