How much does a year at MIT cost?

Question

How much does a year at MIT cost?

Answer 1

Tuition and Financial Aid

Undergraduate Tuition and Living Expenses

Nine months' tuition for 2007–2008 is $34,750; a Student Activity Fee of $236 increases the total to $34,986. In addition, undergraduate room and board is approximately $10,400, with actual costs dependent on the student's housing and dining arrangements. Books and personal expenses (including clothes, laundry, and recreation, but excluding travel) are about $2,800.

Undergraduate Financial Aid

The Institute's undergraduate financial aid program ensures that an MIT education is accessible to all qualified candidates regardless of their financial resources. MIT provides financial aid to meet the full cost of an MIT education, based on the calculated needs of the family. In 2006–2007, approximately 65 percent of all undergraduates received some type of need-based financial aid.

The amount of financial aid for which an undergraduate is eligible is determined by the family's financial situation. Using information provided by the family on the Free Application for Federal Student Aid (FAFSA) form and the College Scholarship Service (CSS) PROFILE form, MIT establishes dollar amounts for the parents' and the student's contributions. In addition, all aid recipients are expected to meet a portion of their need through a loan, part-time job, or both. This "self-help" component is set annually ($5,250 for 2007–2008). The balance is met with MIT scholarships—grants from endowed scholarship, gift, and Institute funds. This policy assures each student a reasonable loan, and provides an equitable distribution of grant funds. In 2006–2007, the average need-based financial aid package was $31,539.

Graduate Tuition and Living Expenses

Graduate students generally incur greater expenses than undergraduates. For example, most attend the Institute for a calendar year rather than an academic year, increasing the cost of tuition. In 2007–2008, nine months' tuition is $34,750 with an annual $236 Student Activity Fee for a total of $34,986 (except in the Sloan School of Management, where tuition for the master's degree program is $22,396 per term). Summer term tuition in 2007 was $11,580 for students enrolled in courses.

MIT's residential system can currently accommodate about one-third of its graduate students; the rest find housing in the Boston/Cambridge area. Graduate students' costs for housing, food, books, medical insurance and incidentals vary widely, depending on marital status, quality-of-life expectations, and housing arrangements. For example, monthly charges for on-campus housing range from $525 to $1,380 for single students, and from $970 to $1,485 for family housing.

Graduate Financial Aid

Financial aid for graduate students is in large part provided by individual departments, and the amount of aid varies significantly among disciplines. Financial support includes fellowships, traineeships, teaching and research assistantships, and loans. Most forms of support are granted for merit, while others are granted for financial need or a combination of merit and need.