How does financial aid work at Massachusetts Institute of Technology?

I'm considering applying to MIT and I know it's pretty pricey. Can someone explain how their financial aid system works? Are there generous scholarships or grants available that could help reduce the cost for undergrads?

Indeed, the Massachusetts Institute of Technology's (MIT) commitment to accessibility for all students is exemplified through its financial aid policies. It's important to note that all financial aid at MIT is need-based, meaning that they do not offer merit scholarships.

One of the unique features of MIT's approach to financial aid is its notable need-blind admission policy. This means that your ability to pay does not impact their decision to offer you admission.

MIT's financial aid program is designed on the principle that paying for college should be a partnership between the student, their families, and the institution. MIT uses the information provided on the Free Application for Federal Student Aid (FAFSA) and the CSS Profile to determine your family's expected contribution toward your education. The remaining cost is then covered by MIT in the form of a financial aid package, which could include scholarships, work-study opportunities, and low-interest loans.

MIT is committed to meeting 100% of demonstrated need for all admitted students. As part of this commitment, if your family's income is below $90,000, you'll be expected to contribute no tuition, thanks to MIT's generous financial aid program.

Keep in mind that all students applying for financial aid will have a "self-help" amount as part of their package. It's a set amount each undergraduate is expected to contribute from student loans or term-time work.

So, while it is true that attending MIT can be expensive, their robust financial aid program and commitment to making education affordable can help make the cost much more manageable!