MIT financial aid

MIT financial aid admits some of the most talented students in the world through need-blind admissions. Once admitted, MIT meets a student’s’ full financial need for all four years of their undergraduate career.

The cost of attendance is the total estimated cost to attend MIT for one year. The estimated cost for the 2022–2023 academic year is $79,850, and MIT determines all financial aid awards against these numbers—for every student who applies for aid.

MIT awards financial help based only on financial need. They are dedicated to meeting the full demonstrated need of each undergraduate for all four years and don’t award any academic, athletic or other form of merit scholarships.

MIT’s need based financial aid is awarded on an annual basis, and Match Scholarship Recipients must re-apply for aid each year. Provided there is no significant change in a student’s financial situation, financial aid awards remain consistent year to year. If tuition and fees go up, financial aid will go up as well.

Factors To Consider Before Applying

Massachusetts Institute of Technology UG program students are offered need-based financial aid. 

The university considers the following factors to calculate the aid for MIT scholarships:

• Number of people in the family

• Number of children currently attending college as an UG

• Permanent residence

• Total parent income from all sources, whether taxed or untaxed
• Taxes paid

• Unreimbursed medical expenses

• Private school tuition for younger siblings

• Total assets.

MIT financial aid Application Process

Applying for undergraduate financial aid at MIT, USA is a uniform for both domestic and international students. 

The applicants need to complete the following steps to apply for the aid:

• CSS Profile: It is a Collegeboard tool used to determine an applicant’s eligibility for the MIT scholarship program. To complete their 2020/21 profile applicants need to provide following documents:

• Parent’s 2019 income tax statements

• Bank statements

• Records of investments

• Records of untaxed income

• In addition to the submission of documents, applicants must answer the supplementary questions. The CSS profile code for MIT is 3514.

• Parental Tax Return or Income Documentation: Once applicants have submitted their CSS profile, they need to provide their parents tax return statements to College Board’s secure IDOC (Institutional Documentation Service) for processing.

Click here to apply for the MIT financial aid

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