Cambridge, Massachusetts
Private
Admissions Policies
Deposit & decision deadline (class of 2024)
May 1
Test-optional admissions ('20-'21)
Yes
MIT understands how difficult it is to make ends meet, especially as a college student trying to manage finances, life, and academics all at once. Their Manage Your Money page provides students with banking tips and information and tax information and tips. You can also find a handy budgeting worksheet along with budgeting articles and tips.
Other financial resources for students
This college also offers MIT Student Life Mobile app which provides links and information to all types of great financial and other resources on campus. It is available on GooglePlay and the Apple Store. Discounted public transportation passes for the MBTA can be purchased.
Each student is assigned a Tech Cash Account, which is a student debit card linked to your MIT ID card that allows you to purchase items such as laundry, snacks, books, meals, and more!
Summer Housing Grants are available for students to apply for to help subsidize the cost of summer housing.
Financial Assistance Resources offered by the Office of Student life
Office of Student Life offers services such as:
ARM Coalition (Accessing Resources at MIT) help alleviate student hardships by connecting students to resources at MIT. This organization helps with everything from basic living expenses to travel to books, supplies, activity expenses and help searching for jobs on and off-campus. In addition, they offer guidance and advice for faculty, staff, and students. Their guidance and services also include help with childcare, health, dental and medical expenses in the form of services, referrals, and reduced fees. The resources on this site are endless.
Emergency support fund requests help students work through unforeseen emergencies such as a trip home, emergency weather-related clothing, or other needs that a student may have unexpectedly.
SwipeShare Food Resources is a program where students can get food resource help and utilize it in many of the dining halls on campus. Students can also donate some of their meals into the SwipeShare program. The meals (or swipes) are requested and, if approved, will be added to your student ID card to be used in the dining halls.
Resources for graduate students
Paying for graduate school can be tricky. Prospective graduate students can see how funding works to get a better idea of how to fund their education. In addition,Graduate Student Life resources offers a variety of resources through its offices. Some of these resources include: Leadership training to graduate residence halls executive boards
Massachusetts Institute of Technology’s student organizations and centers host a variety of events throughout the year to help subsidize and keep student costs down for household items, clothing, transportation and other necessities. This include:
The APO Ride Board to post and take advantage of ride sharing opportunities to reduce the cost of transportation.
Choose to Reuse is a program and event held on the third Thursday of each month.
Clothing Service Program hosts a "Fall Fashion Free For All" annually where students can get needed items for their wardrobes at no cost.
Free Food Email List is a list that you can opt into to be made aware of leftovers from events at the college.
The total cost of attendance includes tuition and fees, books and supplies, and living expenses, as reported for the 2019-2020 school year.
Tuition and fees (in-state)
$53,790
Tuition and fees (out-of-state)
$53,790
Room and board
$16,390
Books and supplies
$820
Other
$2,160
The average student pays this amount per year.
Percentage of freshman students who receive some form of financial aid.
This school's financial aid meets 100 % of student's demonstrated need.
The average Massachusetts Institute of Technology merit scholarship for students without financial need
of Massachusetts Institute of Technology students without financial need receive a merit scholarship
Massachusetts Institute of Technology does not provide merit-based scholarships except through master’s level programs. For example, MIT's Sloan Business School and MIT's School of Architecture and Planning offer Master’s level merit-based fellowships and scholarships. MIT offers assistance and page where you can search for other scholarships and grants and are non-institutionally based.
MIT explains that their scholarships and financial aid “are awarded based solely on financial need and come from our endowment, gifts from MIT alumni and friends, and MIT general funds.”
Very few students pay the full price. Here's the average cost for students in different income brackets:
Resources
Endowment (2019)
$17,569,328,000
Endowment per enrolled student (FTE)
$1,533,234
Share of Students Studying Online (Graduate and Undergraduate)
Likelihood that a student moved up two or more income quintiles.
Percent of first-time students receiving Pell Grants.
This is lower than the national average 31.0%
Relative to the market of potential students
Underrepresented
White
Hispanic
Black
Representative
Hawaiian
Native American
Overrepresented
Asian
Multi-racial
The average student takes out this amount in student loans.
The percentage of students that repay their loans within 5 years.
The percentage of students that repay their loans within 7 years.
The percentage of families that default on their loans after 3 years.
After graduation, here's how the average salary of a Massachusetts Institute of Technology graduate grows over time:
SAT range:
1510 - 1570
ACT range:
34 - 36
Application fee:
$75
Free price estimates for thousands of colleges
Custom reports based on your student profile
Recommendations to save thousands on college
The data and analysis above is sourced from the following reliable third party sources:
For more information, visit our Data page.
Our Financial Health information is designed to provide you with financial data on the private colleges you are considering. Our Post-Covid Resiliency Ratings are based on a data model described in more detail here as well as information from the independent third party sources we list above. Keep in mind, there may be additional public or private data which may make a college or university more or less financially resilient. We recommend that you request the most current financial information from the college or university you are considering so that you will have the most complete and current information available while evaluating the financial health of the institution and to inform your decision making process. All information and data we provide on this site is for informational purposes only and is not an endorsement, guarantee or other recommendation, whether favorable or unfavorable, regarding a particular institution. We make no representation or warranty regarding the information, all of which is provided free of charge and for informational purposes only.