Annual Cost to Attend
Sticker Price: $67,430
| Tuition | $49,580 |
| Books and Supplies | $1,000 |
| Other Fees | $312 |
| Room and Board | $14,720 |
| Other Expenses Budget | $1,818 |
Annual Prices
The annual cost of education in Massachusetts Institute of Technology on a full time basis for this year is $67,430. This cost does not depend change based on residency and non-residency. This fee is comprised of $49,580 for tuition, $14,720 room and board, $1,000 for books and supplies and $312 for other fees.
Net Price
Average Net Price $22,212
| Family Income | Net Price Paid |
|---|---|
| $0 to $30,000 | $5,128 |
| $30,001 to $48,000 | $6,697 |
| $48,001 to $75,000 | $9,544 |
| $75,001 to $110,000 | $17,992 |
| $110,000+ | $42,906 |
If you are worried seeing the cost of education of MIT, our suggestion is to not judge so quickly. Let’s see the average annual cost of education of MIT after receiving scholarships, grants and other financial aid. The average reported annual net price for Massachusetts Institute of Technology for students receiving grants or scholarship aid was $22,212 in last year.
MIT provides a lot of financial aid in terms of scholarship. However, most of the amount goes to undergraduate students. According to MIT calculation, 72 percent of total scholarship fund is dedicated for undergraduate scholarship. Rest of the 28 percent of the scholarship fund is for graduate students. Scholarship of MIT comes in many forms. Some come in terms of loans, some comes as grants. In 2012, average scholarship awarded to each students is around $32,000.
Financial Aid
| Type | Avg./Student | Students Receiving |
|---|---|---|
| Annual Total Grant Aid | $36,808 | 56% |
| Pell Grant | $4,558 | 18% |
| Federal Student Loan | $6,233 | 19% |
The average reported annual net price for Massachusetts Institute of Technology for students receiving grants or scholarship aid was $22,212 in last year.
Student Loans
To gauge a more realistic picture of what it may really cost you out of pocket to go to Massachusetts Institute of Technology, we’ve modeled a ten year student loan with an original principal value of $82,640. The loan balance of $82,640 is a four year multiple of the $20,660 average net price. This is a estimate of what you could owe upon graduation if you were to qualify for average financial aid and what a degree really may cost. Should you not qualify for financial aid, you may owe significantly more when you graduate. Based on these assumptions, a monthly repayment of $863 could be required to satisfy your student loan.
Please note that financial aid is not guaranteed and is only available for qualifying students. Federal Student Loans are not grants and must be repaid with interest. The current Stafford loan interest rate is 4.7%.
| Example Loan | $82,640 |
| Stafford Loan Interest Rate | 4.7% |
| Time to Pay Off Student Loan | 10 years |
| Example Monthly Payment | $862.86 |
| Total Interest Paid | $20,902.71 |
| Sum of All Loan Payments | $103,542.71 |
Projected 4 Year Degree Price
4 Year Sticker Price: $269,720
| Year 1 | Year 2 | Year 3 | Year 4 | |
|---|---|---|---|---|
| All Residents | $67,430 | $69,952 | $72,567 | $75,281 |
Based on published tuition prices, we estimate the current cost of a 4 year bachelor’s degree and living expenses at Massachusetts Institute of Technology to be $269,720 – assuming graduation in normal time. The estimation assumes a 3.7% annual increase over the next 4 years which has been the recent trend for this school.
Cost Credit Hour and Price per Class
| Price Per Credit | 3 Credit Class | 4 Credit Class | |
|---|---|---|---|
| All Residents | $770 | $2,310 | $3,080 |
Estimated cost for a class at Massachusetts Institute of Technology based on published credit hour prices. Note that not all schools allow single class enrollment. These prices should be used for comparison purposes as to how much it may cost to take a class at Massachusetts Institute of Technology versus other colleges.
Tuition Payment Plans Available
| Tuition Payment Plan | Yes |
| Prepaid Tuition Plan | No |
| Alternative Tuition Plan | Yes |
| Guaranteed Tuition Plan | No |
