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The Massachusetts Institute of Technology awards financial aid based only on need. MIT does not award any academic, athletic or other forms of merit scholarships, but is dedicated to meeting the full demonstrated need of each undergraduate for all four years.
MIT's need based financial aid is awarded on an annual basis, and Match recipients must re-apply yearly for aid. The package detailed below is also subject to Match recipients receiving a full Federal Pell Grant each year. Students who do not meet this eligibility can still be considered for admission to MIT in Early or Regular Action admissions (see http://www.questbridge.org/students/post_match.html, for more information) and may still qualify for a very generous financial aid package. Provided that there is no significant change in a student's family's financial situation, financial aid awards should remain consistent year to year. The following numbers reflect estimated student expenses for the 2010-2011 academic year. The final details of your financial aid package will be included in a communication from MIT. As a match recipient, you will need to complete the FAFSA (www.fafsa.ed.gov) and submit your families' previous year's tax returns, W-2s, and all schedules. Scholarship DetailsThese numbers are based on costs for the 2010-2011 school year. Amounts will change slightly from year to year, but as the cost of college increases, the scholarship packages will correspondingly increase.Glossary of terms appearing in scholarship package details
Outside Scholarships Since Match recipients have their work/loan ("self-help") contribution covered by the Federal Pell Grant, any outside scholarship money will be used to decrease the amount of grant money awarded by MIT. Health Insurance Students are required to have some form of hospital insurance according to Massachusetts law. As part of the basic tuition fee, MIT provides the basic Student Medical Plan, but also enrolls and bills all students for the Student Extended Insurance Plan (which provides hospitalization coverage). However, if students notify the MIT Medical Department before their waiver deadline that they already have sufficient coverage (usually under their family's insurance), they can be granted a waiver from the Student Extended Insurance Plan. Students who cannot or do not waive the Extended Plan will have to cover this cost themselves. Other Details The travel allowance is determined by MIT Student Financial Services and is dependent on the student's home address. Changes in the travel allowance will affect the MIT grant.
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