Undergraduate Tuition & Aid
Undergraduate Cost of Attendance
Tuition rates are set by the Academic Council each year in spring for the following academic year. The annual cost of attendance is the total amount we estimate it will cost a student to attend MIT for one year. We use this budget to determine financial aid for every student.
Cost of Attendance (Before Aid), 2023–2024
| Expense | Estimated cost |
|---|---|
| Tuition | $59,750 |
| Student Life Fee | $406 |
| Housing | $12,380 |
| Food | $7,010 |
| Books, course materials, supplies, and equipment | $880 |
| Personal expenses | $2,304 |
| Total | $82,720 |
Financial Aid
The Institute’s undergraduate financial aid ensures that an MIT education is accessible to all qualified candidates regardless of their financial circumstances. MIT provides financial aid to meet the yearly cost of attendance based on a family’s demonstrated financial need. Financial need is the difference between the cost to attend MIT and a family’s ability to pay that amount.
Selected undergraduate financial aid statistics, 2022–2023
-
$ 63,729
Median need-based
MIT Scholarship -
58%
Students awarded a need-based MIT Scholarship
-
35%
Students attending tuition-free due to MIT need-based aid
-
86%
Class of 2023 graduates with no student loan debt
-
$26,195
Average student loan debt for Class of 2023 graduates who borrowed
-
$3,468
Median yearly earnings for those who worked
MIT is one of seven US universities that is need based and full need for all students—domestic and international. Need based means that MIT awards financial aid entirely based on a family’s financial circumstances. Full need means that we meet 100% of a family’s demonstrated need through scholarships, grants, and student employment. In the 2022–2023 academic year, the Institute awarded $152.3 million in MIT Scholarships, which are grants that do not need to be repaid. Students with family incomes under $ 140,000 (and typical assets) attend MIT tuition-free.
For more detailed information about financial aid and the cost of attendance, visit the SFS website