Financial Aid
Feb 16 2011
It is not too late to begin applying for aid!
Posted in: Afford
The deadline to submit your financial aid application was February 15th. So, what should you do if you missed this deadline?
It is not too late to begin applying for aid! We read financial aid applications in the order they are complete, continuing to review freshmen applications well past the recommended submission date of February 15th. So the earlier you get your application in to us, the more likely you will have your financial aid award with your admissions packet or by the time you need to make an enrollment decision (May 1). So if you don’t have your application completed, please don’t panic. What you should do is follow up over the next few weeks, submit your materials, and check the Financial Aid Tracking system in MyMIT.
Speaking of the tracking system, it is now live on MyMIT! Just log in to check whether or not we have received your financial aid application materials. There are also handy links to the financial aid document sites. Keep in mind that it takes about a week... read the post »
Jul 19 2010
Your MIT Bill!
Posted in: Afford
You’ve been admitted to MIT, many of you have received your financial aid package and told us that you’re coming to MIT in the fall. Now there’s just one thing standing between you and registration in September - paying the bill!
You’ve had lots of questions. We not only have the answers, but we also put together this handy-dandy post on everything you need to know about paying your bill.
Where’s my bill? I haven’t received it! What do I do?
MIT does not issue paper bills. All billing is done online through a system called MITPAY. You can access MITPAY through the Student Information System WEBSIS. From there, you should set your parents up as authorized payers if they are going to help you pay the bill. Bills go out generally around the 10th of each month, it is your responsibility to check the billing system at this time to ensure all outstanding charges are paid by the deadline.
My parents can’t access the billing system, how can I grant them access?
Since you are the one... read the post »
Apr 21 2010
Your Financial Aid and Billing Questions Answered! (part 4)
Posted in: Afford
This post is the fourth and final post in a series of four dedicated to answering all those questions that you asked, didn’t have time to ask or were afraid to ask during CPW. These questions were compiled at the Student Financial Services Presentation given by our very own Betsy Hicks, Executive Director of Student Financial Services.
Student Expenses, Billing and Payment
Q. How much does medical insurance cost?
A. 2010-2011 health insurance costs are not yet available. We expect to have this figure in early May.
Q. If students have a summer job is there additional charges for housing? When do they come home?
A. If you decide to work during the summer in the Boston area and live in on-campus housing, you will be charged for summer housing. We do not offer financial aid in the summer, so we recommend that you budget ahead for this. You may also choose to work in your hometown during the summer.
Q. Does it [financial aid] include health insurance expenses, if the student does... read the post »
Apr 20 2010
Your Financial Aid and Billing Questions Answered! (part 3)
Posted in: Afford
This post is the third in a series of four dedicated to answering all those questions that you asked, didn’t have time to ask or were afraid to ask during CPW. These questions were compiled at the Student Financial Services Presentation given by our very own Betsy Hicks, Executive Director of Student Financial Services.
Scholarships, Loans and Employment – oh my!
Q. If you received an MIT scholarship, are there any grade/cumulative requirements to maintain it?
A. MIT scholarship is awarded based on need only. There are a couple of federal grants that do require a minimum GPA of a 3.0 on a 4.0 scale to maintain (Federal Academic Competitiveness Grant [ACG] and the National Science and Mathematics Access to Retain Talent [SMART] Grant).
Q. Are there “merit” scholarships in 2nd – 4th years?
A. No. MIT awards undergraduate financial aid only on the basis of need for all 4 years.
Q. If we get an outside award this year, does that reduced MIT scholarship impact future MIT... read the post »
Apr 16 2010
Your Financial Aid and Billing Questions Answered! (part 2)
Posted in: Afford
This post is the second in a series of four dedicated to answering all those questions that you asked, didn’t have time to ask or were afraid to ask during CPW. These questions were compiled at the Student Financial Services Presentation given by our very own Betsy Hicks, Executive Director of Student Financial Services.
Needs Analysis
Keep in mind we may not be able to provide specific answers here since each case is unique and is treated as such. Our financial aid staff takes a holistic approach to needs analysis and carefully analyzes the “big picture” when reading your file.
Q. We have three other sons attending colleges. How can we meet with an MIT financial advisor to assist us in finding the best way to finance our attending son’s MIT admission?
A. We take into account the number of family members in the household and the number of family members in college when determining financial aid. Our financial aid counselors are available via phone, email or in person to meet... read the post »