Scholarships
MIT is a true meritocracy. For four decades, the Institute has admitted students without regard to their families’ financial circumstances and awarded financial aid to them solely on the basis of need. This gives individuals from very modest backgrounds access to MIT, while ensuring the Institute is affordable to those of greater means who nonetheless need financial assistance. As the cost of an MIT education nears $50,000 a year, the role of financial aid in ensuring both access and affordability is increasingly critical.
MIT is one of a shrinking number of institutions that have remained wholly committed to need-blind admissions and needbased aid. Fifteen percent of MIT undergraduates are from families earning less than $40,000 a year. One in four students pays no tuition at all, thanks to MIT’s financial aid endowment and the Institute’s willingness to commit substantial amounts of its general funds to scholarships. Overall, 60 percent of MIT undergraduates receive a need-based scholarship from the Institute.
This commitment to access is a key theme of the Campaign for Students. MIT recognizes the importance of a college education, both at the individual and national level. A college degree opens the door to a world of career opportunities and affects the quality of the workforce. When financial obstacles limit access to education, the U.S.‘s competitiveness in the world is threatened.
By raising funds for undergraduate financial aid, MIT can:
- maintain its commitment to need-blind admissions and need-based aid;
- lower the self-help expectation that students must contribute; and
- increase endowed scholarships so the financial aid program can be self-sustaining.
Student Stories
Mark Cote
Mechanical engineer and member of the MIT Cycling Club.
Mark received is SB in mechanical engineering in 2007 and has started his own company marketing aerodynamic bicycle accessories.
Cycling and mechanical engineering. Supporting students makes connections like these possible.
Overviews
MIT financial aid
MIT as a meritocracy
MIT’s need-blind admissions and need-based financial aid policies provide both access and affordability to the world’s most talented undergraduate students.
© Copyright 2009