We work closely with all families who qualify for financial aid to develop an individual affordability plan tailored to their financial circumstances.
one of nine
We are one of only nine colleges in the U.S. that is need blind and full need 01 <a href="/glossary#term-need-blind-admissions">Need blind</a> means that we don’t consider your ability to pay for college in the admissions process; <a href="/glossary#term-full-need">full need</a> means we are committed to meeting 100% of demonstrated financial need with our aid. for all of our undergraduate students, domestic and international. About six out of every 10 students receive MIT need-based aid. The median annual price paid by an undergraduate who received an MIT Scholarship was $12,93802 2023–2024 is the last year for which we have full data. for the 2023–2024 academic year.
Tuition-free
For most students with family incomes under $140,000 a year (and typical assets) we ensure that MIT Scholarship funding will allow them to attend MIT tuition-free.03 Tuition-free means your total grant and scholarship aid covers at least the cost of MIT’s tuition.
$0 Parent contribution
Beginning with the 2024–2025 academic year, families whose total income is less than $75,000 (with typical assets) are not expected to contribute toward their student’s MIT education.
Students, however, are still expected to contribute toward their own expenses from their summer savings contribution and student employment during the school year. As a student you may be able to offset your expected student contribution with an outside scholarship or a Federal Pell Grant if eligible.
How our financial aid helps families
We plan to award $167.3 million in MIT need-based scholarships in 2024–2025, compared to the $158.2 million awarded in 2023–2024.
58% of full-time undergraduates received an MIT Scholarship during the 2023–2024 academic year. Among those, the median family contribution after student term-time work04 Term-time work means work that you do <i>during</i> the school year, and is considered a part of your financial aid offer by a suggested amount on your offer letter. This is separate from your summer earnings expectation. Not everyone decides to take advantage of work opportunities during the school year, and some choose to meet their term-time work amount by using <a href="https://sfs-mit-edu.ezproxy.canberra.edu.au/undergraduate-students/types-of-aid/other-scholarships-grants/">outside scholarships or grants</a> (including the Pell Grant), or student loans. was $10,360.
39% of undergraduates received scholarships and grants equal to or greater than tuition. Their remaining expenses were covered by their family or by the students themselves, through paid work or student loans. For families with incomes less than or equal to $140,000 in 2023–2024, the median student loan among those who took loans was $5,442.05 This amount reflects a $5,500 federal loan after the origination fee has been deducted.
MIT Scholarship by family income range
The chart below shows how we award an MIT Scholarship based on your family’s income and assets. MIT Scholarships are grants that do not need to be repaid, and 58% of undergraduates received one in 2023–2024. The median net price is the amount of money you will still need to pay toward your education. Families choose how to pay for their MIT education in a variety of ways, including from income and savings, outside scholarships, student employment, and federal loans.
| Income range | Applicants who received MIT Scholarship | MEDIAN MIT Scholarship | What it covers | MEDIAN net PRICE |
|---|---|---|---|---|
| Under $65,000 | 100% | $76,825 | Tuition, fees, housing, and $4,289 toward dining costs | $564
46% of students with a family income under $65,000 attended MIT with the full cost of attendance covered |
| $65,000– $100,000 |
99% | $71,291 | Tuition, fees, and $11,135 toward housing costs | $8,847 |
| $100,000– $140,000 |
97% | $66,345 | Tuition, fees, and $6,189 toward housing | $14,859 |
| $140,000– $175,000 |
97% | $60,627 | Tuition, fees, and $471 toward housing | $20,969 |
| $175,000– $225,000 |
96% | $48,169 | 81% of tuition | $33,460 |
| Over $225,000 | 58% | $27,031 | 45% of tuition | $52,376 |
Please note: The information above reflects the 2023–2024 academic year. The last year for which we have full data.
No loans
How work and loans contribute
Loans are not included in our financial aid offers because we believe your financial aid will cover your expenses. We do not expect any undergraduate to take out a loan. We do, however, expect that students share in the commitment to their education.
Rather than borrow, most students opt to work during the academic year. At MIT, this work often provides students not only a way to help pay for college but also with world-class research experience. Through the Undergraduate Research Opportunities Program for example, 94%06 2023 is the last year for which we have data. MIT undergraduates work on paid research projects before they graduate.
after graduation
87% of MIT students from the Class of 2024 graduated debt-free. Those who do borrow tend to have debt at graduation lower than the national average — a median of $14,844 — and all alumni benefit from the lifelong return on investment of an MIT education, including an average starting salary of $126,841 for graduates entering industry according to the most recent Graduating Student Survey.
- Need blind means that we don’t consider your ability to pay for college in the admissions process; full need means we are committed to meeting 100% of demonstrated financial need with our aid. back to text ↑
- 2023–2024 is the last year for which we have full data. back to text ↑
- Tuition-free means your total grant and scholarship aid covers at least the cost of MIT’s tuition. back to text ↑
- Term-time work means work that you do during the school year, and is considered a part of your financial aid offer by a suggested amount on your offer letter. This is separate from your summer earnings expectation. Not everyone decides to take advantage of work opportunities during the school year, and some choose to meet their term-time work amount by using outside scholarships or grants (including the Pell Grant), or student loans. back to text ↑
- This amount reflects a $5,500 federal loan after the origination fee has been deducted. back to text ↑
- 2023 is the last year for which we have data. back to text ↑