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.
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 $21,917. We work with all financial aid applicants to make sure an MIT education is affordable for them.
Cost of attendance
The budget below is what a typical cost of attendance looks like. We review all financial aid awards against the same numbers. It 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.
Sample cost of attendance from the 2019–2020 academic year
You may view the updated fall 2020 cost of attendance, which accounts for the circumstances around COVID-19. We will post the 2021–2022 cost of attendance in early 2021.
|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: 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 ↑