If admitted to MIT, we will make sure that you can afford to come to MIT.
That's a strong statement with which to begin this page, but it's also true. MIT is committed to being financially accessible to the students that we accept. If you belong here, then we will work with you and your parents to help you finance your education.
There are three principles that govern financial aid and admissions at MIT. They are:
Need Blind Admissions
The admissions process at MIT is need-blind for all students, foreign and domestic. This means you will not be disadvantaged in the admissions process because of your financial need. We won't admit you because you can pay full-freight, and we won't deny you because you can't pay a nickel. It's your mettle, not your money, that gets you into MIT.
MIT only confers financial aid on the basis of financial need. We do not award money based on any measure of merit—academic, athletic, artistic, or anything else.
You may qualify for private scholarships based on your merits; if you do, then they become part of your financial aid package. Many students use FastWeb to search for outside scholarships.
Meet Full Need
MIT will meet every single cent of your family's demonstrated financial need.
The total price for MIT—tuition and fees, housing and dining, expenses, etc.— is in excess of $60,000 a year. Believe it or not, this price is actually thousands of dollars less than what it actually costs to be a student at MIT—even students who don't receive financial aid are already receiving a considerable subsidy to study here!
For the students that do receive financial aid, the size of the award depends entirely on your own family's financial situation. Because of this, "average" numbers will only give a very general snapshot of what some individuals are offered.
Last year, MIT awarded over $97.91 million in MIT Scholarships to undergraduates. The average student loan debt for those who borrowed is $24,698; the average annual starting salary for graduates is $83,455. With the generous MIT financial aid—and terrific programs like Income-Based Repayment—MIT is within your financial reach.