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Coronavirus update:

As of Monday, March 16, the Student Financial Services team will be working remotely. You may still reach us at sfs@mit.edu or 617-258-8600 during regular office hours. Read more about our evolving policies and other key questions related to MIT’s COVID-19 response.

Budgeting worksheet

We’ve created an easy tool you can use to make your own budget.

This worksheet has been put together for undergraduate students to figure out how much they’ll need to pay for a year at MIT, how much for other expenses, and how that stacks up against income from jobs, financial aid, and family or caregiver contributions.

Note: The health insurance figures for the 2020-21 academic year have not been released. The the figures below reflect the rates for the 2019-20 academic year. We will update the worksheet once the new rates are available.

Getting started

Before you begin, make sure you have a few items on hand:

  • A list of your billed charges related to MIT
  • A list of your personal expenses
  • A list of your personal resources, such as savings and estimated earnings
  • Your financial aid award information. If you’re a current student, you can access this through the MIT Online Financial Aid System. If you’re a prospective first-year student, you can access this through the MyMIT portal.

Things to remember

  • Listed costs are for the 2020–21 academic year.
  • If a number is highlighted in red, it is above what we have included in the standard budgeting.
  • If green, it is within the expected budget.
  • At the end of section 2, we recommend a monthly amount to pay to cover the difference between your educational expenses and your financial aid.
  • At the end of section 4, we estimate the amount of additional money you will need to cover personal expenses, or the amount of excess left over when expenses are covered.

 

Section 1 - Billed charges
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Please enter your off campus housing costs in section 3.
$11,000 is the number we use for budgeting purposes. $11,000 is the price of the most expensive double room, for the 2020–21 academic year.
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Section 2 - Financial aid crediting to bill
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*If you have a balance due, the MIT Monthly Payment Plan may be a good alternative to paying your bill in one lump sum. You can pay your bill in monthly installments, interest-free. The fee is $35 per semester to enroll. Learn more about the Monthly Payment Plan.
Section 3 - Money needed for living expenses
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Enter if living off campus
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$830 is number we budget for books and supplies. This indirect cost will vary from student to student, but we use this number to calculate your financial aid eligibility.
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We budget $2,182 for personal expenses for the academic year. You can expand the personal expenses calculator below to see if you will need more than that. If you calculate anything more than $2,182, it will be reflected above.
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Section 4 - Personal resources
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Consider reducing your loan amounts if possible.