For the past four decades, MIT has admitted students without regard to their families’ financial circumstances and awarded financial aid to them solely on the basis of need. This gives individuals from very modest backgrounds access to MIT, while ensuring the Institute is affordable to those of greater means who nonetheless need financial assistance. As the cost of an MIT education climbs, the role of financial aid in ensuring both access and affordability is increasingly critical.
DUE plays a central role in formulating and implementing MIT’s financial aid policies through the leadership of Student Financial Services and the Admissions Office in collaboration with the Committee on Undergraduate Admissions and Financial Aid (CUAFA).
The total price for an undergraduate during the 2016-2017 academic year is $65,478:
- tuition and mandatory fees: $48,452
- room and board: $14,210
- books, supplies and personal expenses: $2,816
Key Metrics (Academic Year 2014-15)
- 91% of undergraduates received some type of financial aid, including scholarships, loans, and work
- 56% of undergraduates received a need-based MIT scholarship
- the average MIT scholarship was $36,566
- 18% of undergraduates received a federal Pell Grant
- 33% of MIT students received scholarships from any source greater than or equal to the cost of tuition. Of those, 23% came from families with incomes of $75,000 or less
- 32% of the class of 2015 graduated with loan debt averaging $23,537
MIT's Commitment to Access and Affordability through Financial Aid
- For 2017-2018, the financial aid budget will increase to $118.5 million, which will offset the 3% increase in tuition and fees.
- As of the 2016-17 year, home equity is no longer considered a factor in the calculation of financial aid.