MIT awards all aid based on need, and meets the full need for both American and international students. "That's a distinguishing feature," says Elizabeth M. Hicks, executive director of Student Financial Services, "...we're trying to ensure access and affordability and make sure the most talented students are able to attend." First-generation college students, immigrants, children of means—and of the unemployed alike—are therefore admitted to MIT without regard to their financial circumstances. And, once admitted, MIT promises they will have the resources to attend—a promise the Institute has kept since 1969. Today, the Institute is one of just six US universities that both maintains need-blind admissions and ensures that full need is met for all students.
Here are some more MIT financial aid statistics for both undergraduates and graduate students from the 2011-2012 academic year.
74% of undergraduates receive either a need-based or merit-based scholarship. Undergraduates receive more than $105.5 million annually in scholarships from all sources (Institutional, federal, state or private).
29% of undergraduates come from families with incomes of $75,000 or less.
61% of MIT undergraduates are awarded a need-based MIT scholarship that doesn’t have to be repaid, and the average award is $32,917.
41% of undergraduates have student loan debt at graduation, and the average debt at graduation is $20,800.
63% of undergraduates work during the term (either on campus or under the Federal Work-Study Program, which includes both on-campus and off-campus work). Students’ average term-time earnings are $2,971 per year.
Graduate and professional students
Approximately 971 graduate students (15%) receive need-based financial aid in the form of student loans and jobs totaling $45.4 million.
14% of graduate students borrowed on average $48,000 in loans.
185 graduate students earned a total of $2.2 million under the Federal Work Study Program (includes both on- and off-campus programs). The average graduate Federal Work Study participant earned approximately $11,650.