Undergraduate Tuition & Aid

Undergraduate Tuition and Living Expenses

Tuition rates are set by the Academic Council each year in spring for the following academic year.

  • $ 53,450

    2020–2021 tuition (9 months)

  • $12,000

    Housing and meals

  • $ 3,012

    Books and personal expenses

First-year admission: Class of 2024

  • 20,075 applicants
  • 1,457 (7.3%) admits

Financial Aid

The Institute’s undergraduate financial aid program ensures that an MIT education is accessible to all qualified candidates regardless of their financial circumstances. MIT provides financial aid to meet the full price of an MIT education, based on the calculated financial need of a family. In 2019–2020, 89% of undergraduates received $169.4 million in financial aid from all sources, with MIT being the largest source. For students with a family income under $ 90,000, the Institute ensures that scholarship funding from all sources will allow them to attend MIT tuition-free.

Selected undergraduate financial aid statistics, 2019–2020

  • $ 50,483

    Average need-based
    MIT Scholarship

  • 60%

    Students awarded a need-based MIT Scholarship

  • 38%

    Students attending
    tuition-free

  • 78%

    Class of 2020 graduates with no student loan debt

  • $3,304

    Average yearly earnings for those who worked

  • $22,335

    Average student loan debt for Class of 2020 graduates who borrowed

Financial need is the difference between the cost to attend MIT and a family’s ability to pay that amount. Need is determined using information provided on the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CSS) Profile. The first $5,400 of financial need is designated as a student contribution and can be met through a combination of summer savings and a student job during the academic year, outside scholarships or grants (including Pell Grants), or student loans. The remaining need, if any, is met with an MIT Scholarship. Students receiving scholarships and grants from sources outside MIT may use that aid to replace the student contribution.