Massachusetts Institute of Technology (MIT) Tuition and Fees

Massachusetts Institute of Technology (MIT) Tuition and Fees

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      By Susan Guillory

      (Last Updated – 05/2023)

      Total Cost of Attendance

      When it comes to the best universities to study engineering, Massachusetts Institute of Technology (MIT) is at the top of the list. MIT tuition was $57,986 for the 2022-23 school year, which is higher than the average for four-year private nonprofit institutions in the U.S. of $39,400 per year.

      Costs for 2022-23

      Student Type

      In-State

      Out-State

      Tuition & Fees

      $57,986

      $57,986

      Books & Supplies

      $850

      $850

      Room & Board

      $18,790

      $18,790

      Other Expenses

      $2,224

      $2,224

      Total Cost of Attendance

      $79,850

      $79,850

      Financial Aid

      MIT is need-blind, which means even if you can’t afford to pay for MIT tuition out of pocket, your application will still be considered.

      About 58 percent of MIT’s undergraduates receive need-based financial aid from the Institute, and about 19 percent receive federal Pell Grants.

      Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

      The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

      •  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.

      •  Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.

      •  Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.

      •  Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

      Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.

      You can find other financial aid opportunities on databases such as:

      •  US Department of Education – Search for grants from colleges and universities by state

      •  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

      Recommended: The Differences Between Grants, Scholarships, and Loans

      Private Student Loans

      When it comes to student loans, 6% of MIT students take out federal loans, while 1% take out private loans. The average private student loan is $17,891.

      Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

      What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

      Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms.

      If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

      Recommended: Guide to Private Student Loans

      Projected 4-Year-Degree Price

      To attend Massachusetts Institute of Technology for four years, the cost, based on 2022-23 numbers, would be $319,400, including tuition and fees, books, and room and board. This is greater than the average cost of $230,280 for a private university for four years, according to CollegeData.com.

      Here’s some Massachusetts Student Loan & Scholarship Information for you.

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      Undergraduate Tuition and Fees

      Costs for 2022-23

      Student Type

      In-State

      Out-State

      Tuition & Fees

      $57,986

      $57,986

      Room & Board

      $18,790

      $18,790

      Total Cost of Attendance

      $76,776

      $76,776

      The MIT cost for undergraduate tuition, fees, and room and board is $76,776.

      Graduate Tuition and Fees

      Costs for 2022-23

      Student Type

      In-State

      Out-State

      Tuition

      $57,590

      $57,590

      Fees

      $3,485

      $3,485

      Total Cost of Attendance

      $61,075

      $61,075

      MIT tuition for graduate school is, including fees, $61,075. The average cost of tuition for graduate school at a private institution in the United States is substantially lower at $23,130 per year. There are graduate loans available to help with these costs.

      Cost per Credit Hour

      If you’re interested in attending MIT on a part-time basis, the cost is $925/unit (minimum of $5,550). You may also be eligible to take out student loans as a part-time student.

      Campus Housing Expenses

      Costs for 2022-23

      Student Type

      On-Campus

      Off-Campus

      Books & Supplies

      $850

      $850

      Room & Board

      $18,790

      $2,300+/mo*

      Other Expenses

      $2,224

      $2,224

      *Starting rate for a studio based on available apartments on MIT’s off-campus housing website in 2023.

      Freshmen are required to live on campus their first year. Across all ages, 70% of students live on campus in one of 11 residence halls.

      For those who choose to live off campus, there are plenty of affordable options near campus. Living with roommates can bring your costs down even more. Find out more about off-campus living here.

      MIT Acceptance Rate

      Fall 2021

      Number of applications

      33,240

      Number accepted

      1,365

      Percentage Accepted

      4%

      The MIT acceptance rate is extremely competitive. Only 4% of students who apply get in.

      MIT Admission Requirements

      So what does it take to get accepted to MIT? Beyond your application, here’s what you’ll need to provide:

      Required:

      •  High school transcript

      •  Letter of recommendation

      •  SAT or ACT scores

      Recommended:

      •  High school GPA

      •  College preparatory program

      The deadline for Early Action is November 1, while the deadline for Regular Action is January 5. You can apply to MIT here .

      SAT and ACT Scores

      MIT does require SAT or ACT scores, though it does not require the ACT writing section or the SAT optional essay. Here are the 25th and 75th percentile scores at MIT.

      Subject

      25th Percentile

      75th Percentile

      SAT Evidence-Based
      Reading/Writing

      730

      780

      SAT Math

      780

      800

      ACT Composite

      34

      36

      ACT English

      35

      36

      ACT Math

      35

      36

      Graduation Rate

      Here is the graduation rate for students who started at MIT in 2015:

      •  6 years: 96%

      Post-Graduation Median Earnings

      After completing undergraduate studies at MIT, students earn on average $124,213 a year. This is more than double the national average of $55,260 for four-year programs.

      Bottom Line

      While the price tag for MIT is steep, and competition is fierce, your ability to pay MIT tuition won’t get in the way of your application being considered, since the school is need-blind. And you’ll be going on to a fascinating career, and a good salary, after you graduate.

      SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no origination fees.

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