Tools to help you afford the cost of attending MIT
Meant to Be Here
At MIT, we believe that every admitted student is meant to be here, regardless of his or her financial needs. An education at MIT is an investment that you and your family need to consider carefully, but we promise that the investment is well worth it! We are fully committed to meeting your student’s full financial needs for all four years of undergraduate study. Our goal is to help make MIT as affordable as possible.
Check out the Student Financial Services website for more information.
Working on Campus
Most students help to pay for their education by taking part in paid research through our Undergraduate Research Opportunities Program. We also have many internship programs, work abroad programs, and many Kendall Square companies love hiring MIT students.
Any student, regardless of financial need, has the opportunity to work on campus. About two-thirds of MIT undergrads work, earning about $1,500 a term for 10 hours of work a week.
30,000number of companies launched from MIT
$83,455average salary for bachelors degree grads
$23,537average loan debt for undergrads that borrow
Making Sense of Aid
Financial aid is any funding that helps pay for the costs of attending college. It can come in the form of scholarships or grants (which don’t need to be paid back), student loans (which do need to be paid back), and employment opportunities (work-study programs that allow students to earn money while they attend school). Over 90% of undergraduates at MIT receive some form of financial aid. The largest source of financial aid is the MIT Scholarship, a need-based grant that is based on your EFC, or expected family contribution.
How to Apply for Aid
To successfully apply for financial aid, you’ll need to do three things: fill out the Free Application for Federal Student Aid (FAFSA), complete the CSS Profile application, and submit your tax returns to the Institutional Documentation Service (IDOC) for processing. Because processing sometimes takes a while to complete, it is best to get started early. We recommend submitting all parts of your financial aid application by February 15. For a complete step-by-step explanation of what you need to do, visit the Student Financial Services website.