How much does it cost to attend?
|Books and Supplies||$840|
|Room and Board||$18,100|
|Other Expenses Budget||$2,202|
Annual Tuition & Costs
The annual tuition to attend Massachusetts Institute of Technology is $55,510. The cost is the same for both in-state and out-of-state students. Room and board fees are an additional $18,100. For educational materials, students should allocate approximately $840 for books and supplies plus $368 for other fees charged by the school. Finally, students should budget $2,202 for miscellaneous expenses throughout the year. With all these fees considered, the expected total cost to attend Massachusetts Institute of Technology on a full-time basis is $77,020 per annum.All price data is sourced from the 2021/2022 U.S. Department of Education National Center for Education Statistics survey.
The average reported annual net price for Massachusetts Institute of Technology for students receiving grants or scholarship aid was $19,998 in 2019/2020. Net price includes tuition and required fees, books and supplies, and average cost for room and board and other expenses
The net price provides a more realistic estimate of the true cost of attending Massachusetts Institute of Technology, once common grants and scholarships have been taken into account. It's important to note that this net price can fluctuate based on factors such as family income and individual financial need.
Average Net Price 2019/2020
|Family Income||Net Price Paid|
|$0 to $30,000||$5,193|
|$30,001 to $48,000||-$2,603|
|$48,001 to $75,000||$2,834|
|$75,001 to $110,000||$14,291|
62% of full-time undergrad Massachusetts Institute of Technology received financial aid in the form of grants, scholarships, fellowships from the institution or from Federal, State or local government agencies. This aid averaged $53,162 per student during the 2019/2020 school year. Grant and scholarship aid does not need to be paid back. 7% of students received Federal Student Loans averaging $4,960 and 2% of undergrads took out private student loans averaging $22,118.
|Total Grant and Scholarship Aid||$53,162||62%|
|Institutional Grants and Scholarships||$50,785||60%|
|Other Federal Grants||$4,000||14%|
|State and Local Grants||$2,270||2%|
|Federal Student Loans||$4,960||7%|
|Other Student Loans||$22,118||2%|
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 $876 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 4.99%.
|Stafford Loan Interest Rate||4.99%|
|Time to Pay Off Student Loan||10 years|
|Example Monthly Payment||$876.12|
|Total Interest Paid||$22,494.58|
|Sum of All Loan Payments||$105,134.58|
Projected 4 Year Degree Price
4 Year Sticker Price
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 $308,080 - assuming graduation in normal time. The estimation assumes a 3.1% annual increase over the next 4 years which has been the recent trend for this school.
Credit Hour Cost and Price per Class
|Price Per Credit||3 Credit Class||4 Credit Class||All Residents||$860||$2,580||$3,440|
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|
Explore costs at colleges similar to MIT
Primary data source, U.S. Department of Education https://nces.ed.gov/collegenavigator/?id=166683 IPEDS survey data for Massachusetts Institute of Technology.