Financial aid is any funding that helps to finance your college expenses. This aid usually comes from a variety of sources and can include grants or scholarships (gift aid), student loans (repaid aid) and work opportunities (earned and contributed aid).
At MIT the largest source of undergraduate financial aid is the MIT Scholarship, a need-based grant. These are packaged based on your family’s ability to contribute towards the price of your education.
For more information view the details on this page and our Affording Your MIT Education publication.
Qualifying for Aid
We use information from your application: the FAFSA, CSS PROFILE and other documents to calculate your financial need. We award aid to equal your need.
Calculating your individual package
We take our estimate of the price to attend MIT for one year and subtract your expected family contribution to arrive at your financial need. Your financial need is equal to your awarded aid.
1 Student Expenses for academic year 2017-2018.
Expected family contribution
The amount that parents and the student are expected to contribute toward the student’s college expenses. We use a variation of the College Board's methodology to determine eligibility for MIT undergraduate scholarships. We use Federal Methodology to determine eligibility for federal student financial assistance for undergraduate students.
The expected parental contribution
We assess a parental contribution based on your family’s financial circumstances. We carefully review each application individually to make sure you receive the award that is right for you.
Part of each family’s expected family contribution is a student contribution from income and assets. For most undergraduates, the student contribution is the minimum summer earnings expectation of $2,000.
As a student, part of your financial aid award is an expectation to contribute over and above the contribution from summer earnings. The first $3,400 of your financial need is designated as self-help because you are expected to meet this amount through a combination of outside scholarships or grants (including Pell Grants), student loans, or term-time work earnings. If your need is greater than $3,400, we award an MIT scholarship to you.
Although we encourage MIT students to consider term-time work as one of the ways to meet their self-help, some students prefer maximizing their student loan eligibility.
Apply for Aid
Prospective undergraduates (freshmen and transfers)