by our College Data Analytics TeamThe total cost of attendance at Massachusetts Institute of Technology can seem overwhelming, but remember that the majority of students receive some sort of financial assistance. This could be in the form of scholarships, grants, work-study, or loans.
Discover the financial aid possibilities at MIT and learn what assistance you might qualify for by continuing to read.
Massachusetts Institute of Technology average financial aid offer for freshmen students is $53,162.00. 75% of reshman students get financial aid, most of which is in the form of grants and scholarships
Financial aid contains loans, grants, and scholarships. But college loans need to be repaid, thus they are not a real college discount.
Concerned about the student loans that might be part of your financing deal? Look at the average amount of debt per student at Massachusetts Institute of Technology.
Colleges and universities offer institutional scholarships and grants as financial assistance to help students cover tuition fees and other educational costs. These awards, which do not require repayment, can be merit-based or need-based. Merit-based institutional scholarships recognize students who have exceptional academic records, special talents, or skills in particular areas. Eligibility for these scholarships often depends on factors such as a student’s high school performance, standardized test scores, or involvement in extracurricular activities. In contrast, need-based institutional grants are designed for students who show financial need. The amount awarded usually depends on the student’s family’s financial condition and aims.
The following numbers apply to scholarships and grants largely offered by the school itself.
60% of new students (660 total) were offered scholarships at Massachusetts Institute of Technology, averaging $50,785.00 per person. This puts it the top 25th percentile among colleges and universities nationwide.
In addition to scholarships, 20% of first years (217 total) were awarded federal grant aid, averaging $8,010.00 each.
The following table displays scholarship and grant allocations by family income for freshman students receiving any kind of federal Title IV assistance, such as Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 4.45% | $67,967.00 |
| Income 30k-48k | 6.35% | $75,763.00 |
| Income 48k-75k | 5.35% | $70,326.00 |
| Income 75k-110k | 2.90% | $58,869.00 |
| Income 110k + | 7.99% | $31,525.00 |
The table above displays undergrads who are obtaining Title IV aid, federal aid from the government including loans, grants or work-study. Learn more here.
664 MIT undergrads obtain grant aid (this is about 75% of the entire undergraduate student population). The average amount these students receive is $53,162.00.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
More about our data sources and methodologies.