Afraid of the cost of MIT - any advice or experiences?

Hey there. I'm super interested in MIT - the programs there align perfectly with my interests. But, the cost factor is scary. How much does it really cost to attend? I've seen the listed tuition, but what about everything else, like living expenses, books, and more? Can anyone help to shed some light on this?

MIT, like many other private institutions, can certainly appear to be pricy at first glance. For the 2024 to 2025 academic year, tuition costs about $61,990, and the total cost of attendance is estimated to be $79,850. However, a common misconception with universities like MIT is that their high sticker price equates to high out-of-pocket costs.

You see, financial aid at MIT is need-based and the school practices a need-blind admission policy, which means they don't consider your family's ability to pay when determining admission. This can significantly reduce the cost of attending for many families. On average, the actual amount families pay is considerably less than the initial price tag.

Being a bit more specific, for most students with family incomes under $140,000 a year (and typical assets) MIT ensures that Scholarship funding will allow them to attend MIT tuition-free.⁠ Also, 58% of full-time undergraduates received an MIT Scholarship during the 2022–2023 academic year. Now, there are many factors that come into play when determining financial aid so it's important to keep that in mind.

If you haven't done so already, I would highly recommend using MIT's net price calculator, which is an online tool designed to give families a more accurate estimate of the cost. It takes into account not just tuition, but also variables such as housing, books, supplies, and personal expenses.

Beyond those assurances, there are also work-study opportunities on campus and outside scholarships that you can apply for in order to help defray the costs further.

Lastly, while the cost is indeed a significant factor, remember that an MIT degree can potentially lead to higher-than-average salaries post-graduation, which should also be factored into your decision-making process. Remember, investing in your education is a long-term commitment with long-term rewards.

So don't let the initial sticker price cause you too much concern. Investigate thoroughly and consider all variables, from financial aid to work-study and scholarships. You may find that MIT is more affordable than you think.