Massachusetts Institute of Technology (MIT) Financial Aid and Scholarships
Students Receiving Aid
65%
Total Aid Amount
$131.055M
Financial Aid Official Website
sfs.mit.edu/
Among them are scholarship programs such as Heriberto Flores Scholarship, MASSGrant Program, Mandell and Lester Rosenblatt Undergraduate Scholarship, and Marie L. Rose Scholarship. It is interesting to note that, every year, around 74% of students at MIT receive some kind of financial aid, while the total amount of assistance/loans provided is $2,616,806. For additional information about financial assistance schemes, one can head over to MIT’s financial aid page at http://sfs.mit.edu/. Notably, a total of 19% of the applicants to Massachusetts Institute of Technology receive the Federal Grant every year. In comparison, 60% of the students are awarded the Student Grant, 60% get the Institution Grant, and 19% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $8,159, while the same comes to $2,349 for State Grant receivers and $47,150 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,721. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Students whose family income per annum is less than $30,000 will receive a federal aid of $58,046 on average in a year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $60,751, while those falling in the $48,001-$75,000 income category get $57,131 a year. Meanwhile, the average federal aid for students in the $75,001-$110,000 income bracket is $46,322. And, for those with a family income of more than $110,000, the amount stands at $25,316. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. Moreover, the funds received through these loans will have to be repaid within a given timeframe. Every year, around 9% of the applicants to Massachusetts Institute of Technology opt for student loans.
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