The Massachusetts Institute of Technology (MIT) is known worldwide for its excellence in science, engineering, and innovation. As a leading institution, MIT attracts some of the most talented students from across the globe. However, the cost of higher education can pose significant challenges. Recognizing this, MIT established the Student Financial Services (SFS) department to ensure that every admitted student, regardless of their financial background, can afford an MIT education.
Overview of MIT Student Financial Services (SFS)
MIT’s Student Financial Services is more than just a financial aid office. It is a comprehensive support hub dedicated to helping students and their families understand and manage the costs associated with attending MIT. SFS handles everything from awarding financial aid packages and managing billing to offering guidance on financial literacy and planning.
MIT’s Commitment to Affordability
Need-Blind Admissions and Full-Need Financial Aid
One of the cornerstones of MIT’s financial philosophy is its commitment to need-blind admissions. This means that a student’s financial situation is not considered when making admissions decisions. Once admitted, MIT pledges to meet the full demonstrated financial need of every student—both domestic and international.
This approach ensures that qualified students are never denied the opportunity to attend MIT due to financial constraints. It reflects the institution’s belief that potential should not be limited by economic barriers.
Cost of Attendance and Financial Aid Budget
For the 2024–2025 academic year, the total cost of attendance at MIT is estimated at approximately $85,960. This figure includes tuition, housing, meals, books, personal expenses, and health insurance. While this amount may appear daunting, MIT has dedicated substantial resources to financial aid.
The total financial aid budget exceeds $167 million. Nearly 60% of undergraduates receive need-based scholarships from MIT, with the average award exceeding $66,000. Remarkably, about 39% of undergraduates attend MIT tuition-free.
Tuition-Free Programs
Starting from the 2025–2026 academic year, MIT has implemented even more generous aid policies:
- Families with annual incomes below $100,000 (and typical assets) are not expected to contribute to the cost of their child’s MIT education.
- Students from families earning less than $75,000 annually can attend MIT without their parents contributing at all, covering tuition, housing, meals, and other personal expenses.
These initiatives aim to eliminate financial stress for low- and middle-income families and ensure that students can focus on learning and personal development.
Applying for Financial Aid at MIT
Financial Aid for Domestic Students
Domestic students seeking financial assistance at MIT need to complete several important steps to be considered for need-based scholarships:
- CSS Profile – A form used to evaluate the family’s financial situation and determine eligibility for institutional aid.
- FAFSA (Free Application for Federal Student Aid) – Used to assess eligibility for federal and state financial aid programs.
- Parental Tax Returns – Families must submit prior-year tax documents through the College Board’s IDOC system for income verification.
These documents help SFS determine the student’s expected family contribution (EFC) and tailor a financial aid package to match their individual circumstances.
Financial Aid for International Students
International students at MIT are eligible for the same need-based financial aid as domestic students. However, since they are not eligible for U.S. federal aid, their financial evaluation is based primarily on:
- CSS Profile – Just like domestic students.
- Translated Parental Tax Returns – To provide a comprehensive understanding of the family’s financial situation.
MIT ensures that international students receive the same level of consideration and support, reflecting the Institute’s commitment to global inclusivity.
Financial Aid Deadlines
To ensure timely processing, students must adhere to the following deadlines:
- Early Action Applicants: Submit all required materials by November 30 to receive a financial aid offer by mid-January.
- Regular Action Applicants: Submit all required materials by February 15 to receive an offer by mid-March.
Timely submission of documents is essential to ensure that students receive accurate and timely aid packages.
Billing and Payments at MIT
MITPay: The Online Billing Portal
MIT uses an online billing system known as MITPay. Through this platform, students and authorized users can:
- View term bills
- Monitor charges and credits
- Make online payments
- Enroll in payment plans
Students can also grant access to parents or guardians as authorized users, allowing them to manage financial responsibilities in collaboration with the student.
Billing Schedule and Due Dates
MIT generates bills for each term according to the following schedule:
- Fall Term: Bills available in mid-July
- Spring Term: Bills available in mid-December
- Summer Term: Bills available in mid-June
Bills are due on the 1st of the following month. Students and families are encouraged to monitor billing notices and plan ahead to avoid late fees or disruptions.
Disbursement of Financial Aid
Financial aid awards are divided equally across academic terms. Typically, students receive half of their total award in the fall semester and the other half in the spring. The aid is automatically applied to tuition, housing, and other billed charges. Any excess funds can be refunded for personal expenses.
Financial Literacy and Support Services
SFS is not only about managing tuition and fees—it also focuses on helping students develop lifelong financial skills. MIT offers a range of financial education services to support students in making informed decisions.
Financial Education Resources
Students can take advantage of workshops, one-on-one counseling, and online resources covering topics such as:
- Budgeting and tracking expenses
- Credit and debt management
- Saving and investing
- Planning for graduate school
- Managing student loans
These resources are designed to empower students with knowledge and confidence in their financial decision-making.
Personalized Financial Counseling
MIT students can schedule individual appointments with financial education counselors. These sessions are tailored to the student’s specific needs, whether they’re creating a monthly budget, comparing student loan options, or planning long-term savings.
Counselors offer a supportive and nonjudgmental environment where students can ask questions and receive guidance.
Emergency Financial Support
MIT understands that unexpected events can create financial hardships. To address such situations, the Institute has established several support mechanisms:
Undergraduate Emergency Support Fund
This fund helps undergraduate students facing unforeseen expenses such as emergency travel, sudden medical needs, or essential living costs. Students can apply discreetly and receive prompt assistance.
ARM Coalition
The Accessing Resources at MIT (ARM) Coalition connects students with a range of support services, including:
- Free or subsidized meals
- Textbook and laptop support
- Academic supplies
- Housing and basic needs assistance
The ARM Coalition ensures that students have access to the tools they need to thrive academically and personally.
Working While Studying
Student Employment Programs
MIT provides numerous on-campus employment opportunities through its student employment program. Many financial aid packages include a student contribution that can be fulfilled through part-time work.
Students can work in departments, labs, and administrative offices across campus. Positions are flexible and tailored to accommodate academic schedules.
Federal Work-Study
Eligible students can participate in the Federal Work-Study program, which subsidizes student wages and encourages community service work or employment related to the student’s field of study.
These opportunities not only provide financial support but also allow students to gain valuable work experience.
Staying Connected with Student Financial Services
SFS is committed to maintaining open communication with students and families. Support is available through various channels:
- Phone Support: Staff are available to answer questions and provide guidance during business hours.
- Email Assistance: Students can send inquiries and receive timely responses.
- In-Person Visits: The SFS office welcomes walk-in visitors and scheduled appointments.
- Virtual Appointments: Students can meet with financial counselors via video conferencing.
This multi-channel approach ensures that students can access support whenever they need it, no matter where they are.
Conclusion
MIT’s Student Financial Services department is an essential pillar of the Institute’s mission to promote educational equity and accessibility. Through generous financial aid policies, personalized guidance, and financial education initiatives, SFS ensures that every student has the opportunity to pursue an MIT education without the burden of financial worry.
Whether helping a student navigate the aid application process, offering emergency support during a crisis, or teaching lifelong money management skills, SFS empowers students to focus on what truly matters—learning, discovery, and personal growth.
MIT continues to lead by example in the realm of financial accessibility, proving that excellence and inclusivity can go hand in hand.