MIT announces increase to undergraduate financial aid for 2022–23 academic year

MIT’s commitment to undergraduate financial aid will remain robust for the 2022–23 academic year, increasing from last year’s budget of $155.2 million to an estimated $161.8 million. The increase will more than offset a 3.75 percent rise in tuition and changes in housing, dining, and other estimated costs.

When measured in real dollars, the average cost of an MIT education for those who receive financial aid has been reduced by 26 percent over the past two decades. The estimated average MIT scholarship for students receiving financial aid next year is $59,916.

“Especially given the disruption and uncertainty due to the now-easing pandemic, we are pleased to be able to dedicate even more resources to our financial aid program,” says Ian A. Waitz, vice chancellor for undergraduate and graduate education and the Jerome C. Hunsaker Professor of Aeronautics and Astronautics. “Our goal remains steadfast and clear: to enable any admitted student who wishes to attend MIT to do so, and, most important, to have the freedom and flexibility to focus on their academics and personal development while here.”

Last year, more than 37 percent of MIT undergraduates received aid sufficient to allow them to attend the Institute tuition-free. MIT is one of only six U.S. colleges with a fully need-blind undergraduate admissions policy that meets the full financial need of all students, and it continues to be focused on making the cost of an MIT education more affordable. The 2022-23 undergraduate financial aid program will include enhancements to make MIT tuition-free for families who have typical assets and whose incomes are below $140,000 (previously set at $90,000), as well as additional financial aid dollars that will reduce the amount paid by most families.

While the Institute’s financial aid program primarily supports students from lower- and middle-income households, even families earning more than $250,000 may qualify for financial aid based on their circumstances, such as if two or more children are in college at the same time.

About 60 percent of MIT’s undergraduates receive need-based financial aid from the Institute, and 20 percent receive federal Pell Grants, which generally go to U.S. students with family incomes below $60,000. MIT treats the Pell Grant in a unique way to further support low-income students. Unlike most other colleges and universities, MIT allows students to use the Pell Grant to offset what they are expected to contribute through work during the semester and the summer. MIT also changed its financial aid policies recently to provide more support for U.S. veterans and veterans’ dependents.

For undergraduates not receiving any need-based financial aid, tuition and fees will be $57,986 for the 2022-23 academic year. Including housing and dining costs, the total cost of attendance will come to $79,850 (based upon residing in a Tier 1 double room for the year, being on a full meal plan, and taking into account books and estimated personal expenses). Expenses may vary depending upon a student’s choices.

In 2021, 82 percent of MIT seniors graduated with no debt; of those who did assume debt to finance their education, the median indebtedness at graduation was $15,721.

“MIT is an incredible place,” says Waitz. “The cost of education here is nearly double of what is charged, and we receive less than half of that due to our guarantee to meet the full need of our students. MIT is a place that changes lives for the better. All of us benefit from those who have come before us. And we all have a responsibility to give back by making both MIT and the world a better place.”