May 12, 2009
Calculating your Financial Aid
Posted in: Afford
Exciting news today:
After much work, we in SFS launch our new online financial aid calculator today.
This new service allows families to estimate the cost and financial aid award at MIT based upon their individual income and assets. Using technology developed by our partner, Think Ahead LLC, families can now enter their information, see an estimated family contribution and financial aid award, and estimate the effect of various "what if" scenarios on their financial aid packages.
This new service allows both domestic and international students to receive information assisting them in determining whether they can afford the cost of an MIT education. MIT is the first college in the nation to provide a way for international students to estimate their awards, and we join a small (but growing) number of colleges to allow domestic students to see into our needs analysis formula.
There are some items and limitations to be aware of when using the calculator. As always, the information provided by the calculator will only be as good as the information you enter into it (i.e. "garbage in" equals "garbage out"). Also, MIT financial aid remains the final arbiter of your actual financial aid award; this calculator is meant to be an estimate only and your final financial aid award may differ from the sample provided (both due to professional judgments made by our financial aid officers and additional information provided by you). Last, the financial aid calculator is not intended for use by divorced / separated families (although you could have each parent complete the calculator separately and add the two results together to get a very rough approximation of a final result); our analysis for divorced / separated families looks very closely at each situation and as such cannot be approximated by the calculator.
We hope this tool will be very helpful for incoming, prospective and current students. If you have any questions or feedback, please feel free to comment below.