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 receiving the MIT education, you are responsible for your bill, not your parents. Therefore only you have access to your bill. However, you may set up your parents as authorized payers. Your parents will not receive any notifications unless this is set up. Once you have set them up as authorized payers, they should follow this link to access the bill.

It is important to note that MITPAY shows a static “snapshot” of your bill the day it’s generated. Any charges that get added or subtracted from your bill will not be reflected in MITPAY until the next billing cycle (the following month). You will be able to see all transactions by logging into WEBSIS, selecting “Financial Record” and viewing “Current Account Activity.”

How do I pay the bill? What forms of payment are accepted?

MIT does not accept cash or credit cards. We do accept checks, wire transfers, scholarship checks, and 529 plans. Information on payment methods.

I have accessed my bill, but I’m expecting financial aid, which isn’t listed! What do I do?

If you have applied for financial aid and if you have completed your financial aid application, please be patient. We will work with Student Accounts if your application has been completed but not read yet. Contact your financial aid officer if you have any questions or concerns.

I can’t pay this much all at once, what are my options? Is there a payment plan my family can go on?

With changes in federal regulations, the terms and conditions of the MIT Monthly Payment Plan is undergoing some changes. We are still working on a resolution, but please contact your Student Account Counselor to discuss your options.

What is “anticipated aid?”

Anticipated aid is the amount of financial aid you are expected to receive for the term. This is listed as a credit on your bill. Your financial aid will remain as “anticipated” until registration, when it is either disbursed into your student account or removed. It is very important that you complete all required paperwork listed on your financial aid award letter to ensure your financial aid is disbursed in a timely fashion.

Outside scholarships (scholarships from private sources) are also included in your “anticipated aid” figure if you have reported them to us. It will remain “anticipated” until SFS receives the funds from the scholarship agency.

Anticipated aid does expire. If you do not complete any steps required for the disbursement of your funds (such as loan entrance counseling if you’re borrowing, or the online student information review form if you’re receiving a grant), then that figure will eventually disappear and you will be responsible for the remaining charges on your bill.

There is a housing charge on my bill, but the housing lottery results won’t be known until August. How do I know if this is the right cost if I don’t know where I’m living yet?

Because housing charges vary depending on which dorm you’re living in, size and room type, MIT uses the average weighted housing cost for the initial bill. This cost will be adjusted when you find out where you are going to live. This adjustment will be made on the September bill. Depending on where you live, you will either see an additional charge, or a credit.

When is the bill due? What happens if I pay late?

The bill is due on August 1, 2010. A late fee may be assessed on late payments.

For more information on billing, visit http://web.mit.edu/sfs/bills.