Student Financial Services can only accept funds to cover a student’s educational expenses while enrolled at MIT. Payments made in excess of the cost of attendance for a term can not be accepted. Students are expected to pay as they are billed. Payments received in excess of the billed amount will be returned in their entirety to the payer. The Massachusetts Institute of Technology does not meet the definition of a “Financial Institution” as described in 31. U.S. Code § 5312; therefore, MIT is not allowed to accept payments for purposes other than educational expenses determined by the Institute.
This policy pertains to overpayments made by a student, their family, and/or sponsors. Overpayments made by certain third parties, such as the Department of Veterans Affairs, are not subject to this policy. Overpayments/refunds as a result of federal loans and/or scholarships are also exempt.