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MIT's need based financial aid is awarded on an annual basis, and Match recipients must re-apply yearly for aid. The package detailed below is also subject to Match recipients receiving a full Federal Pell Grant each year. Students who do not meet this eligibility can still be considered for admission to MIT in Early or Regular Action admissions, and may still qualify for a very generous financial aid package. Provided that there is no significant change in a student's family's financial situation, financial aid awards should remain consistent year to year.
The following numbers reflect estimated student expenses for the 2011-2012 academic year. The final details of your financial aid package will be included in a communication from MIT. As a match recipient, you will need to complete the FAFSA (www.fafsa.ed.gov) and submit your families' previous year's tax returns, W-2s, and all schedules.
Scholarship Details
These numbers are based on costs for the 2011-2012 school year. Amounts will change slightly from year to year, but as the cost of college increases, the scholarship packages will correspondingly increase.
Glossary of terms appearing in scholarship package details
| Annual Cost of Attendance |
| Total |
$55,270 |
| Tuition & Fees |
$40,732 |
| Room & Board |
$11,775 |
| Books & Supplies |
$1,050 |
| Travel |
varies |
| Personal |
$1,713 |
| Required Fees |
$0 |
| How Costs Are Covered (Annually) |
| Total |
$55,270 |
| Grants |
$52,920 |
Parental Contribution
|
$0 |
Student Summer Earnings Expectation
|
$1,900 |
Self-Help
|
$450 |
Outside Scholarships
Any outside scholarship money in excess of the Self-Help award ($450) will be used to decrease the amount of grant money awarded by MIT.
Health Insurance
Students are required to have some form of hospital insurance according to Massachusetts law. As part of the basic tuition fee, MIT provides the basic Student Medical Plan, but also enrolls and bills all students for the Student Extended Insurance Plan (which provides hospitalization coverage). However, if students notify the MIT Medical Department before their waiver deadline that they already have sufficient coverage (usually under their family's insurance), they can be granted a waiver from the Student Extended Insurance Plan. Students who cannot or do not waive the Extended Plan will have to cover this cost themselves.
Other Details
The travel allowance is determined by MIT Student Financial Services and is dependent on the student's home address. Changes in the travel allowance will affect the MIT grant.
