Massachusetts Institute of Technology, or MIT, is a world-class institute located in Massachusetts. In this article, we will cover MIT scholarships, need-based aid, and loans so that you can attend this university.
Tuition and Cost of Attendance
Before we get into MIT scholarships, let’s take a look at the cost of studying at MIT. The tuition is over $50,000 per year, housing is over $10,000 per year, and meals are over $5,000 a year. Including all the other costs, studying at MIT cost over $73,000 per year.
A shocking fact is that this tuition is a discounted price. It actually costs MIT over $100,000 in tuition alone per year per student! This high tuition is needed to obtain cutting-edge technology and world-class professors, which is an essential part of education at MIT.
This amount will seem very large for any student coming from an average family. However, MIT provides generous scholarships to students, even promising to meet the full need of every student attending MIT. This is possible due to the large endowments, donations from rich alumni, government funds, and other sources.
For More Specific Details, Visit MIT Cost of Attendance.
Average MIT Scholarships
As mentioned above, not many students can pay the enormous cost of attendance. To ensure that every student is not limited by their financial status, MIT provides generous scholarships to those who need it. Keep in mind that there are no merit scholarships at MIT. If you are accepted, you will be given scholarships according to your financial need.
If you want quick facts, the average MIT scholarships were over $50,000 a year. If your family makes less than $90,000 a year, you will have free tuition and more depending on your financial circumstances. Over 70% of students graduate free of debt, and those who have debt have very little!
Types of MIT Scholarships
So, let’s get started on the different types of scholarshisp that you can receive at MIT.
1. Need-Based Aid
The first type of scholarship is the need-based aid from MIT. This is the largest scholarship by far and will be the majority of your scholarship. The amount is based on your financial need, and it might be zero dollars to the full cost of attendance depending on your circumstances.
Please note that MIT is generous with scholarships. They have an enormous amount of money flowing in from alumni donations, research grants, endowments, etc. So, I would focus more on being admitted since if you are admitted, you will have the financial package to make your studies at MIT affordable.
For MIT Need-Based Aids, Click Here.
2. First-Year Grant
This is a small grant given to low-income first-year students to help them adjust to college. It is a $2,000 grant to help them to buy things like bed sheets, shower curtains, etc. It just gives them a little boost so that they will feel not overwhelmed in their first year.
3. Federal Grants
This type of grant is the second largest source of MIT scholarships. It is given by the USA government to students who are from low-income families. You’ve probably heard of one or more of these grants if you are familiar with financial aid. If not, this is a great time to learn!
Just a quick note, to be eligible for these grants, you will need to fill out FAFSA. After you filled out the FAFSA, you will be automatically considered for these grants.
To view Federal Grants, Click Here.
A. Pell Grant
Pell Grants are the most famous of the federal grants and provide for students from low-income families. The maximum amount that you can get from the Pell grant is around $6,000 a year. Under very special circumstances, your amount will be greater, but this is extremely rare.
B. Federal Supplemental Educational Opportunity Grant
This is a separate grant from Pell Grant, and students can receive up to $4,000 a year. This is for students who have extremely low financial circumstances.
C. Iraq and Afghanistan Service Grant
This grant is for students who are not eligible for the Pell Grant but whose parents and guardians died in the Iraq and Afghanistan War. The maximum award is $6,000 a year.
4. State Grants
Certain states will have grants available for the students of their states. These vary in value and can be applied not just to MIT, so you should definitely check these out! You can find information by searching on Google and looking at the state government websites that pop up.
5. Outside Scholarships
If you are interested, you can find outside scholarships that can cover the cost at not just MIT but in other universities as well! There are multiple scholarship sites that offer outside scholarships so that you should take a closer look!
6. Student Employment
Many MIT students are employed on-campus. The minimum wage of these students is $12 an hour, which is way above the national minimum wage! You can get your spending money from student employment as well as a covering bit of tuition, room, and board.
Research Student Employment
You can get paid to do research at MIT! This kills two birds in one stone since research boosts your resume while earning some money! I highly recommend doing research if you get accepted at MIT. This will be very beneficial to you after you graduate.
How to Apply for MIT Financial Aid
Now, let’s take a look at the application procedures for MIT scholarships. Obviously, you need to apply for admissions. For applying for scholarships, you will need to fill out two forms: FAFSA and CSS Profile.
FAFSA should be familiar to most people since many universities require it. It stands for Free Application for Federal Student Aid. The CSS Profile is run by the College Board, and some universities require it because it is more in-depth than FAFSA.
Why are these documents used for? These will ask for your financial information such as your income, your parent’s income, assets, etc. Based on the information that you provide, they will calculate what is known as Expected Family Contribution (EFC). This is basically the amount that your family is expected to contribute towards your college costs.
MIT takes that EFC amount and subtracts it from the Cost of Attendance. Then, it will file the documents to USA government to see, which federal grants that you are eligible. Then, it will take the rest and cover it with MIT scholarships. This is true for all students because MIT promises that the full need of all students will be met for all four years.
So, to apply for financial aid at MIT, you will need to fill out the FAFSA and CSS Profile. It will take you good 2-3 days because the CSS Profile asks you very in-depth questions. I highly advise you that you get this done around November so that it won’t be in the way when the application deadlines come!
Although most students who are in MIT do not need to take loans after their financial package, but if you do, here are some options. I highly recommend that you take out the subsidized federal loans since those don’t accrue interest until after you graduate. Plus, those loans have low interest. You should take out unsubsidized private loans if that is your only choice.
For Loans offered by MIT, Click Here.
Federal Stafford Loans
These loans are the most recommended type of loans. You can borrow up to $3,500, $4,500, and $5,500 for first-year, second-year, and third and fourth year respectively. The interest rate is around 5% per year and doesn’t start to add up until 6 months after your graduation.
MIT Technology Loans
The maximum amount that you can borrow is $3,400 without a cosigner, and with cosigner, you can borrow more. Like the Stafford Loans, these do not accrue interest until after graduation. The interest rate is 7%.
There are multiple unsubsidized loans available, but these are highly not recommended. If this becomes your last resort, you should contact the MIT financial aid office to negotiate for more aid.
Net Price Calculator
This is a helpful tool to see how much you would pay to attend MIT. It will give you the total MIT scholarships, grants, and financial aid based on the response that you provide. It takes around 30 minutes to complete, and you can use it by going to MIT Price Calculator.