The budget we use to determine your financial need approximates the price of attending MIT for one year. Your actual costs will depend on a number of personal factors, including your housing and dining options, as well as other individual expenses. The majority of expenses incurred are billed through MIT. These can include tuition, the student life fee, health insurance (if you remain on the MIT plan), on-campus housing, dining plans or TechCASH. The remaining expenses are not billed through MIT, but are out-of-pocket purchases you make for books, supplies, personal expenses and travel.
We do not change a student’s budget based on your individual expenses. Whether you end up spending more or less than our allowances, your financial need and financial aid award stay the same.
Today, six out of every 10 students receive MIT need-based aid. The average price they pay for tuition, fees, books, supplies, room, board and other expenses is about $23,000—considerably lower than our published price of $70,240.
Expected Family Contribution
Your total Expected Family Contribution (EFC) is a combination of what we expect you and your family to contribute to your education for one year. We use a variation of the College Board's methodology to determine eligibility for MIT undergraduate scholarships. We use Federal Methodology to determine eligibility of federal student financial assistance for undergraduate students.
Expected Parental Contribution
We assess a parental contribution based on your family’s financial circumstances. We review each application individually to make sure you receive the award that is right for you.
Expected Student Contribution
Part of your EFC is a dedicated student contribution. For most undergraduates, the standard contribution is the minimum summer earnings expectation of $2,000.
The first $3,400 of your financial need is designated as self-help. You are expected to meet this amount through a combination of outside scholarships or grants (including Pell Grants), student loans or term-time work earnings. If your need is greater than $3,400, we award you an MIT scholarship.
Many students easily make this amount by "UROPing" or doing research through the Undergraduate Research Opportunities Program. Although we encourage MIT students to consider term-time work in order to meet their self-help, some students prefer maximizing their student loan eligibility.