When it comes to the major decision of picking out a college, every person wants to go to the best. MIT is on the dream list of almost every student who wants to have a bright career due to this institute being one of the most prestigious ones.
However, this prestige comes at a high cost of tuition fees, which becomes the major reason why many students step back. The cost of attending MIT is higher than many colleges in the USA, but the institute being a private one is one of the major reasons behind the high fees. Moreover, the doors that this institute opens for the students increase the fee so much.
If you are unaware of the fee structure and the total cost of MIT, then I can provide you with help with that. From the nagging question of ‘how much does MIT cost’ to the entire tuition fee and four-year breakdown, everything has been explained in detail below. So, all those questions that have been in the mind of every student are answered below.
Why is MIT Considered a Prestigious Institute?
The first major reason behind MIT’s high cost of attending MIT is that it is one of the most prestigious schools in not just the USA but the entire world. This prestige of the institute comes with the excellent academic programs it offers.
In addition to that, the entire faculty of this institute is comprised of world-renowned experts. Not to mention, this institute also comes with the best research centers in the whole world. Attending this school opens up the doors to the best job opportunities in the entire world, which is why it comes at a higher cost.
MIT Tuition Fee
Now that you are aware of why the fee structure of this institute is so different from others, it is time to drop the real bomb, which is the tuition fee. Generally, a single-year tuition fee for attending MIT is $59,750, which answers the question of ‘how much is MIT tuition.’
This is only the tuition fee and does not include the fee for the dorm, books, or any other expenses. Moreover, this amount is the fee for a single year, which includes nine months of classes, excluding the summer break. As mentioned above, this is the general tuition fee, as the fee of every program is different.
Cost of Tuition for Different Programs
When it comes to the variety of programs, MIT takes the cake in that as well, as they offer a wide range of programs to the students. The tuition fee for every program is different from the other. If we talk about the undergraduate programs, they come with a standard fee of $59,750, which only includes the tuition and not any other expenses.
The graduate programs of MIT each have a different fee structure. The Sloan School of Management, which is the business part of this institute, comes with a tuition fee of $82,000 per year for an MBA degree. Therefore, the two-year tuition fee for an MBA degree is $164,000.
Generally, the fee of Sloan School of Management is $72,400 per year. Moreover, MIT Media Lab costs $62,800 at the graduate level. The MIT Real Estate Development Master’s Program has a tuition fee of $88,360 for a single year, which means a two-year Master’s degree will cost a tuition fee of $176,720.
The current tuition fee structure of the MIT Supply Chain Management Master’s Program, which is another graduate program this institute offers, is $48,240. Therefore, a two-year Masters will come with a total of $96,480 tuition fee.
The other program of this institute such as Doctorate and Post-Doc. A Doctorate degree at this prestigious institute comes with a tuition fee of $59,750 for a single year. Therefore, the average tuition fee for a Doctorate degree is approximately $179,250 to $239,000.
Furthermore, the tuition fee of a Post-Doc program is the same as a Doctorate, which is $59,750 for one year. Therefore, the total tuition fee of a Post-Doc program will be around $119,500 to $239,000.
Cost of Housing
Now that we have covered the basic tuition fee structure of different programs at MIT, it is time to move on to other expenses that students need to cover. At the top of the list is the housing. Like other educational institutes in the USA, MIT offers on-campus and off-campus housing options to all of its students.
However, all first-year students have to live in the on-campus housing of this institute, which comes at a cost of $12,380 for a single year. Therefore, if a student is enrolled in a two-year program, then their housing fee will be $24,760, while those with a four-year program will have to pay $49,520 if they choose to live on the on-campus housing throughout their academic years at MIT.
Cost of Other Expenses
One major disadvantage at MIT is that it does not only have tuition and housing fees, but students also have to pay other fees and expenses as well. The other expenses include the student life fee, which is $406 for a single year. Student life fee is basically the cost that covers the students’ organizations, student clubs, fitness classes, trips, and other events at MIT.
Another major expense that is counted in the total fee of a single year at MIT includes food expenses as well. The general cost of food expenses for a single year is $7,010. The last item on the list of expenses for a single year at MIT includes books, study materials, and supplies, which is $880 for a single year.
The last expense category for a student at MIT is personal expenses, which include laundry, clothes, and bills. The fee for personal expenses is $2,304 for one year.
4-Year Cost Breakdown
Now that you are aware of all of the expenses that a student needs to pay for any program at MIT, it is time to get a clear answer to the question, ‘How much does it cost to go to MIT for four years?’ if we sum up all of the expenses and fees shared above, the total cost for a single year at MIT becomes $82,730.
Therefore, for a four-year program, a student will have to pay a total fee of $330,920. Allow me to do a four-year breakdown for you. The cost for a single year of tuition is $59,750, which makes the four-year tuition cost $239,000.
The student life fee for a single year is $406, so for a four-year program, it will be $1624. The cost of housing for a single year is $12,380, which makes the four-year fee of housing at MIT $49,520. The cost of food expenses is $7,010 for a single year; therefore, the four-year cost becomes $28,040.
In addition to that, the cost of books and supplies is $880 for one year, so it will be $3520 for four years. Now, we add the last category, which is personal expenses of $2,304 for one year. So, for four years, it will be $9216. Therefore, if we add all of these four-year expenses, it gives us the number that is mentioned above, $330,920.
One of the major benefits that MIT offers to its students is financial aid. This allows needy students who do not have the means to pay the high cost of attending MIT to take the courses of this institute at a very low cost. Financial aid is one of the best benefits that MIT offers.
However, not every student can receive financial aid, as there are strict qualification criteria, and only those who meet those requirements will receive financial aid. Students need to provide the tax returns and income documentation of their parents at the time of admission, which will be reviewed by a committee.
Once a student qualifies for financial aid and all of their information checks out, their entire annual fee is reduced significantly. In the previous year, those who did qualify for financial aid at MIT paid only $19,599 for a single year instead of the total cost of $82,730.
Tips for Saving Money
I understand that the cost of attending MIT is staggeringly high, but there are some tips that I can offer to aspiring students that will help them save money. The first tip is to apply for financial aid if you are sure that you qualify for it.
The second tip is to seek a part-time job that you can easily juggle with your studies. MIT also offers summer work programs to their students that individuals can get enrolled in to make some extra cash as well as gain experience. Picking affordable dining options from the meal plan is another small tip that can help save money.
Benefits of Attending MIT
Despite the high fee of MIT, studying at this institute comes with so many benefits that the fee becomes justified. One major benefit of this institute is that it offers access to the best and top-rated research centers in not only the USA but the whole world. Therefore, the students can conduct and be a part of groundbreaking research that will change the course of their academic careers entirely.
The second major benefit of attending MIT is that it is a world-renowned institute. This means that employers from across the globe yearn to have MIT graduates on their teams, so those who study at MIT get staggering 6 figure salaries right after graduating from the institute.
MIT also has a very diverse and strong alumni network, which all of its students have access to. This alumni network helps provide the right and perfect guidance to the students and helps them lay down a strong foundation for their careers. So, even before graduating from the institute, they will have bright opportunities ahead.
How much does it cost for four years at MIT?
The general cost of attending MIT for one year is $82,730. This includes all of the expenses, from tuition fees to books, housing, and meals. Therefore, attending MIT for four years will cost $330,920.
What GPA is required for MIT?
As MIT is one of the most prestigious institutes in the whole world, they have a very tough set of requirements. In order to get admission to MIT, one needs to have a GPA of 3.9 with other strong additions in the application, such as essays and extracurricular activities.
Does MIT require an SAT?
Yes, similar to all of the educational institutes in the USA, MIT also requires the SAT score or the ACT score. In order to even have your application considered, a student needs to have a minimum of 1500 scores on their SATs.
Does MIT have an entrance exam?
Yes, MIT conducts an entrance exam for undergraduate and postgraduate levels. In order to get admission to this prestigious university, one needs to pass the entrance exam with flying colors.
The decision to pick a college is very critical as it shapes the rest of the career of the student. This is why MIT is one of the most sought-after choices for all students, especially those pursuing STEM. However, the cost of attending MIT is higher than other schools.
The article above has discussed the topic of ‘how much does MIT cost’ and the tuition and 4-year cost breakdown in detail. Therefore, you can get an in-depth insight into how much a degree at this prestigious institute will cost you.
Disclaimer & Thanks: Before I end this article, I would like to thank Connor Gillivan, who helped me collect data related to MIT for this article on “How Much Does MIT Cost? Tuition & 4 Years Cost Breakdown”. Connor is an incredible guy, and as an MIT graduate, he knows the ins and outs of MIT. His knowledge helped me collect facts about MIT and interview multiple other students.