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Update March 18: Learn more about the current academic year by visiting our FAQ page, financial support page for undergrads, or MIT’s COVID-19 response site.

Budgeting worksheet

We’ve created a tool to help you make your own budget and figure out how much it might cost for a year at MIT.

We’ve put together this worksheet for you to figure out how much you’ll need for a year at MIT. It will also help you get a sense of how much you might need for other expenses, and how that stacks up against income from a student job, your financial aid, and/or family contributions.

Getting started

Before you begin, make sure you have a few items on hand:

  • A list of your estimated personal expenses (but you can make a “guesstimate” as you go along)
  • A list of your personal resources, such as savings and estimated earnings
  • Your financial aid award information, if you have an award (accessed through the Admissions portal)

Things to remember

  • Listed costs are for the 2021–22 academic year*
  • If a number is outlined in red, it is more than we’ve budgeted in the cost of attendance.
  • If a number is outlined in green, it is within the expected budget.
  • At the end of section 2, you will see that we have recommended a monthly amount that you will need to cover the difference between your educational expenses and your financial aid.
  • At the end of section 4, we have estimated the amount of additional money you will need to cover personal expenses, or the amount left over after your expenses are covered.

*Housing tax rates currently reflect the previous years’ rates and will be updated once numbers become available.

 

Section 1 - Billed charges
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Please enter your off campus housing costs in section 3.
$11,550 is the number we use for budgeting purposes, which is the cost of the most expensive double room for the academic year.
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Section 2 - Financial aid crediting to bill
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*If you have a balance due, the MIT Monthly Payment Plan may be a good alternative to paying your bill in one lump sum. You can pay your bill in monthly installments, interest-free. The fee is $35 per semester to enroll. Learn more.
Section 3 - Money needed for living expenses
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Enter if living off campus
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If you chose “No meal plan” in Section 1, the amount that we budget for meals will appear here. If you selected a meal plan in Section 1, this field will be blank. There are fields below for additional personal expenses, should you want to include additional funds for meals.
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$840 is the number we budget for books and supplies. This indirect cost will vary from student to student, but we use this number to calculate your financial aid eligibility.
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We budget $2,202 for personal expenses for the academic year. You can expand the personal expenses calculator below to see if you will need more than that. If you calculate anything more than $2,022, it will be reflected above.
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Section 4 - Personal resources
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Consider reducing your loan amounts if possible.