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.
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.