Students and their families may protect themselves against financial loss due to an unexpected withdrawal from MIT for medical reasons by purchasing tuition insurance coverage. MIT has made available a Tuition Refund Plan through A.W.G. Dewar, Inc. This elective insurance plan provides coverage for tuition and fees (housing and meal plans if applicable) should a student suffer a serious illness or accident and withdraw from classes before the semester is completed.
The plan significantly extends and enhances MIT's published refund policy. You are eligible for up to a 100% refund throughout the term if you withdraw due to a medical reason, even though MIT's own refund policy may have expired (75% through Tuition Refund Plan if withdrawal is due to a mental health condition).
Information on the tuition insurance plan is available at Dewar's website, www.collegerefund.com.
You can claim federal income tax credits for money you pay out of pocket or borrow for tuition and related expenses for your dependent child, yourself or other qualified family members. Read more on why form 1098-T is important for your family.
MIT submits a 1098-T form to the government for each student detailing the tuition amounts billed for the calendar year. Your 1098-T form is available on MITPAY beginning in late January. You will need to provide MIT with your social security number (SSN) or tax identification number (TIN) in the biographical data section of WebSIS.
MIT cannot provide tax advice; we provide this information solely for informational purposes. For more information on education tax incentives, including the American Opportunity Tax Credit and Lifetime Learning Credit, consult a qualified tax advisor, call the IRS help line at 800-829-1040 or read this IRS document: Tax Benefits for Higher Education (IRS Publication 970).
If this is the first time you are borrowing from a specific loan program you may need to complete the requirements by signing a promissory note and completing entrance loan counseling. Check with a member of the financial aid delivery team for more information on these requirements.
A negative balance indicates that your bill was overpaid and that you may be eligible for a refund. You may only receive your refund after the semester starts and your anticipated credits are disbursed to your student account.
For a question about a specific charge please contact the MIT department where the charge originated. The department contact information is listed on your MITPAY statement on the same line as the charge.
To confirm a recent payment go to Account Activity on MITPAY. Your bill is generated monthly and is not updated.
If your financial aid exceeds your charges, or your account is overpaid, you may be eligible for a refund, available after registration, which can be used for your out-of-pocket expenses, such as books and supplies. You must sign-up for direct deposit in MITPAY before requesting these funds.
To be paid for employment at MIT you must also sign-up for Payroll Direct Deposit in Atlas. This direct deposit form is in a separate system from MITPAY and you must fill out both to receive both.
The student life fee is a requirement. It funds activities devoted to enhancing the quality of student life, including student groups, activities and organizations, club sports, and the operation of the Zesiger Sports and Fitness Center.
As long as you have submitted the health insurance waiver by the deadline, you do not need to pay for health insurance. More information on the Student Extended Insurance Plan is available from MIT Medical.
Your department processes your TA/RA award and once it has been processed it will reflect on MITPAY. Please contact your department with further questions about processing.