Study Abroad: MIT Announces Financial Aid and Tuition Rates for the Academic Year 2024-25

About 58% of the graduates of MIT have received need-based financial aid from the Institute and 20% have received federal Pell Grants which is typically awarded to undergraduate students who need exceptional financial need. MIT allows its students to use the Pell Grant to offset what they are expected to contribute through work during the summer and semester. Recently, MIT has also changed its financial aid policies to support the US veterans and their dependents. 

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For students coming from families with incomes of $75000 or less, their parents will not be expected to contribute to the cost of attendance including tuition, housing, food, and personal expenses. 

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The financial aid program for undergraduates for the year 2024-25 will continue enhancements including making MIT tuition-free for families who have income below $140000 and providing additional aid dollars which will reduce the amount paid by most families. 

When measured in dollars, the average cost of education at MIT for those candidates who receive financial aid has been reduced by almost 25% in the past few decades.

Undergraduates who are not receiving any financial aid, tuition fees will be $62396 for the year 2024-25. Including housing and dining costs the total cost of attendance will be $85960. Expenses may vary depending upon the choice of the students. 

In 2023, 86% of the seniors of MIT graduated with no debt, and of the remaining 14% did assume debt to finance their education the median indebtedness at graduation was $14844. 

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