Frequently Asked Questions
- How do I apply for aid?
- Can I get financial aid for the summer term?
- How do I view my financial aid award?
- When will my loans be reflected on my account?
- How do I submit the Noncustodial Profile Waiver Request form?
- I’m having trouble filling out my FAFSA, help!
- My FAFSA says it is “In review” on the studentaid.gov site, what should I do?
- My FAFSA says it is “Not received” on my application/admit portal, what do I do?
- What happens if I miss the financial aid deadline?
- How do I submit a health insurance waiver?
- What happens to my financial aid if I stay at MIT for more than the standard number of semesters?
- Why is my preferred name not used on my bill, financial aid letters or other SFS-related documents?
- How do I appeal my financial aid award as a graduate student?
- I’m doing a summer UROP for credit, can I get financial aid?
- What happens to my financial aid if I study abroad?
- Why was my financial aid award decreased?
- How do I appeal my financial aid award decision?
- How do I obtain money for my travel expenses?
- When do we pay the parent and student contributions to MIT?
You should check out the Apply for aid section of our website! It will walk you through the general process step by step for domestic or international applicants. Remember, financial aid application deadlines vary depending on if you are an Early or Regular Action applicant, or a continuing student.
MIT undergraduate and graduate students are automatically eligible for participation in MIT’s summer session; however, MIT does not award need-based aid from institutional sources to undergraduates for summer classes.
MIT’s commitment is to aid its undergraduate students for the nine-month academic year (the fall and spring terms). If you’re planning to attend MIT’s summer term, contact your financial aid counselor to receive information on other possible funding sources. Sometimes borrowing additional funds may be necessary.
Current students can view their award in our Online Financial Aid System.
After you have completed the necessary loan requirements, your federal loans will disburse to your student account once your term registration becomes official, usually within the first two weeks of the term. Federal loans will be split evenly between all registered terms for the academic year. The amount of your federal loan will always be slightly more than the amount disbursed to your student account due to federal loan origination fees.
Private loan funds are received from your third-party lender and therefore the date the funds are sent to MIT is determined by your lender. Most private lenders will notify you that your funds have been sent to MIT.
Students who believe that it is impossible to provide parental information may submit the Noncustodial Profile Waiver Request form through the College Board’s secure IDOC platform. Waivers are reviewed once a student has been admitted to the Institute, along with the rest of your financial aid application. Please note that the Noncustodial Profile will remain in the financial aid requirements checklist as a required document until your waiver request is reviewed.
We know there are a few issues that students and families are having as they attempt to fill out the FAFSA, which may not allow them to complete it at this time. We understand—and any delays in filling out your FAFSA will not impact your financial aid. However, you should still try to complete it as soon as you are able to do so. You can check this resource page or the known issues page on the Federal Student Aid site.
If your FAFSA appears as “In review” (meaning it has not been processed) in your studentaid.gov account, no corrections can be made until it is processed. You will receive an email once it is fully processed, letting you know that your FAFSA information has been sent to MIT.
Your FAFSA will not be processed by the Department of Education until mid-March. This means that MIT will not receive information about your FAFSA until mid-March at the earliest. If we anticipate that you are eligible for federal aid it will be estimated on your financial aid award.
Your FAFSA will appear as “In review” (meaning it has not been processed) in your studentaid.gov account and no corrections can be made until it is processed. You will receive an email once it is fully processed, letting you know that your FAFSA information has been sent to MIT.
Your FAFSA will not be processed by the Department of Education until mid-March. This means that MIT will not receive information about your FAFSA until mid-March at the earliest. You will receive an email once it is fully processed, letting you know that your FAFSA information has been sent to MIT. Until that time, your FAFSA will appear as “Not Received” in your application/admit portal. If we anticipate that you are eligible for federal aid it will be estimated on your financial aid award.
We understand that life happens and sometimes deadlines are missed. There is no need to ask for an extension—just submit your application as quickly as possible. Late applicants will receive their financial aid decision later than those who submit by the deadline, but we try to review all applications as quickly as possible.
There are no penalties for late applications. However, financial aid applications must be received before the end of the academic year, in order to be considered for aid in that academic year. For most students, that is mid-May. For those only attending in the fall, you must submit your aid application by mid-December. If your application isn’t completed by that time, you will not be eligible to receive either MIT or federal financial aid for that academic year.
Returning students must submit a new waiver each academic year.
You must request additional terms of aid if you will be enrolled beyond the standard number of terms required for an undergraduate degree. The standard number of terms is eight for students who entered as first-year students, and six terms for transfer students. You must submit the extended aid form as well as all financial aid materials by February 15.
Please note: Once you complete all of your undergraduate degree requirements and have been enrolled for the standard number of terms, you no longer qualify for an MIT Scholarship or federal financial aid as an undergraduate.
We know this is an important issue for many students, and we are actively working with IS&T and our outside vendors to make this change possible. Once implemented, a student’s preferred name will replace their legal name on items like the bill, financial aid award notices, and email communications. It can not replace the legal name on items like the FAFSA, loan promissory notes, or tax documents.
We consider each financial aid application on a case-by-case basis within our general guidelines for awarding need-based financial aid. While we don’t negotiate financial aid or match another school’s offer, we are happy to discuss your particular situation.
If you decide to appeal your award, you should reach out to your financial aid counselor directly. Your counselor will go over your situation with you and may ask for supplemental information. We can’t promise that we will be able to adjust your award, but we encourage you to talk with us as we may be able to recommend a financing strategy that supplements your award.
Although a summer UROP is usually done for pay, registered MIT undergraduates may do it for academic credit instead. However, there is no MIT financial aid available to assist with this tuition charge.
We work with undergraduate financial aid recipients to enable them to participate in study abroad options. Eligible programs must occur during the fall and/or spring semester and be approved for academic credit.
If you’re interested in studying abroad during an academic semester, you should work with MISTI to find a program that is an appropriate fit. Once a program has been approved, you will receive a form to be signed by us at SFS, stating that you have been counseled on how studying abroad can affect your financial aid and billing.
If you receive additional financial aid after we make an award to you, and sometimes after the financial aid is applied to your account, you may have what we refer to as an overaward. The additional aid could be a scholarship or grant from an outside organization or a research or teaching assistantship from an MIT department. When these circumstances arise, we reevaluate our original award decision. If we need to adjust your financial aid, we notify you and offer counseling to understand how the change impacts your student account and budgeting.
We consider each financial aid application on a case-by-case basis within our general guidelines for awarding need-based financial aid. While we don’t negotiate financial aid or match another school’s offer, we’re always willing to talk with students and families who are concerned that they can’t afford MIT with their award.
If you decide you need to appeal your financial aid award, we ask that you reach out to your financial aid counselor. After this initial conversation, we may ask you to complete a supplemental form such as the Parents’ Estimated Annual Year Income Statement or the Monthly Cash Flow Statement.
We take your travel expenses into account when determining your financial aid award. However we don’t provide funds directly for your travel, as we expect you to use your parent and/or student contribution for this type of expense.
We never bill you directly for your parent and student contributions. These are the resources we expect you to have to pay for your MIT education. We bill you for MIT charges such as tuition, fees, and on-campus housing and meal plans. You use your parent and student contributions to cover these charges when billed, as well as cover out-of-pocket expenses such as books, supplies, personal expenses, and travel.
Our counselors are always happy to assist you in planning how you will allocate your expected family contribution towards paying MIT charges and how to cover out-of-pocket expenses.