MIT unveils financial aid and tuition rates for 2024–25 academic year

MIT is set to uphold its dedication to supporting undergraduate financial aid for the upcoming 2024-25 academic year, with a projected budget increase to $167.3 million. This increase will more than offset the 3.75 percent rise in tuition, which will amount to $61,990 ($62,396 with fees), along with other augmented living expenses. The estimated average MIT scholarship for students receiving financial aid next year is anticipated to be $63,146.

Furthermore, families with incomes below $75,000 sending their children to MIT will not be required to contribute to the full cost of attendance, covering expenses such as tuition, housing, food, and personal extras.

Expressing MIT’s commitment, Ian A. Waitz, the vice chancellor for undergraduate and graduate education and the Jerome C. Hunsaker Professor of Aeronautics and Astronautics, says, “MIT takes enormous pride in ensuring that any student who attends can dive into all the things that make our educational experience special, both our rigorous academic programs and the ‘secret sauce’ experiences…”

The 2024-25 undergraduate financial aid initiative at MIT builds on previous improvements, extending benefits like tuition-free attendance for families with typical assets and incomes below $140,000. It also includes additional financial support to decrease the financial burden on most families.

Notably, last year, over 39 percent of MIT undergraduates received the aid necessary to attend without tuition costs. MIT is among just eight U.S. universities with a fully need-blind undergraduate admissions policy, meeting the financial needs of all students. Efforts are ongoing to enhance accessibility and affordability, as seen in the increase in QuestBridge match admissions this year to 56 students.

Envisioning broader resources for academic success, Ian A. Waitz adds, “In parallel with increasing access, we are also ramping up our resources for academic success…” The UAC is currently aiding students from their first year to senior year, revitalizing programs like the MIT First Generation/Low Income Program.

While MIT’s financial aid is designed primarily for lower- and middle-income households, families with incomes exceeding $250,000 may also qualify based on specific circumstances, like multiple children in college simultaneously.

About 58 percent of MIT undergraduates receive need-based financial support from the university, with roughly 20 percent benefiting from federal Pell Grants, typically granted to students with exceptional financial need. MIT uniquely allows students to use Pell Grants to offset work expectations during the semester and summer.

Over the last two decades, the average cost of an MIT education for aid recipients has decreased by nearly 25 percent when adjusted for inflation.

For undergraduates not eligible for need-based aid, the 2024-25 academic year costs will amount to $62,396, encompassing tuition and fees. When factoring in housing and dining, the total attendance expenses will reach $85,960. Variables like room choices, meal plans, books, and personal expenses may cause fluctuations.

In the graduating class of 2023, 86 percent of MIT seniors completed their education debt-free. Of the remaining 14 percent with debt, the median amount owed at graduation was $14,844. MIT graduates also report some of the highest entry-level salaries in various industries compared to their peers.

Demonstrating the commitment to student success, Ian A. Waitz expresses, “It’s critical that students are well-positioned when they graduate and benefit from a whole student education…” Research is ongoing to continually enhance academic programs and cater to students’ evolving needs and curiosities.

For comprehensive details on the cost of attendance, including specifics on tuition, supplies, housing, meals, and transportation, please refer to the Student Financial Services website.