MIT’s commitment to undergraduate financial aid will remain strong for the 2023-24 academic year, increasing to an estimated budget of $164.1 million. The increase will offset a 3.75 percent rise in tuition and changes in housing, dining, and other estimated costs. The estimated average MIT scholarship for students receiving financial aid next year is $61,247.
“We are pleased to couple expanded financial aid with changes in the costs of attendance that are substantially less than the impact of inflation on MIT,” says Ian A. Waitz, vice chancellor for undergraduate and graduate education and the Jerome C. Hunsaker Professor of Aeronautics and Astronautics. “We are also keenly aware that many students and their families have had to manage rising inflation in the U.S and elsewhere, and may still be feeling the aftereffects of the pandemic.”
The 2023-24 undergraduate financial aid program will continue prior enhancements, including making MIT tuition-free for families who have typical assets and whose incomes are below $140,000 (previously set at $90,000), and providing additional financial aid dollars that will reduce the amount paid by most families.
Last year, more than 37 percent of MIT undergraduates received aid sufficient to allow them to attend the Institute tuition-free. MIT is one of only seven U.S. colleges with a fully need-blind undergraduate admissions policy that meets the full financial need of all students, and it continues to be focused on making the cost of an MIT education more affordable.
“In addition to these admissions and financial aid policies, MIT gives no advantage to legacy applicants, making us in a class of our own,” adds Waitz.
While the Institute’s financial aid program primarily supports students from lower- and middle-income households, even families earning more than $250,000 may qualify for financial aid based on their circumstances, such as if two or more children are in college at the same time.
About 58 percent of MIT’s undergraduates receive need-based financial aid from the Institute, and about 19 percent receive federal Pell Grants, which generally go to U.S. students with family incomes below $60,000. MIT treats the Pell Grant in a unique way to further support low-income students. Unlike most other colleges and universities, MIT allows students to use the Pell Grant to offset what they are expected to contribute through work during the semester and the summer. MIT also recently changed its financial aid policies to provide more support for U.S. veterans and veterans’ dependents.
For undergraduates not receiving any need-based financial aid, tuition and fees will be $60,156 for the 2023-24 academic year. Including housing and dining costs, the total cost of attendance will come to $82,730 (based upon residing in a Tier 1 double room for the year, being on a full meal plan, and taking into account books and estimated personal expenses). Expenses may vary depending upon a student’s choices.
The 3.6 percent increase in the total cost of attendance represents less than half of the increased costs that MIT is experiencing, due to inflationary pressures, in providing a world-class education.
In 2022, 85 percent of MIT seniors graduated with no debt; of those who did assume debt to finance their education, the median indebtedness at graduation was $14,200. Furthermore, graduating MIT students report some of the highest starting salaries across a range of industries relative to their peers.
“We strive to ensure that any student who attends MIT can focus on all the amazing opportunities the Institute offers,” Waitz says. “That’s why investing in financial aid is so essential. It opens the door to all-around fantastic academic offerings as well as life-changing experiences such as UROPs, MISTI, athletics, clubs, and so much more. MIT’s financial aid program helps to set the stage for all MIT does to provide a whole student education.”