The professors at MIT contribute to the high-quality education offered, with many current and past faculty members having received Nobel and Pulitzer Prizes, the National Medal of Science, and countless other awards and accolades.
Regardless of your program of study at MIT, there’s no getting around the fact that attending a private college can be pricey. First, understand what MIT will cost you, then investigate your various financial aid options to maximize the amount of scholarship and grant aid that won’t have to be repaid.
Lastly, don’t forget to take into account expenses beyond tuition and housing, such as transportation and entertainment, as these things can add up and throw off even a well thought out budget.
How much does it cost to attend MIT?
Undergraduate prices for MIT hover close to what you’d expect to pay at the Ivy Leagues (MIT is not an Ivy, but is ranked highly nonetheless, surpassing many Ivy Leagues). Tuition for the 2015-2016 school year was $46,704, and total costs were estimated to be $63,250.
MIT Sloan business students should expect to pay a bit more, with 2015-2016 tuition costing $65,750, pushing yearly total costs close to six figures. MIT does not have a medical or law school, but students are able to pursue a graduate degree through one of 24 graduate departments. Tuition for non-Sloan graduate students is $24,070, not including a number of miscellaneous fees. Keep in mind this does not include the cost of living and other expenses.
What kind of financial aid does MIT offer?
MIT undergraduate scholarships are awarded based on financial need. In the 2014-2015 school year, 56% of undergraduates received an average of $36,566 in MIT scholarships and 33% of students attended tuition-free. The money for these scholarships come from endowed funds, gifts from alumni and friends, and “general” MIT funds. Undergraduates have access to the same federal loan programs as students attending other schools; international undergraduates, however, can take out an MIT Technology Loan, which is awarded based on financial need and does not accrue interest until repayment begins.
Students admitted to MIT Sloan are automatically considered for a number of fellowships and scholarships awarded by both Sloan and by other departments at MIT. The Legatum Fellowship for Entrepreneurial Leadership, awarded to students who are actively building a product or service in the developing world, and MIT Public Service Center Fellowships both require a separate application. Students are also encouraged to apply for financial assistance from external organizations.
Beyond scholarship aid, students can be considered for federal and private student loans by submitting MIT’s Graduate Loan Application and the FAFSA. While international students may experience more difficulty getting a loan without a cosigner, MIT guarantees loan availability for students from most countries via the MIT Federal Credit Union.
What kinds of extras should I expect to pay for at MIT?
Given the excellent public transportation to and from Cambridge, MIT discourages students, even upper-class undergraduates and graduate students who are able to secure Student Resident Parking, from bringing cars to campus.
Freshman undergraduates are not permitted to bring cars. If you do decide you’ll need a car, keep in mind that, in addition to insurance premiums and car payments, you’ll need to pay hundreds per month for an MIT parking permit.
Greek life at MIT is spoken highly of amongst undergraduates, so if you plan to join a fraternity or sorority, set aside some extra money to pay for these expenses. Chapter dues, as well as other miscellaneous fees, can add into the thousands, not to mention what you’ll need to buy for the many events surrounding Greek life.