How Much Is Tuition at Massachusetts Institute of Technology?

Considering one of the most expensive schools in the US? Here’s how much it costs to attend Massachusetts Institute of Technology.

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Introduction

Massachusetts Institute of Technology (MIT) is a world-renowned research university located in Cambridge, Massachusetts. With an endowment of over $16 billion, MIT is one of the wealthiest universities in the world. Tuition at MIT is expensive, but the university offers need-based financial aid to help make it more affordable for students from all backgrounds.

For the 2020-2021 academic year, tuition at MIT is $53,790 for undergraduates and $52,852 for graduate students. Other costs, such as room and board, books and supplies, and personal expenses, can add up to an additional $17,000 or more per year. Students who receive financial aid from MIT pay an average of $21,438 per year in tuition and fees.

The Cost of Attendance

The cost of attendance at Massachusetts Institute of Technology (MIT) is $73,160 for the 2019-2020 academic year. This figure includes tuition, fees, room and board, and other estimated expenses.

Financial Aid

One of the most important factors in deciding whether or not to attend a particular college is the cost of tuition. At the Massachusetts Institute of Technology, tuition for the 2016-2017 academic year is $49,580 for students who are enrolled in the undergraduate program. However, the cost of attendance is actually much higher than tuition alone, as students also need to consider room and board, books and supplies, personal expenses, and transportation. The total cost of attendance for the 2016-2017 academic year is $67,446.

Fortunately, MIT provides a variety of financial aid options to help students cover the cost of attendance. For example, MIT offers need-based grants and scholarships, as well as loans and work-study programs. In addition, MIT has a number of merit-based scholarships that are awarded based on academic achievement or other criteria.

To be eligible for financial aid at MIT, students must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to determine a student’s eligibility for federal aid programs, as well as aid from state and institutional sources. To complete the FAFSA, students will need to provide information about their family’s income and assets. The FAFSA must be completed each year in order to receive financial aid.

Scholarships

MIT want to ensure that their students can focus on their studies, not on their wallets. So they offer a number of scholarships and grants to admitted students, based on both financial need and merit.

In 2018–19, 59% of undergraduates received some form of financial aid from MIT, and the average grant was $46,770.

One way to get an idea of what your MIT education might cost is to use our tuition calculator.

Loans

Loan amounts are based on the cost of attendance minus any other financial aid you receive. For the 2020–2021 academic year, the cost of attendance for undergraduate students is $76,082.

Federal Direct Stafford Loans are available to eligible undergraduate and graduate students. The interest rate is fixed at 4.53% for undergraduate loans and 6.08% for graduate loans. The maximum loan amount is $20,500 for undergraduates and $8,500 for graduates.

Federal Direct PLUS Loans are available to eligible graduate and professional students, and parents of dependent undergraduate students. The interest rate is fixed at 7.08%. The maximum loan amount is the cost of attendance minus any other financial aid you receive.

Work-Study

Students who are eligible for financial aid can apply for work-study. This is a need-based program that allows students to work in various on-campus jobs in order to help pay for their education. The money earned from work-study does not have to be repaid, and students can earn up to $6,000 per year (before taxes).

The Bottom Line

The Massachusetts Institute of Technology is one of the top universities in the world, and it’s also one of the most expensive. The total cost of attendance for the 2019-2020 academic year is $76,150, which includes tuition and fees of $53,790, room and board of $16,560, and other expenses of $5,800.

FAQs

The Massachusetts Institute of Technology (MIT) is a private research university located in Cambridge, Massachusetts. Tuition at MIT is need-based, meaning that it is based on a student’s financial need rather than on the student’s academic record. For the 2020-2021 academic year, tuition for students who are eligible for financial aid is $53,790.

10 Reasons to Attend MIT

1. Outstanding faculty-to-student ratio: The faculty at MIT is passionate and attentive, with a 10-to-1 student-to-faculty ratio that allows for personalized attention and ample opportunities to get to know your professors.
2. Rigorous and challenging curriculum: You’ll be pushed to your limits at MIT, but you’ll also receive the support you need to succeed. The academic rigor of the curriculum will prepare you for success in any field.
3. Opportunities for hands-on learning: MIT’s rigorous curriculum also provides opportunities for hands-on learning in the form of internships, research projects, and independent study.
4. A global community: With students from more than 100 countries, you’ll have the opportunity to learn about new cultures and perspectives while also sharing your own.
5. A commitment to diversity: MIT is committed to creating a welcoming and inclusive community for all students, with a variety of resources and support services available.
6. A world-renowned reputation: AnMIT education is highly respected by employers around the world, giving you a leg up in the job market after graduation.
7. Generous financial aid: Thanks to MIT’s generous financial aid policies, attendance is possible for students from a variety of socio-economic backgrounds.
8. A vibrant campus life: Campus life at MIT is full of opportunities to get involved, with more than 350 student organizations to choose from!
9. A commitment to service: As an MIT student, you’ll have ample opportunities to give back to the local community through service learning projects and other initiatives.
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Conclusion

As you can see, the cost of attendance at MIT can be quite expensive, especially if you are not eligible for financial aid. However, there are many ways to offset the cost of tuition, such as scholarships, grants, and loans. If you are serious about attending MIT, be sure to explore all of your options and make a plan that fits your budget.

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