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Around 500 students attended the program with over 200 classes being taught. [10] The program usually costs around 40 dollars but generous need based financial aid is available upon request. Students submit preferences for classes and a lottery system is used to allot classes to students.
In cases in which a student qualifies for merit-based (rather than need-based) financial aid, the student and their family may pay less than the EFC. A well-to-do family's EFC may exceed the cost of attendance at a school, and in that case the student does not have financial need, as defined by the federal financial aid system.
For unmarried students under 24, Congress mandates that parental income and assets be included. The resulting figure is the student's "need". Colleges attempt to provide students with enough financial aid to meet all student need, but in most cases are unable to do so completely. The result is "unmet need".
The ISIR is also sent to state agencies that award need-based aid. Students can file an appeal with their college financial aid office in order to seek additional financial aid if their current financial situation is no longer the same as the financial information they provided on FAFSA (i.e. their parent recently lost their job).
A student that has applied for institution-based funding will know his or her net tuition upon receipt of a financial aid package. In 2023–2024, weighted average list price for annual tuition and fees at a four-year public university (for residents of the state) was $11,260. [ 7 ]
Undergraduate tuition and fees for 2019–2020 was $53,790 for nine months. 59% of students were awarded a need-based MIT scholarship. Graduate tuition and fees for 2019–2020 was also $53,790 for nine months, and summer tuition was $17,800. Financial support for graduate students are provided in large part by individual departments.
If you graduate from the Massachusetts Institute of Technology with elite computer skills, you can make great money working for a tech company—or even more money working on Wall Street.
Admitted students may also be awarded financial aid and notification of this is made around the same time. Students who are dissatisfied with an aid offer can appeal for the offer to be improved. [75] [88] International students who have been accepted will need to complete the necessary paperwork for visas (such as an I-20 form). [39]