Financial Aid News - All Years

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  • Students at desks in classroomWith the cost of attending MIT surpassing the $50,000 mark in 2008-2009, it is no wonder that another marker was also topped. For the first time, the total financial aid undergraduates received from all sources went beyond $100 million.

    In 2008-2009, an undergraduate could expect to pay about $50,100 for tuition, fees, room, board, books, supplies and personal expenses. Nine out of ten students received some form of need-based and/or merit-based aid, with almost two-thirds receiving strictly need-based aid. Of course, MIT only awards need-based aid, but many undergraduates receive merit-based aid from private sources.

  • This year in Admissions was an interesting one, with the downturn in the economy causing a lot of uncertainty as to how things would turn out. In the end, things turned out quite well for us.

    The year started with a robust recruiting season. We sent mail to 65,000 rising seniors, gave presentations on MIT and admissions to 13,000 students and parents in 75 cities around the nation and world, and visited 4,000 students in 400 high schools. More than 14,000 visitors attended an on campus information session and tour, and our website received more than 7,100,000 web hits from 3,100,000 unique computer IDs.

  • How much is too much? That’s the question — a $50,000 question as that’s the price for an undergraduate to attend MIT or one of its peer institutions this fall.

    Congress is concerned that college costs — not just the prices charged as tuition, but the underlying costs — are out of control. Families are concerned about their ability to afford higher education. The general public is outraged by the wealth of the richest institutions. And the colleges and universities themselves are asking if they are nearing a tipping point.

  • Betsy Hicks, executive director of Student Financial Services, noted several highlights and trends in financial aid, loans and student employment for 2006-07 in her annual Report to the President. The reports are submitted in the summer and will be compiled and posted online at You can see more statistics for undergraduates on the “MITGO” page of the SFS web site at  

  • Thousands of students happily pocketed their diplomas earlier this month, though not without a lot of behind-the-scenes work in Student Financial Services (SFS) to get everyone cleared for takeoff.

    Before students are allowed to graduate, they have to pay off any remaining balance on their student accounts. There were 869 undergraduate and graduate students who had declared themselves as degree candidates still owed money to MIT as of May 17. While alternative payment arrangements can sometimes be made at other times during a student’s career, “the policy is that they have to have a zero balance in order to get their degree,” explained Carlene Chisom-Freeman, director of student receivables in SFS.Thus begins the work by DUE to clear these degree holds...

  • Substantial rise will benefit students and families across the economic spectrum.

    MIT will substantially increase its financial aid expenditures for the coming year, taking steps that will benefit students and families across the economic spectrum.

    The changes — which will result in more generous MIT scholarships for nearly all students who receive financial aid — will drive a 10.4 percent increase in the Institute’s undergraduate financial aid budget for 2016-17, to $114.2 million.