Student Loans for MIT Students
About Massachusetts Institute of Technology Financial Aid Program
MIT, a premier research university, offers financial aid to many of its students as part of its goal to attract a diverse student body. MIT seeks to recruit the most academically promising students, irrespective of their financial circumstances. Tuition and fees at MIT exceed $50,000, yet as a result of a healthy endowment that exceeds $8b, MIT is able to provide many of its students with sizable financial aid packages. For students whose finances would otherwise prevent them from attending college, MIT Financial Aid makes an MIT education affordable. MIT practices need-blind admissions, meaning they do not take financial need into account when evaluating candidates for admission to MIT. Additionally, their financial aid covers 100% of tuition costs by scholarships and grants for families of undergraduate students earning $75,000 or less. It is also widely available to international students, making it one of the few institutions in the US that offers financial aid to all eligible international students.
Applying for MIT Financial Aid is much the same as applying for financial aid at any other school. Before you apply for any federal aid, you should speak to the MIT Financial Aid office about any ‘free money’ awards you might be eligible for, such as grants or scholarships. You should also inquire if you will need federal or private student loans to cover the cost of attending MIT. For the application process, you are required to submit the FAFSA and the CSS/PROFILE to the MIT Financial Aid office. Once you submit the necessary forms, you will hear back from their financial aid office shortly thereafter.
MIT and Student Loans
The largest component of MIT Financial Aid Packages tend to be university grants and/or scholarships, which are ‘free money’ awards that do not have to be paid back. According to the MIT Financial Aid office, 73% of undergrads receive either a need-based or merit-based scholarship, and undergrads receive $99.3 million annually in scholarships from this program as well as from institutional, federal, state, and private sources. 62% of MIT undergrads have a work-study program, which is encouraged by the MIT Financial Aid office. All told, the MIT Financial Aid Program offers tremendous amounts of aid to students, and in all cases, students will have the amount of financial need that MIT assesses them to have met in full. The program is a very robust one, and is an enormous advantage to students who are fortunate enough to attend MIT.
Frequently Asked Questions
Q:What are the benefits of applying for MIT scholarships?
A:MIT scholarships are geared toward covering a student’s tuition costs at this university. Scholarships don’t have to be repaid and are fairly easy to apply for. There are both need-based and merit-based scholarships available from MIT.
Pay for Massachusetts Institute of Technology*
|Total Avg. Cost||$53,210|
|Room & Board||$11,360|
|Financial Aid Information|
|Students Receiving Fin Aid||86%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$21,195|
|%Receiving Other Loans||2%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics