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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 median annual price paid by an undergraduate who received an MIT Scholarship was $12,71502 2022–2023 is the last year for which we have full data.   for the 2022–2023 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 total grant and scholarship aid covers at least the cost of MIT’s tuition.  

How our financial aid helps families

We plan to award $164.1 million in MIT need-based scholarships in 2023–2024, compared to the $152.3 million awarded in 2022–2023.

58% of full-time undergraduates received an MIT Scholarship during the 2022–2023 academic year. Among those, the median 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 <a href="https://sfs.mit.edu/undergraduate-students/types-of-aid/other-scholarships-grants/">outside scholarships or grants</a> (including the Pell Grant), or student loans.   was $9,926.

40% 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 $140,000 in 2022–2023, the median student loan among those who took loans was $5,443.05 This amount reflects a $5,500 federal loan after the origination fee has been deducted.  

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 58% of undergraduates received one in 2022–2023. 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 MEDIAN MIT Scholarship What it covers MEDIAN net PRICE
Under $65,000 99% $74,194 Tuition, fees, housing, and $4,228 toward dining costs $1,793

37% of students with a family income under $65,000 attended MIT with the full cost of attendance covered

$65,000–
$100,000
98% $68,892 Tuition, fees, and $10,906 toward housing costs $9,021
$100,000–
$140,000
98% $62,004 Tuition, fees, and $4,018 toward housing $14,988
$140,000–
$175,000
96% $55,755 97% of tuition $22,642
$175,000–
$225,000
92% $41,873 73% of tuition $35,324
Over $225,000 54% $23,517 41% of tuition $52,466

The above information is from the 2022–2023 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, 94%06 2023 is the last year for which we have data.   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.

When MIT students do borrow, their debt at graduation is considerably lower than the national average. Only 14% of the Class of 2023 graduated with debt. They graduated with an average debt of $26,195. Based on the most recent data, college graduates who borrowed owed an average of $29,100 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. 2022–2023 is the last year for which we have full data. back to text
  3. Tuition-free means your total grant and scholarship aid 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 the Pell Grant), or student loans. back to text
  5. This amount reflects a $5,500 federal loan after the origination fee has been deducted. back to text
  6. 2023 is the last year for which we have data. back to text