The annual student budget is the total price of an MIT education—per student, per year.
The annual student budget, or cost of attendance, is the total amount we estimate it will cost a student to attend MIT for one year. It includes costs that are billed by MIT, such as tuition, housing, and dining, and estimates for other expenses, such as books, supplies, and personal expenses. We use this budget to determine financial aid for every student. However, you should know that most students pay far less because of our need-based financial aid.
The average annual price paid by a student who received financial aid was $19,59901 2021–2022 is the last year for which we have full data. This number includes Pell grants and scholarship grants from non-MIT sources. for the 2021–2022 academic year. We work with all financial aid applicants to make sure an MIT education is affordable.
Cost of attendance for the 2023–2024 academic year
|Tuition||$59,750||MIT subsidizes the total cost of tuition for every student. (It actually costs more than double this amount to provide our cutting-edge research facilities and faculty!) Tuition covers basic health insurance02 Please note that Massachusetts state law requires full health coverage, and it is required for all MIT students. You will be automatically enrolled in, and charged for the <a href="https://medical.mit.edu/health-plans/ship" target="_blank" rel="noopener">MIT Student Health Insurance Plan</a>. However, if you already have full coverage, then you can submit a waiver for the additional insurance plan. and will give you urgent care, mental health visits, and specialist care at no extra cost.|
|Student life fee||$406||This helps to support student clubs, organizations, and the sports and fitness center. It also covers unlimited access to the gym, fitness classes, student organization events, and trips.|
|Housing||$12,380||All first-year students are required to live on campus. While our residence halls and living groups vary in cost, we calculate financial aid based upon the most expensive double room ($12,380). We’ll bill you in July for $6,190 (one semester of the most expensive room), then adjust it based on your actual housing cost in September. Your financial aid allowance will stay the same regardless of your actual expenses.|
|Food||$7,010||There are multiple dining plan options, including cooking for yourself, but for the purposes of determining your financial aid eligibility, we budget $7,010 per year for meals. This covers the most expensive meal plan. The amount won’t change regardless of your actual expenses.|
|Books, course materials, supplies & equipment
||$880||MIT estimates $880 for these out-of-pocket expenses, regardless of how much you spend.|
|Personal expenses||$2,304||MIT estimates this amount to cover expenses such as clothes, laundry, and other bills. We use this amount regardless of how much you spend.|
|Total||$82,730||Remember, this is the price, before any aid.|
Note: this budget does not include travel allowances, which are assessed based on personal address.
MIT does not automatically include a computer in the cost of attendance. However, if you plan to purchase a computer while at MIT and need financial assistance, there are a couple of ways that we can help.
- 2021–2022 is the last year for which we have full data. This number includes Pell grants and scholarship grants from non-MIT sources. back to text ↑
- Please note that Massachusetts state law requires full health coverage, and it is required for all MIT students. You will be automatically enrolled in, and charged for the MIT Student Health Insurance Plan. However, if you already have full coverage, then you can submit a waiver for the additional insurance plan. back to text ↑
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