Undergraduate Tuition & Aid

Undergraduate Cost of Attendance

Tuition rates are set by the Academic Council each year in spring for the following academic year. The annual cost of attendance is the total amount we estimate it will cost a student to attend MIT for one year. We use this budget to determine financial aid for every student.

Cost of Attendance (Before Aid), 2023–2024

Expense Estimated cost
Tuition $59,750
Student Life Fee $406
Housing $12,380
Food $7,010
Books, course materials, supplies, and equipment $880
Personal expenses $2,304
Total $82,720

First-year admission: Class of 2027

  • 26,914 applicants
  • 1,291 (4.8%) admits

Financial Aid

The Institute’s undergraduate financial aid ensures that an MIT education is accessible to all qualified candidates regardless of their financial circumstances. MIT provides financial aid to meet the yearly cost of attendance based on a family’s demonstrated financial need. Financial need is the difference between the cost to attend MIT and a family’s ability to pay that amount.

Selected undergraduate financial aid statistics, 2022–2023

  • $ 63,729

    Median need-based
    MIT Scholarship

  • 58%

    Students awarded a need-based MIT Scholarship

  • 35%

    Students attending tuition-free due to MIT need-based aid

  • 86%

    Class of 2023 graduates with no student loan debt

  • $26,195

    Average student loan debt for Class of 2023 graduates who borrowed

  • $3,468

    Median yearly earnings for those who worked

MIT is one of seven US universities that is need based and full need for all students—domestic and international. Need based means that MIT awards financial aid entirely based on a family’s financial circumstances. Full need means that we meet 100% of a family’s demonstrated need through scholarships, grants, and student employment. In the 2022–2023 academic year, the Institute awarded $152.3 million in MIT Scholarships, which are grants that do not need to be repaid. Students with family incomes under $ 140,000 (and typical assets) attend MIT tuition-free.

For more detailed information about financial aid and the cost of attendance, visit the SFS website