MIT is one of the world's most respected science schools, and for good reason.
For starters, it has a notoriously competitive selection process — only about 4% of applicants are accepted. Then there's the grueling workload, which includes physics, biology, chemistry and calculus as required courses. And, of course, MIT's professors are world class, with 10 Nobel laureates currently on the faculty.
Learning from some of the best pays off: Most of the 95% of Techies who graduate within six years tend to do well. The median salary a decade after enrolling tops $124,000 — one of the highest among all the schools Money analyzed. While MIT isn't exactly a bargain, all students get some form of grant or scholarship to help them pay.
MIT has a diverse student body, and the 166-acre campus in Cambridge gives students access to nightlife as well as the cultural activities of nearby Boston. MIT alone has a dozen galleries and museums on campus.
When not appreciating the arts, Techies are known for creative, nerdy fun, like playing Quidditch or experimenting in the Laboratory for Chocolate Science.
Massachusetts Institute of Technology tuition and fees
Estimated cost and due date
Tuition and fees at Massachusetts Institute of Technology come to $59,750. You’ll also need to factor in room and board, books, and living expenses while enrolled.
The due date for Fall is August 01, 2023. However, it's always a good idea to keep an eye on the university's official calendar or your student portal for any changes. Late payments may incur extra fees.
Feeling overwhelmed by the cost? That’s understandable – college can be expensive, but there are a variety of financial aid sources you can access, including student loans, grants, and scholarships. Here's a brief overview of the available options; for a more comprehensive step-by-step, read our How to Pay for College guide.
Exploring financial aid options at Massachusetts Institute of Technology
Scholarships and grants
The typical aid package for undergraduates who study at the Massachusetts Institute of Technology adds up to an impressive $34,013 sum, which includes numerous grants from federal, state, municipal and university sources. A substantial portion of these (i.e. around 20%) come in the form of Pell Grants which are earmarked for lower-income applicants. In order to receive this financing, as well as other forms of financial aid, one must fill out the FAFSA.
In Massachusetts, there are multiple programs — such as the Massachusetts Gilbert Matching Student Grant — that are available to residents looking to fund their college education. Most states have such grant programs, though the eligibility requirements may vary; thus, double-check your state regulations to determine eligibility.
University scholarships, aka institutional aid
Two types of financial assistance are typically given out by colleges. Need-based aid is contingent on your financial situation, while merit-based aid is for any award that is not based on financial need. Attainment of academic success, artistic ability, and leadership potential are all qualifiers for a merit scholarship. 60% of first-year students at the Massachusetts Institute of Technology have received an average award of $50,785 through a scholarship from the institution.
Don't forget to search for external scholarships too. There are many local organizations that provide scholarships to assist students with college costs, and some scholarships have year-round deadlines, so you can get funds after you've enrolled. Check out our guide on college grants and scholarships to find out more about the various types of gift aid.
Federal student loans
Federal student loans are a popular way to finance educational expenses. These loans are provided by the government and feature low-interest rates and flexible repayment plans.
Private student loans
Private student loans are another alternative. These are offered by private lenders such as banks and credit unions, but usually come with higher interest rates and less flexible repayment options.
How to pay tuition bills at Massachusetts Institute of Technology
Generally, if you have access to a loan, grant or scholarship, the funds are usually sent directly to the university. You will need to take care of the remaining balance. For this purpose, tuition payments can be made online at https://web.mit.edu/.
The information included in this page contains data published in university sites, government public records and other vetted sources as of June 23, 2023. Be advised to validate this information with the university registrar or financial office.
This content was created with the assistance of AI technology and has been reviewed, edited and fact-checked by Money's editorial staff.