MIT Student Loans
The Massachusetts Institute of Technology (MIT) appreciates both a national and international reputation for extraordinary academic achievement. According to Forbes, MIT is ranked #5 in the nation overall. Other features of this private school include:
- An undergraduate population of 4,503
- An acceptance rate of 8 percent
- SAT range of 1430 – 1570
- 85 percent of students receive financial aid
- The academic community includes 78 Nobel laureates
Academics at MIT
As described in 2014 MIT Facts, MIT is composed of following schools:
- MIT Sloan School of Management
- School of Science
- School of Humanities, Arts, and Social Sciences
- School of Engineering
- School of Architecture and Planning
Across these schools, students can select from 46 majors and 49 minor courses of study. According to U.S. News, five of the most popular majors for 2012 graduates were:
- Physical Sciences
- Computer Science
- Biological and Biomedical Sciences
Student Life at MIT
Either to keep pace with the extensive offerings of Cambridge and Boston, or to ensure the bright student body is stimulated, MIT supports student participation in numerous extracurricular activities including:
- The List Visual Arts Center
- Intramural sports
- Greek life
- The Public Service Center
- The Association of Student Activities
Life in Cambridge
MIT’s stellar academics aside, Cambridge is a great college town. According to City Town Info, Cambridge is home to at least 10 other colleges, including Harvard University. Altogether, Cambridge-based colleges have approximately 49,000 students and provide over 19,000 dorm rooms.
Students in Cambridge are likely to spend time outside the classroom in neighboring Boston, only 3 miles away. As Study.com reports, Boston has just under 30 schools of higher education including Boston University and Northeastern University. Between Cambridge and Boston, the student body is assured a dynamic social life off campus. The Harvard University-produced travel guide series Let’s Go offers a book that any MIT student may want to consider picking up – Let’s Go Boston: A Student’s Guide to Boston.
Paying for MIT
For students who receive one of the coveted seats at MIT, they will find a high sticker price on their degree. According to 2014 MIT Facts regarding financial aid, costs for 2013 – 2014 were approximately $43,210 for tuition, $12,744 for room and board, and $2,778 for books and miscellaneous expenses.
Many college students are faced with the issue of how to pay for college, and several sources of aid may be available, including:
- Federal grants
- Federal loans
- State grants
- State scholarships
- Outside scholarships
- MIT scholarships
- School loans
- Private loans
MIT automatically considers admitted students for MIT scholarships, which are based solely on financial need. According to MIT Student Financial Services, in the 2011 – 2012 academic year, the average MIT scholarship per qualifying student was $32,917. MIT is clearly generous in its financial aid packages, which reflects the school’s policy that those students who meet the extremely competitive admissions standards should not face a financial barrier to matriculation.
In addition, students who have earned a GPA and SAT scores high enough to be admitted to MIT should consider researching outside scholarships, including state ones. As many scholarships blend merit with other qualifying factors – such as the intended course of study or group affiliations – prospective MIT students have a good chance of at least meeting the academic requirements.
What are the benefits of applying for MIT scholarships?
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