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Cost and affordability: Making MIT affordable

We work closely with all families who qualify for financial aid to develop an individual affordability plan tailored to their financial circumstances.

one of seven

Our commitment to financial aid

We are one of only seven colleges in the U.S. that is need-blind and full-need 01 <a href="/glossary#term-need-blind-admissions">Need blind</a> means that we don’t consider your ability to pay for college in the admissions process; <a href="/glossary#term-full-need">full need</a> means we are committed to meeting 100% of demonstrated financial need with our aid.   for all of our undergraduate students, domestic and international. About six out of every 10 students receive MIT need-based aid. The average annual price paid by a student who received financial aid was $19,59902 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. And for most students with family incomes under $140,000 a year (and typical assets), we ensure that scholarship funding will allow them to attend MIT tuition-free.03 Tuition-free means your MIT Scholarship covers at least the cost of MIT’s tuition.  

How our financial aid helps families

We plan to award $161.8 million in MIT need-based scholarships in 2022–2023, compared to the $143.8 million awarded in 2021–2022.

57% of full-time undergraduates received an MIT Scholarship during the 2021–2022 academic year. Among those, the average family contribution after student term-time work04 Term-time work means work that you do <i>during</i> the school year, and is considered a part of your financial aid award by a suggested amount on your award letter. This is separate from your summer earnings expectation. Not everyone decides to take advantage of work opportunities during the school year, and some choose to meet their term-time work amount by using outside scholarships or grants (including Pell Grants), or student loans.   and loans was $17,442.

33% of undergraduates received scholarships and grants equal to or greater than tuition. Their remaining expenses were covered by their family or by the students themselves, through paid work or student loans. For families with incomes less than or equal to $90,000 in 2021–2022, reliance on student loans averaged $429 per student.

MIT Scholarship information based on family income range

The chart below shows how we award an MIT Scholarship based on your family’s income and assets. MIT Scholarships are grants that do not need to be repaid, and 57% of undergraduates received one last year. The average net cost is the amount of money you will still need to pay toward your education. Families choose how to pay for their MIT education in a variety of ways, including from income and savings, outside scholarships, student employment, and federal loans.

Income range Applicants who received MIT Scholarship Average MIT Scholarship What it covers Average net cost
Under $65,000 99% $68,679 Tuition, fees, housing, and $1,251 toward dining costs $4,895

40% of students with a family income under $65,000 attend MIT with the full cost of attendance covered

$65,000–
$100,000
98% $61,387 Tuition, fees, and $5,509 toward housing costs $11,633
$100,000–
$140,000
97% $52,980 95% of tuition $20,198
$140,000–
$175,000
96% $44,467 80% of tuition $29,613
$175,000–
$225,000
90% $34,242 62% of tuition $40,290
Over $225,000 47% $22,354 40% of tuition $51,930

The above information is from the 2021–2022 academic year.

work and loans

How work and loans contribute

We do not expect any undergraduate to take out a loan. We do, however, expect that students share in the commitment to their education. Rather than borrow, most students opt to work during the academic year. At MIT, this work often provides students not only a way to help pay for college but also with world-class research experience. Through the Undergraduate Research Opportunities Program, 93% of MIT undergraduates work on paid research projects before they graduate.

after graduation

At MIT, more than eight in 10 undergraduate students graduated debt-free, compared to the national average05 According to the last available <a href="https://research.collegeboard.org/media/pdf/trends-college-pricing-student-aid-2021.pdf" target="_blank" rel="noopener">data</a> from the College Board.   of about four in 10.

When MIT students do borrow, their debt at graduation is considerably lower than the national average. Only 15% of the Class of 2022 graduated with debt. They graduated with an average debt of $25,080—11.7% less than the national average. Based on the most recent data, college graduates who borrowed owed an average of $28,400 in loans at graduation.

  1. Need blind means that we don’t consider your ability to pay for college in the admissions process; full need means we are committed to meeting 100% of demonstrated financial need with our aid. back to text
  2. 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
  3. Tuition-free means your MIT Scholarship covers at least the cost of MIT’s tuition. back to text
  4. Term-time work means work that you do during the school year, and is considered a part of your financial aid award by a suggested amount on your award letter. This is separate from your summer earnings expectation. Not everyone decides to take advantage of work opportunities during the school year, and some choose to meet their term-time work amount by using outside scholarships or grants (including Pell Grants), or student loans. back to text
  5. According to the last available data from the College Board. back to text