Affordability at MIT

Lori Strauss, Communications Manager, Student Financial Services

President Obama recently announced a systematic move to rank colleges by value, with schools earning top honors for making student debt manageable, and for producing graduates who have “strong career potential.” Both ranking factors illustrate the government’s focus on making college a smart long-term investment for everyone.  Although many of the president’s suggestions are aimed at public universities, MIT is committed to ensuring that education beyond high school remains an accessible goal.

To that end, we’re happy to share that MIT has recently been included on AffordableCollegesOnline.org as a college with the best lifetime return on investment, ranking among the top 51 colleges in Massachusetts.

Below are some additional figures and statistics from SFS on our undergraduates and the affordability of attending MIT.  While Bingo is a game of chance, affording an MIT education is only a matter of need, not luck. Check out our “MITGO” facts:

M

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Scholarships

Loans

General Facts

Jobs

Price and income

86

Percent of total undergraduate financial aid that are scholarships and grants in
2012-2013

7

Percent of total undergraduate financial aid that are loans in
2012-2013

123.7

Million in scholarships, loans and jobs from all sources in
2012-2013

7

Percent of total undergraduate financial aid that is term-time work in
2012-2013

59,020

The sticker price to attend MIT for
2013-2014

105.8

Million in scholarships and grants from all sources in
2012-2013

9,008

Average annual loan in
2012-2013

90

Percent undergraduates receiving aid (all types and sources) in
2012-2013

3,058

Average term-time earnings in
2012-2013

43,498

Tuition and fees for
2013-2014

72

Percent receiving scholarships and grants from any source in
2012-2013

22

Percent of undergraduates borrowing from any source in
2012-2013

Free Spot

We Try, MIT is the largest souce of undergraduate financial aid

65

Percent of undergraduates working term-time in
2012-2013

12,744

Housing and dining for
2013-2014

33,697

Average MIT scholarship in
2012-2013

17,900

Average debt at graduation in
2012-2013

61

Percent receiving need-based aid (scholarship, loan and job) in
2012-2013

1,900

Freshmen summer earnings expectation in
2012-2013

2,778

Books, supplies and personal expenses in
2012-2013

58

Percent receiving a MIT scholarship in
2012-2013

41

Percent of graduating seniors who borrowed while an undergraduate in
2012-2013

18

Percent of MIT undergraduates with a Pell grant in
2012-2013

6,000

Standard self-help expecation for
2012-2013

88,900

Median family income of families receiving need-based aid in
2012-2013