M I T F I N A N C I A L A I D P R O C E S S

Making MIT affordable

Our mission at MIT is to advance knowledge and educate students in
science, technology and other areas of scholarship that will best serve
the nation and the world in the 21st century. To achieve this mission
we recruit and enroll the most talented and promising students, make
all our admissions decisions without regard to family financial circum-
stances, award all our aid based on financial need, and meet the full
need of each student for all four years.

As a result of our strong commitment to making MIT affordable,

we have one of the most diverse campus communities among our peer
institutions. We urge you not to let the cost of a MIT education deter
you from applying to one of the world’s most outstanding universities.
Just consider the following facts:

• Approximately three out of four MIT undergraduates receives some

form of financial assistance.

• Tuition, fees, room, board, supplies and personal expenses total

$41,030 for 2003–2004, but our average financial aid award, including
scholarships, loans and work, is more than $25,400.
M I T F I N A N C I A L A I D P R O C E S S
Common questions
and answers about the
financial aid process
Q Q
What does it cost per year to attend MIT?
A from MIT look like?
Our estimated cost of attendance for the year
2003-2004 is $41,030, plus travel. Included
in that total cost is tuition and fees, totaling
$29,600. We estimate that you will spend
$8,710 on room and meals, and $2,720
on books and personal expenses.
Q
How do I apply for financial aid?
A What is the income “cut off”
U.S. citizens and permanent residents begin
by filing both the 2004-2005 Free Applica-
tion for Federal Student Aid (FAFSA) with
the federal government and the PROFILE
Application with the College Scholarship
Service (CSS) as soon after January 1, 2004
as possible, but no later than February 1,
2004. In order to ensure the timely notifica-
tion of our financial aid decision, you should
not wait until your parents file their 2003
federal income tax returns before you file
these applications, use best estimates instead.
Please refer to “Financial aid application
materials” for other forms you may need
to submit.
If you are not a U.S. citizen or permanent
resident, you must complete the MIT Inter-
national Student Financial Aid Application
instead of the FAFSA and CSS PROFILE.
Although completing your financial aid
application takes some time and effort, we
find that gathering this information helps
us to distribute our resources in the most
equitable manner possible.
What does a typical financial aid award
A
We meet 100% of a family’s calculated need.
The award contains a preset “self-help” com-
ponent that consists of a low interest student
loan and an MIT student job. The rest of
your family’s calculated need is met with
an MIT scholarship.
Q
for financial aid?
A
We encourage all applicants for admission
who think they need assistance to apply for
financial aid, regardless of income level. We
apply a formula that uses all of the informa-
tion on the FAFSA and the CSS PROFILE.
There are a number of factors other than
income that we take into consideration when
assessing a family’s ability to contribute.
We may also take into account any special
financial circumstances.
Q
Will I get the same financial aid for all
four years?
A
We review your eligibility for assistance each
year with the updated information you and
your parents give to us. However, you should
expect to receive the same financial aid
provided there are no significant changes
in your family’s finances and you meet the
financial aid renewal deadlines.
 M I T F I N A N C I A L A I D P R O C E S S

Q Q
How are scholarships from outside sources When will I be notified about the financial
treated by MIT? aid decision?
A A
We reward the receipt of merit-based outside Both Early Action and Regular Action admits
scholarships by first reducing the self-help who apply by the February 1 deadline will be
component (student loans and/or work notified in mid-March of their financial aid
study) dollar for dollar. Should the total decision. Applicants who do not meet the
amount of all outside scholarships received February 1 deadline will be notified of their
exceed the amount of self-help, we reduce eligibility to receive aid shortly after their
the MIT scholarship portion of the award. application becomes complete. However,
we reserve the right to stop considering late
applications at any time.
Q
What type of work is available to meet the
self-help component of the package?
A
A variety of work opportunities are available
on campus that can fit into the busy schedule
of a typical MIT student. The current cam-
pus minimum wage is $8.75 an hour. Many
part-time paid jobs are also part of com-
munity service programs, enabling students
to get involved with the Cambridge/Boston
community while earning money to help
defray the cost of education. Students can
also participate in the Undergraduate
Research Opportunities Program (UROP),
which allows students to participate in
research based collaboration with faculty
members. International students can work
on campus during the academic year and
during the summer, but an Employment
Eligibility Verification Form (I-9) must be
completed first.
M I T F I N A N C I A L A I D P R O C E S S

Financial aid application

materials
If you wish to apply for scholarship, job and loan assistance from MIT,
we must receive the following documents from you by February 1, 2004:

The Free Application for Federal Student Aid (FAFSA)

If you are a U.S. citizen or permanent resident, you and your parents must complete the
2004-2005 FAFSA online at <http://www.fafsa.ed.gov> or the paper version is available from
your high school guidance office. File the FAFSA as soon as possible after January 1 and
designate MIT as a recipient by using our name, address and federal school code of 002178.

The CSS Profile

If you are a U.S. citizen or permanent resident, you and your parents must also complete the
2004-2005 College Scholarship Service PROFILE application. You may register online at
<http://www.collegeboard.com>. Be sure to designate MIT as one of the recipients using our
code number of 3514.

CSS Profile Business / Farm Supplement

If you are completing the PROFILE application and either parent is self-employed or owns any
part of a business or farm, s/he will need to submit the CSS Business/Farm Supplement (sent
to you with the PROFILE Application) for each business or farm in which any interest is held.

Complete copies of your parents’ 2003 Federal Income Tax Returns

(including all Schedules and W-2s)
Send us signed photocopies of all pages and schedules of your parents’ 2003 federal tax return,
including photocopies of the W-2 forms. If there are corporations, partnerships or trusts,
please include copies of those tax returns (Forms 1041, 1065, 1120, 1120S, K-1).

Please note: Clearly write your name and “Class of 2008” on the top of the materials. If the
2003 form is not yet available, send the 2002 form by the February 1 deadline, and send the
2003 return as soon as it is filed.

International Students
Students from countries other than the U.S. must complete the MIT International Student
Financial Aid Application. This application is enclosed with this admissions application. If your
parents are separated or divorced, each parent must complete an MIT International Student
Financial Aid Application. Send us signed photocopies of your parents’ 2003 tax returns and
income verification forms from your parents’ employers.

Separated or divorced parents

If your parents are separated or divorced, we also require your non-custodial parent to submit
a Noncustodial Parent’s Statement (sent to you with the PROFILE Application) – or the MIT
International Student Financial Aid Application as appropriate – with signed photocopies of all
pages and schedules of his/her most recent federal income tax return and W-2s. If either parent
has remarried, information about the spouse’s income, assets and dependents residing with the
family unit must be included.

Additional information
If your family has special circumstances or unusual expenses, please send us a letter with details,
which will help us understand more completely your financial situation. You can submit the
correspondence to:

Student Financial Aid Office

Room 11-320
Massachusetts Institute of Technology
77 Massachusetts Avenue
Cambridge, MA 02139-4307
Fax: (617) 253-9859