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 – 07/2022)

    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 $55,878 for the 2021/22 school year, which is higher than the average for four-year private nonprofit institutions in the U.S. of $35,807 per year.

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Tuition & Fees

    $55,878

    $55,878

    Books & Supplies

    $840

    $840

    Room & Board

    $18,100

    $18,100

    Other Expenses

    $2,202

    $2,202

    Total Cost of Attendance

    $77,020

    $77,020

    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.

    To help with MIT tuition costs, 75% of students use some form of financial aid, including scholarships, grants, and loans.

    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, 7% of MIT students take out federal loans, while 2% take out private loans. The average private student loan is $22,118.

    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 2021/22 numbers, would be $308,080, including tuition and fees, books, and room and board. This is greater than the average cost of $217,920 for a private university for four years, according to CollegeData.com.

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

    Undergraduate Tuition and Fees

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Tuition & Fees

    $55,878

    $55,878

    Room & Board

    $18,100

    $18,100

    Total Cost of Attendance

    $73,978

    $73,978

    The MIT cost for undergraduate tuition, fees, and room and board is $73,978.

    Graduate Tuition and Fees

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Tuition

    $55,510

    $55,510

    Fees

    $3,457

    $3,457

    Total Cost of Attendance

    $58,967

    $58,967

    MIT tuition for graduate school is, including fees, $58,967. The average cost for tuition for graduate school at a private institution in the United States is substantially lower at $19,493. 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 $860 per unit. You may also be eligible to take out student loans as a part-time student.

    Campus Housing Expenses

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Books & Supplies

    $840

    $840

    Room & Board

    $18,100

    $2,747/mo*

    Other Expenses

    $2,202

    $2,202

    *Based on studio pricing. Average rate based on available apartments on MIT’s off-campus housing website in 2022.

    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 2020

    Number of applications

    20,075

    Number accepted

    1,405

    Percentage Accepted

    7%

    The MIT acceptance rate is extremely competitive. Only 7% 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

    34

    36

    Graduation Rate

    Here are the graduation rates for students who started at MIT in 2014:

    •  4 years: 87%

    •  6 years: 96%

    Post-Graduation Median Earnings

    After completing undergraduate studies at MIT, students earn on average $111,222 a year. This is more than double the national average of $47,891 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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    Photo credit: iStock/Rebecca Todd
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