We’ve created an easy tool you can use to make your own budget. Use the worksheet below to figure out how much you’ll need to pay for a year at MIT, how much money you need 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. Current students access it through the MIT Online Financial Aid System, and prospective freshmen through the MyMIT portal.

Things To Remember

  • All currently listed costs are for the 2018–2019 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 against 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
$9890 is our budgeted figure, which is for the most expensive double room.
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Section 2 - Financial aid crediting to bill
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*MIT Payment Plan calculated based on starting payments in June (10 payments).There will be an $70 per semester fee to enroll in the payment plan.
Section 3 - Money needed for living expenses
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Enter if living off campus
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$800 is our budgeted figure
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We budget $2098 for personal expenses for the year. If you like you can expand the personal expenses calculator below to see if you may need more than that. If you calculate anything more than $2098, it will be used above.
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Section 4 - Personal resources
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Consider reducing your loan amounts if possible
Feedback or suggestions? Email gryan@mit.edu.