What Does it Cost to Attend Massachusetts Institute of Technology?
When it comes to choosing a college, you’ll consider many factors. Price is one of them, and often a consideration that comes with heavy baggage. The sticker prices for college tuition can be intimidating, but it’s important to bear in mind that few students actually pay the list price; many receive at least some type of financial aid.
Instead, families should pay attention to the net cost—what families will be expected to pay out of pocket. Net price is a school’s sticker price minus federal, state, and local government aid; loans; institutional aid; and merit scholarships.
So, how much will you really be expected to pay if you matriculate at MIT? We’ll break down the costs and other factors to consider below.
List Price for MIT
In the 2016-17 school year, the list price was $65,478. This price includes tuition, room, and board. Since MIT is a private school, tuition remains the same for both in-state and out-of-state students, but is definitely higher than that at an average public school
Families who earn more than $175,000 annually can expect to pay full tuition at MIT, but most students receive some type of aid.
Financial Aid Net Price for MIT
The average net cost of MIT for students who receive financial aid is $55,309 per year. Awards can vary significantly based on a family’s need.
What is the cost of MIT based on family income?
Your family’s income is the main factor in determining how much financial aid your child can expect to receive. Average net prices based on income ranges are as follows:
|Family Income||Average Net Price|
* These numbers do not reflect any Pell Grants that families may receive. Families with an income of $0-30k often receive Federal Pell Grants, which reduce the amount of financial aid that individual institutions need to award. This is why there is a higher tuition rate for families with $0-30k vs. those with $30k-48k.
What Is the Merit Aid Net Price for MIT?
Like many highly-selective institutions, MIT does not award merit-based scholarships; it only awards scholarships based on need. This means that the average net price for students who don’t qualify for financial aid is the same as the list price of $65,478.
According to CollegeVine’s research, MIT ranks 937th among more than 1,000 schools analyzed for merit aid generosity.
Loans/Debt at MIT
Financial aid packages often include student loans, whether federal or institutional. Students will be expected to pay these back within a time frame after graduation, depending on their situation. At MIT, 54% of students take out loans, and the average federal student loan per undergraduate student is $1,968 across all four years.
Other Ways to Save
Beyond financial aid, many students find other ways to reduce costs and earn money in college. Some work at part-time jobs or paid internships during the school year or breaks. Your child may even be able to find a job or internship on campus through career services, or faculty and staff.
Outside scholarships can also alleviate students’ financial concerns. While MIT does not award merit scholarships beyond the $2,500 prize for winners of the National Merit Scholarship, students can apply for scholarships through other organizations. Make sure to review the rules concerning the scholarship to determine whether you will need to report this to MIT and factor this into your total financial aid award; they can vary depending on the scholarship.
To learn more about need-based scholarships at MIT, check out MIT’s Scholarships page.
Student Outcomes at MIT
Even students who pay the full list price can expect to have a strong ROI for their education. The graduation rate is high, with 91% of students graduating in six years. On average, 10 years after graduating, alumni earn salaries of $104,700 annually.
Local Area Cost Considerations in Cambridge, Massachusetts
Cost of Living Index
Cambridge, Massachusetts is just outside of Boston and hosts numerous colleges and universities, including Harvard University. The city offers plenty of opportunities for students and graduates. Still, the city itself is on the pricier side, with a cost of living index of 175. This means that the cost of living in Cambridge is 75% higher than the national average.
Average Apartment Rental Prices
One-bedroom rentals cost on average $2,143 per month, while two-bedroom apartments cost an average of $2,831 per month. However, prices can vary depending on the neighborhood, distance from campus, and other factors. There are definitely several suburbs of Boston, such as Somerville, where you can share an apartment with 1-3 others and pay less than $1000 per month individually.
In Massachusetts, the minimum hourly wage is set at $12. Average hourly salaries vary depending on the type of work and employer. For example, according to Indeed, interns in Cambridge earn $15.86 on average.
Looking for help figuring out your options for financing your child’s education? Through our Applications Program, you can use our Finances tool to understand the ROI of colleges and majors and learn how to tackle the cost of college tuition. The Applications Program can also give you a college list that shows you your student’s odds of acceptance based on their profile and preferences, use milestone tracking to stay on top of applications online, and more.
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