MIT Tuition 2023| Cost of Attending the University
When selecting a graduate program, one of the most important factors to consider is cost. Learn more about MIT Tuition, besides our tuition and fees.
Tuition and Cost
The yearly student budget, often known as the cost of attendance, is the total amount we expect a student will pay to attend MIT for one year.
It covers MIT-billed fees like tuition, housing, and eating, as well as estimates for miscellaneous expenses like books, supplies, and personal expenses. This budget is used to assess financial aid for each student. However, because of our need-based financial help, most students pay significantly less.
90% of our students get financial help as scholarships or jobs. For the 2023-2023 academic year, the average yearly price paid by a student who received financial help was $19,5901. We work with all financial assistance applicants to ensure that an MIT education is affordable.
MIT Tuition 2023/2024 Cost of Attendance
| Expense | Cost
|
| Tuition | $57,590
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|
| Student Life Fee | $396
|
| Housing | $11,980
|
| Meals | $6,810
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|
| Books and Supplies | $850
|
| Personal Expenses | $2,224
|
| Total | $79,850
|
MIT Tuition Financial Aid
When calculating MIT’s tuition, keep in mind the enormous financial help that the university provides each year. It doesn’t hurt that the institution, which teaches over 11,500 undergraduate and graduate students, has an endowment worth more than $18 billion as of September 2023.
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MIT Tuition Scholarship
MIT also offers scholarships worth more than USD 40,000 to qualified students. The candidate must build a CSS profile in order to be evaluated for scholarships automatically.
As of March 2023, the admissions process is need blind, and 59% of its students get an income-based MIT scholarship. That implies that the average cost of a year of school, including tuition, fees, books, and accommodation, is a more modest $23,442.
MIT is beneficial to families earning less than $90,000 a year. As a result, 31% of the student population is tuition-free.
So, if you’re on the lower end of the economic range but have exceptional intellectual talent, don’t rule out an MIT education.
MIT Tuition Debt from Student Loan
Another essential aspect of the school’s financial aid is: The average graduate owes far less in student loans than the national average. For 2023, 24% of MIT grads hold debts, with an average amount of $23,226 upon graduation.
According to the Institute for College Access & Success, the national average debt burden in 2023 was $28,950.
MIT Tuition Grants
Low-income undergraduate students get a first-year scholarship that covers necessities such as towels, bedding, warm clothing, and so on. It is a USD 2,000 (INR 1.5 lakhs) stipend that is split evenly between the fall and spring semesters.
MIT Tuition Work
Massachusetts Institute of Technology Students can pay their tuition by working on campus. The Undergraduate Research Chances Programme provides them with excellent opportunities.
Can you Get a Full Ride to MIT?
MIT satisfies 100% of its students’ needs, and the average amount of MIT scholarships earned by a student is $47,524. The most notable feature is that students with a household income of less than $90,000 (and normal assets) are exempt from paying tuition.
What GPA is Required for MIT?
There is no minimum GPA requirement, however successful applicants often have a GPA of 3.5 or more, with largely A’s in math and scientific courses.
Is MIT Worth the Money?
The Massachusetts Institute of Technology (MIT), in Cambridge, MA, comes in first place on our list of the costliest institutions that are worth every penny. According to College Scorecard, MIT has a $21,816 average yearly net price and is placed #6 in our overall Best Value rating.
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Is MIT Hard to Get Into?
Every year, thousands of students apply to MIT. The school is one of the most selective in the country. MIT states that 21,312 applicants applied for the class of 2023, but only 1,427 were accepted, for a 6.7% total first-year admissions rate.
Is MIT an Ivy League?
Although MIT is not an Ivy League institution, its coursework is just as difficult, its instructors are just as distinguished, its alumni networks are just as prestigious, and its admittance rates are just as tough.
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