In 2022, tuition for full-time students at MIT was $59,750 a year.
Tuition increased 3.75% in 2023–from $57,590 the prior year. Usually, college tuition goes up about 3% every year.
If these numbers feel scary, remember, the total cost of tuition isn't necessarily what you will have to pay to attend a school. Many students find the actual cost of college is much less than the total tuition after grants, scholarships, and tuition discounts kick in. Additionally, student loans can make theprice of collegemore manageable until after graduation.
Massachusetts Institute of Technology meets 100% of the demonstrated financial need for undergraduates. The average financial aid package for a full-time, first-year student at Massachusetts Institute of Technology is around $60,077 a year.
Students in the class of 2023 who had taken out student loans graduated with an average of $25,556 of debt.
Massachusetts Institute of Technology is a private institution, which means it has the same tuition for residents of Massachusetts as it does for students who live in other states.
Public colleges and universities receive funding from the state government. Public insitutions often offer a lower cost of attendance for students who are residents of that state.
Choosing a college where you qualify for in-state status can cut the cost of college tuition. Don't forget to confirm your state's eligibility criteria for in-state residency. Every state has its own rules about what makes someone eligible for in-state tuition. In many states, students must have lived in the state for 12 months before starting school to qualify for in-state tuition. There may be additional requirements as well, depending on the state you and your parents currently live in.
Massachusetts Institute of Technology has the same tuition for international students as for those from out of state.
Students from outside of the U.S. are not eligible for federal financial aid, but should research private or Massachusetts Institute of Technology-specific grants, scholarships, and other funding opportunities. International students with need may be eligible for the following types of financial support at Massachusetts Institute of Technology:
•On-campus jobs •Loans from outsideMassachusetts Institute of Technology •Massachusetts Institute of Technology-specific loans •Massachusetts Institute of Technology-specific scholarships
Tuition is not the only cost of attending college; room and board, books, transportation and fees are also costs it consider when estimating the cost of attendance for college. Let's take a look at what impacts these costs, and what to expect at Massachusetts Institute of Technology.
Housing and campus dining at Massachusetts Institute of Technology is $19,390 a year. This covers the cost of living in dorms or other on-campus housing, plus a dining plan that allows you to eat in the Massachusetts Institute of Technology's on-campus cafeterias and dining halls.
Meal-plan costs can depend on the number of meals you intend to eat on-campus
First-year students are sometimes surprised by how much books and supplies cost–and not in a good way. The real cost of books depends on the courses you take and the materials required. To save money, many students choose to use books from the library or buy books from students who have already taken the course.
The majority of colleges also have fees to offsets cost associated with maintaining facilties, like the library, gym and computer labs.
Keep in mind, there could also be other costs associated with participating in certain activities, like Greek Life, or playing on an intramural sports team. Many schools have resources for students who may struggle to participate because of cost can find ways to lower or eliminate these fees.
The total cost of getting around in college can really vary. Will you take a subway, car or an airplane to get to school? Will you need to pay to park on-campus? Is the campus walkable? Do you own a car, or will you need to use busses, subways, or other modes of transportation? All of these factors can drastically impact your transportation budget. At Massachusetts Institute of Technology, freshman are not allowed to park on campus.
A school's location can also have a big effect on transportation costs. Small, rural schools may be easier to get around, but the cost of getting to campus may be higher. On the flip side, getting around in an urban area can be expensive, but there may be more trains, busses or affordable flights to actually get to school. The Massachusetts Institute of Technology campus is in a city in Massachusetts, not far from Boston.
When you're planning for college, don’t forget to take into account personal expenses, like movies, takeouts, furniture or appliances for your dorm or housing, and essentials like laundry detergent, toothpaste and toilet paper.
Now, let’s go over all of the costs we've covered, to get a better estimate of the actual cost of attending Massachusetts Institute of Technology.
What will the cost of attending Massachusetts Institute of Technology be? Here is a breakdown of tuition and expenses.
|2023 Total Tuition and Expenses|
|Room and Board||$19,390|
The total estimated cost will vary depending on whether you are going to live on-campus or off-campus.
|Total Estimated Costs|
The breakdowns above provide a good estimate of the total cost of attendance before financial aid and scholarships. Tuition and fees may vary depending on program, course level, location, and more.
Massachusetts Institute of Technology’s tuition and fees change based on: •Course load for part-time students
The majority of Massachusetts Institute of Technology undergrads use financial aid to to cover the cost of tuition. In 2023, 2,690 of the 4,657 undergrads enrolled received financial aid. Massachusetts Institute of Technology meets 100% of the demonstrated financial need for undergraduates.
The average financial aid package for a full-time, first-year student is around $60,077 a year. Around 15% of Massachusetts Institute of Technology undergrads take out student loans to cover any remaining costs. Massachusetts Institute of Technology graduates who have student loans graduate with an average of $25,556 of student loan debt.
The average debt for each loan type varies.
|Average Debt By Loan Type|
|Massachusetts Institute of Technology-Specific Loans||$5,437|
|Most Common Loans for Massachusetts Institute of Technology Students|
Most students take out institutional or government loans, because they tend to have lower interest rates and more flexible repayment options than private loans. Loans from the federal government can be subsidized or unsubsidized. Subsidized loans do not accrue interest during school, while unsubsidized loans begin accruing interest at the time the loan is issued. If students do no qualify for enough federal loans to cover the cost of tuition, some take out private loans. Parents can also take out ParentPLUS loans, which are government loans for parents who are helping their children pay for college.
The Free Application for Federal Student Aid (FAFSA) helps colleges determine how much financial need students and their familes have, so they can offer a financial aid package that meets, or come close to meeting, their need. For more information on Massachusetts Institute of Technology financial aid, keep reading, or visit their financial aid website.
Some students may receive grants and scholarships to help pay for college. Unlike loans, scholarships and grants do not have to be paid back.
In 2023, Massachusetts Institute of Technology awarded 2,630 need-based scholarships to students, giving away total of $164.3 million to help students with financial need cover the cost of school. An additional $5.52 million in merit-based scholarship money was awarded to students without demonstrated financial need.
The net price of college is the actual cost of attending a school for one year. Net cost is calculated by subtracting any scholarships, grants or other aid that does not need to be paid back from the total cost. Student loans are not part of the calculation, because they need to be repaid.
Now that we have a sense of the total estimated costs for Massachusetts Institute of Technology students, we can subtract the average financial aid package to find the estimated net cost. Net cost can vary depending on a students’ need and the financial aid award received.
When considering whether a school fits your budget, it is important to consider the estimated net cost, not just the sticker price of tuition. Often, schools with the highest tuition also offer the most generous aid packages, so estimate your net cost before eliminating a school because it does fit your budget.
The average amount of financial aid received by a full-time first year student with demonstrated need at Massachusetts Institute of Technology was $60,077 in 2023. By substracting the average financial aid package from the estimated costs, we get a number that may make the cost of Massachusetts Institute of Technology seem more manageable.
|Estimated Net Cost for Full-Time Students|
What will attending Massachusetts Institute of Technology really cost you? The answer depends on several factors.
As of 2011, colleges are required to have a net price calculator on their website to help prospective students and their families understand the actual cost of attending that school, based on their financial situation. You can find the Massachusetts Institute of Technology's net cost calculator on their website.
Some students choose to use payment plans to make the cost of tuition fit more comfortably in their budget.
Massachusetts Institute of Technology does not have guaranteed tuition.
Massachusetts Institute of Technology offers an Installment Payment Plan, which allows students to pay tuition in a series of smaller chunks instead of one lump sum.
Schools sometimes offer tuition waivers to certain groups, to offset the cost of attending. Some schools offer tuition waivers for employees and their family members, underrepresented students, or military students. Even if you qualify for a waiver, other expenses and fees are the responsibility of the student.
MIT has some full or partial tuition waivers available for: - Employees or Children of Employees
Check the financial aid website for more information on payment plans and tuition waivers.
An endowment is the total value of a school's investments, donations, and assets. Endowment is not necessarily an indicator of the quality of a school, but it can give you a sense of how much money a college can afford to invest in expanding programs, improving facilities, and supporting students.
As of 2022, the total market value of Massachusetts Institute of Technology's endowment was $24.6 billion. The average college endowment was $905 million in 2021. For each full-time student, Massachusetts Institute of Technology spends about $83,158 a year.
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