Tuition and fees for undergraduate students will increase by 3.5% in the upcoming academic year
### MIT Boosts Financial Aid for Undergraduates, Keeps Student Debt Low
In the 2014-15 academic year, the Massachusetts Institute of Technology (MIT) continued its commitment to financial aid, with a budget of $95 million allocated for undergraduate students. This marks a significant increase since 2000, with MIT more than tripling its financial aid spending during this period.
The institution's generosity towards need-based financial aid is evident, as approximately 61% of its 4,477 undergraduates receive aid. MIT's financial aid policy is need-blind for U.S. students, and it meets the full demonstrated need of all admitted applicants. In fact, about 32% of MIT's undergraduates attend tuition-free, considering scholarships from MIT and other sources.
For the 2014-15 academic year, undergraduate tuition (excluding room, board, and fees) was approximately $46,400. The comprehensive fee (tuition, housing, and meals) was around $60,000 per year. However, the average financial aid package was roughly $45,000, covering grants, scholarships, work-study, and loans. This means that many students and families with incomes under $75,000 pay no tuition after grant aid.
The typical breakdown of costs for a student in the 2014-15 academic year was as follows:
- Tuition: $46,400 - Student Life Fee: $0 (included in tuition) - Room & Board: $13,530 (based on campus housing and meal plans) - Books & Supplies: $1,000 - Personal Expenses: $2,000 - Total Estimated Cost: ~$62,930
Historically, MIT's average student loan debt at graduation has been among the lowest of U.S. private universities, often under $25,000. In the previous year, those who did borrow owed an average of $17,891 for four years of education. In the 2014-15 academic year, 59% of MIT undergraduates graduated with no student debt.
MIT's financial aid policies reflect a national movement among elite U.S. institutions to expand aid, especially for lower- and middle-income families. For instance, MIT eliminated loans for students from families with incomes under $75,000 in 2006.
Looking ahead, total estimated undergraduate student expenses (including tuition, fees, average housing and dining costs) will rise to $58,240 in the upcoming academic year. Despite this increase, MIT remains committed to keeping student debt low and ensuring access to education for students from all financial backgrounds.
For precise, official figures, consulting MIT's historical financial aid publications or directly contacting MIT's financial aid office is recommended.
- MIT's financial aid policy meets the full demonstrated need of all admitted applicants, providing funding for approximately 61% of its undergraduate students, reducing the financial burden of education-and-self-development.
- In the 2014-15 academic year, MIT more than tripled its financial aid spending since 2000, enabling about 32% of its undergraduates to attend tuition-free due to scholarships.
- Awards such as grants, scholarships, work-study, and loans contribute significantly to the average financial aid package of roughly $45,000, allowing many students with incomes under $75,000 to pay no tuition after grant aid.
- To keep student debt low, MIT is increasing the total estimated undergraduate student expenses for the upcoming academic year to $58,240, while remaining committed to policies that expand aid, particularly for lower- and middle-income families.
