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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.

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 2019–20 academic year with the exception of the health insurance which is from the 2018–19 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.
$10,430 is the number we use for budgeting purposes. $10,430 is the price of the most expensive double room, for the 2019–20 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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$820 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 $2,160 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 $2,160, it will be reflected above.
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Section 4 - Personal resources
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Consider reducing your loan amounts if possible.