We work closely with all families who qualify for financial aid to develop an individual affordability plan tailored to their financial circumstances.
one of five
Our commitment to financial aid
We are one of only five colleges in the U.S. that is <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. Six out of every 10 students receive MIT need-based aid. The estimated average price for an undergraduate receiving financial aid in 2021–2022 is $22,969—that’s approximately what it costs to attend a state school. And for most students with family incomes under $90,000 a year (and typical assets), we ensure that scholarship funding will allow them to attend MIT 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 $155.2 million in MIT need-based scholarships in 2021–2022, compared to the $147 million we planned to award in 2020–2021. In 2020–2021, 60% of full-time undergraduates received an MIT Scholarship. Among those, the average family contribution after student 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 $17,460.
In the 2019–2020 academic year, 38% of undergraduates received scholarships and grants equal to or greater than tuition. MIT does not include student or parent loans in the original financial aid package in an effort to minimize education loan debt. 26% of undergraduates had family incomes under $90,000 (and typical assets) and attended tuition-free, meaning their MIT Scholarship covered the entire cost of tuition. Their remaining expenses were covered by their family or by the students themselves, through paid work or student loans. For families in this income range, reliance on student loans averaged $3,750 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 60% 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%||$71,608||Tuition, fees, housing, dining, books, supplies, and $608 toward personal expenses||
34% of students with a family income under $65,000 attend MIT at no cost
|98%||$63,453||Tuition, fees, and $9,663 toward housing costs||$10,937|
|98%||$58,617||Tuition, fees, and $4,827 toward housing costs||$15,676|
|94%||$47,700||89% of tuition||$26,295|
|89%||$34,398||64% of tuition||$39,508|
|Over $225,000||51%||$22,326||42% of tuition||$51,548|
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, 91% of MIT undergraduates work on paid research projects before they graduate.
At MIT, seven in 10 undergraduate students graduated debt-free, compared to the According to <a href="https://ticas.org/our-work/student-debt/" target="_blank" rel="noopener noreferrer">data</a> from The Institute for College Access & Success. of three in 10.
When MIT students do borrow, their debt at graduation is considerably lower than the national average. Only 22% of the Class of 2020 borrowed loans. They graduated with an average debt of $22,335—25% less than the 2019 national average of $29,900.
- 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 ↑
- Tuition-free means your MIT Scholarship covers at least the cost of MIT’s tuition. back to text ↑
- 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 ↑
- According to data from The Institute for College Access & Success. back to text ↑