If you’ve been accepted to MIT, one of the biggest things you’ll need to figure out is how you’re going to afford going there. But don’t worry! I have the latest information on MIT tuition, cost of attendance, and financial aid opportunities to help you understand the true cost of a Massachusetts Institute of Technology education. If you want to learn more about how you can make your dreams of attending MIT a financial reality, then keep reading.
Tuition vs Cost of Attendance
Before I dive into what the MIT tuition is, I want to take a moment to make sure you understand the difference between tuition and cost of attendance. When students start to work with me, a lot of them use these terms interchangeably or don’t realize there’s a difference between the two.
Tuition is how much a college or university charges you per credit hour to take classes. But there are other fees associated with taking classes, which is you’ll sometimes see schools call tuition and fees. These fees include things like a technology fee, which allows you to print or use computers on campus, or a student activity fee, which helps pay for extracurricular activities on campus.
How does this differ from cost of attendance? Cost of attendance includes tuition and fees, but also encompasses room and board, food, gas, textbooks, and supplies. Your cost of attendance depends on where you choose to live while going to college, how many books you need to buy for all of your classes, and even the meal plan you participate in. The cost of attendance is the whole package, whereas tuition is focused on the cost of classes.
Now that we have that straightened out, let’s talk about MIT tuition.
How Much is MIT Tuition?
When you look on websites, most schools will list a very big number for tuition. For example, MIT tuition for the 2016-2017 Fall and Spring terms is $48,452. This is something called full tuition, which is how much you’ll pay if you go to MIT full time. However, this number can be misleading, because not everyone will be taking the same amount of units or credits per semester as suggested by this number. If you plan on taking more or less than a full credit load, be sure to pay attention to the per unit charge for an accurate look at what your tuition will cost.
Also remember that the cost of MIT tuition will increase every year. This helps MIT continue to provide outstanding services and faculty for students like you.
How Much is MIT’s Cost of Attendance?
Now that we know how much MIT tuition is, let’s talk about the cost of attendance. When you take all the fees into account, the cost of attendance for MIT looks something like this:
Keep in mind that these numbers are reflective of students who live on-campus. So if you commute or live off-campus in an apartment then your Housing and Dining costs will be different. That’s because your rent and food costs will be different depending on how often you eat out, what your rent and other utilities cost, and anything you have to buy for your housing.
Remember, you probably will not be paying this cost up front. That’s because the cost of attendance is calculated before financial aid steps in.
What Does Financial Aid Look Like at MIT?
Roughly 87% of students at MIT receive financial aid to help offset the cost of attendance. But what does financial aid look like and what types can you get?Financial aid can be any one or combination of the following
- need-based grants, which are awarded based on financial hardships you’ve faced
- merit-based scholarships, which are given to those with incredible academic performance
- student loans, which are accessible to you as an individual or to you and your parents
The money itself for these different kinds of financial aid can come from MIT’s endowments, state or federal funding, financial institutions like banks, and even private endowments.
Last year, MIT awarded almost $92 million in scholarships to its undergraduate student body. From that year, the average need-based financial aid award was $45,419 and roughly 72% of the Class of 2016 graduated without any student debt. In other words, financial aid for MIT looks really good especially considering how much a degree from the Massachusetts Institute of Technology is worth when you’re looking for a job post-graduation.
Is MIT a Good Value for You?
To really answer this, you need to evaluate how much aid you are being given and how much you will personally need to fund in order to afford an MIT education. Be sure to talk things over with your college consultant so they can help you identify other colleges that might fit better with your budget. Be sure to do your own research and make the decision that’s best for you. Keep in mind that MIT tuition will rise every year and be sure you can consistently meet any scholarship demands you have.
This year, MIT tuition is $48,452 and in the spring, MIT’s Academic Council will meet to determine tuition rates for next year. Knowing the difference between tuition and cost of attendance will help you and your family prepare financially for going to college. MIT does have a generous financial aid program and the package assembled for you will help offset the financial obligations that come with your college education.
Do you have any financial aid questions? Let us know in the comments section below!