Financial aid increased for 2024 to 2025 year
Tuition also increased by 3.75 percent
On March 21, MIT announced that undergraduate financial aid will increase to approximately $167.3 million compared to $152.3 million awarded in the previous year. The Institute believes that this amount will be more than enough to balance out the 3.75 percent tuition increase, which will correspond to a $62,396 tuition with ancillary fees. With a full meal plan and on-campus residency costs added, the total cost to attend MIT as an undergraduate would be $85,960.
Furthermore, students are expected to receive an average financial aid of $63,146 as scholarship for the next school year. About 60 percent of Institute students receive need-based aid, with $12,715 as the median paid tuition after aid has been given. In the 2022-2023 year, 58 percent of full-time undergraduates who received a scholarship paid $9,926 in tuition after term-time work. 39 percent of MIT undergraduates also received enough financial aid that allowed them to attend the Institute without tuition.
However, starting next school year, students with a household income of less than $75,000 are no longer expected to pay tuition although students may be asked to contribute via summer savings or work programs during the academic year. For families with an income of $140,000 or less in the 2022-2023 academic year, students still took a median student loan of $5,443.
Despite such increases, 80 percent of MIT alumni graduate debt free. Only 14 percent of the Class of 2023 graduated with any sort of debt — the median was $14,844. The Institute further stated that “the average cost of an MIT education for those who receive financial aid has been reduced by almost 25 percent over the past two decades.”
More information about financial aid can be found on the Student Financial Services website.