How financial aid from MIT helps families
of MIT undergraduates receive a scholarship from some source.
The 2017-2018 sticker price of an MIT undergraduate education for tuition and fees ($49,580) and the variable costs of books, supplies, room, board, and personal expenses is $67,430.
The majority of MIT undergraduates pay much less than sticker price. We are one of six selective colleges and universities in the United States that are fully need-blind in their undergraduate admissions policies and that meet the full financial need of every student.
To ensure affordability to our undergraduate students, we expect to award $114.2 million in MIT need-based scholarships in 2016-2017, compared to the $97.1 million we awarded in 2015-2016. On average, 56 percent of families receiving a 2015-2016 MIT scholarship benefited from having their actual net price reduced to $16,651. (For comparison, that’s less than the average full “in-state on-campus” cost of attending a public four-year institution, which was about $24,6101 before financial aid.)
For students with family incomes under $80,000 a year, the Institute continues to ensure that scholarship funding will allow them to attend MIT tuition-free, a policy put in place in 2008. In AY2016, 33% of undergraduates (1,489 students) received scholarships and grants from all sources equal to or greater than tuition, of which 1,060 students, 24% of undergraduates, had incomes under $80,000.
Their remaining expenses were covered by their family or by the students themselves, through paid work or student loans (see below). For families in this income range, reliance on student loans averaged $867 per student.