The annual student budget is a formal term for the total price of an MIT education—per student, per year.
The full price to attend MIT for the 2019–20 academic year is Note that this number is actually much lower than what it <a href="https://sfs.mit.edu/undergraduate-students/the-cost-of-attendance/how-much-it-costs/">costs MIT to educate students</a>. However, you should know that most students pay far less because of our generous need-based financial aid. 89% of our students receive some type of financial aid including scholarships and work. And the average annual price paid by a student who receives financial aid is about $23,000. You can read more about how we help you afford MIT.
What follows is a Note: this budget does not include travel allowances, which are assessed based on personal address<em>.</em> comprehensive schedule of costs and fees associated with an MIT education for those who don’t receive any aid.
|Tuition||$53,450||It actually costs over double this amount for MIT to provide the cutting-edge research facilities and faculty to undergraduates, but we subsidize it down to this cost. This also includes Massachusetts state law requires full health coverage for MIT students, which many meet with the <a href="https://medical.mit.edu/my-mit/new-students/extended-insurance">Extended Insurance Plan</a>. However, if you already have full coverage, then you don’t need to buy anything more or different. for the state of Massachusetts and will give you urgent care visits, mental health, and specialist care at no extra cost.|
|Student life fee||$340||This helps fund student clubs, organizations, and the sports and fitness center. This fee covers your unlimited access to the gym, fitness classes, student organization events, and trips.|
|Housing||$10,430||All first-year students are required to live on campus, but residence halls and living groups vary in cost. We’ll bill you in July for half of the most expensive double room on campus ($10,430), then adjust it based on your actual housing cost in September. Learn more at MIT Housing.|
|Meals||$5,960||There are multiple dining plan options (including cooking for yourself), but for the purposes of figuring out your financial aid eligibility, we budget $5,960 per year for meals. Learn more at MIT Dining.|
|Books & supplies||$820||This out-of-pocket expense can vary depending on the student, but we use this number to calculate your financial aid eligibility.|
|Personal expenses||$2,160||This out-of-pocket expense varies a lot depending on the student, but we use this number to calculate your financial aid eligibility. This covers things like clothes, laundry, and entertainment.|
|Total||$73,160||This is the “full” price, before any aid.|
- Note that this number is actually much lower than what it costs MIT to educate students. back to text ↑
- Note: this budget does not include travel allowances, which are assessed based on personal address. back to text ↑
- Massachusetts state law requires full health coverage for MIT students, which many meet with the Extended Insurance Plan. However, if you already have full coverage, then you don’t need to buy anything more or different. back to text ↑