by our College Data Analytics TeamMany students will not be asked to pay the full sticker price of a school. Rather, they are offered a financial aid plan that includes a mix of loans, grants, scholarships, and possibly work-study opportunities. The total price of attendance at Massachusetts Institute of Technology can feel overpowering, but remember that the majority of students receive some sort of financial assistance.
Just what financial assistance solutions will MIT provide, and just what are you going to be eligible for? Read on for answers. Keep reading to see just how much financial aid could be open to you.
The amount of financial aid and scholarships you are eligible for will vary depending on your family’s income. Continue reading to find information to help you understand just how much assistance you can expect to receive from Massachusetts Institute of Technology.
Aid such as grants, loans, work-study, and scholarships helps colleges decrease the real cost of attendance for most students. Bear in mind that not all aid is equal, and the amount any one student receives can vary widely.
Looking at the entering class at Massachusetts Institute of Technology, 75% of the incoming full-time class was awarded financial aid around 814 new students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 59% | $61,734 |
| Institutional grants & scholarships | 58% | $59,510 |
| Federal Pell grants | 20% | $5,885 |
| State/local grants | 2% | $3,205 |
| Federal student loans | 7% | $4,936 |
Because grants and scholarships do not have to be repaid, they are the most sought-after type of financial aid. At this school, roughly 64% of undergraduate students received gift aid averaging $58,429 (across approximately 2936 awardees).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 64% | $58,429 |
| Federal Pell grants | 19% | $5,738 |
| Federal student loans | 7% | $5,882 |
On-campus students receiving title-IV aid were awarded grants averaging $62,619.
How much a family pays depends heavily on income, because most aid is awarded on the basis of financial need.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $-3,006 |
| $30,001 – $75,000 | $1,464 |
| Over $75,000 | $40,385 |
Each amount is the average cost remaining once grant aid is subtracted, by income band.
After grants and scholarships come off the published price, what remains is the net price — the best estimate of true out-of-pocket cost.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $20,111 |
| Off-campus title-IV students | $19,813 |
To project your own net price, use MIT’s net price calculator: npc.collegeboard.org/app/mit.
The middle student in the debt distribution at MIT owes $12,462 of cumulative federal debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $12,462 |
| Median federal debt (graduates only) | $14,768 |
| Typical 10-year monthly payment (graduates) | $156.57/mo |
That monthly figure reflects the median graduate debt repaid on a standard 10-year federal schedule.
Looking only at the median can be misleading because it hides the spread. The four reference points below map the debt distribution at MIT.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $4,000 |
| 25th percentile | $7,500 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $37,091 |
Outcomes differ by income bracket, by first-generation status, and by whether a student is financially dependent.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $6,500 |
| Middle income | $9,950 |
| High income | $13,837 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $13,000 |
| Continuing-generation students | $12,000 |
The figure below distills the debt data into a single burden category for MIT.
Stafford loans make up the bulk of federal direct lending to undergraduates. The aggregate figures below show how active the program is at MIT:
| Metric | Value |
|---|---|
| Stafford loan recipients | 5426 |
| Total Stafford loan amount | $96,149,283 |
The GI Bill and DoD Tuition Assistance are the main federal aid routes for veterans and service members.
GI Bill volume
| Metric | Value |
|---|---|
| GI Bill recipients | 80 |
| Total GI Bill amount | $3,288,029 |
| Average GI Bill amount per recipient | $41,100 |
Active-duty Tuition Assistance recipients
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 0 |
| Total DoD amount | $0 |
References
More about our data sources and methodologies.