Build a budget: Start building a monthly budget to meet your financial goals.Save your results: Save the results for your records so you know how much you will need monthly.Once you’ve mapped out your expenses, here’s what to do next: Included in section 1: This is where you’ll make sure you have enough to cover your expenses each month, and where you’ll find resources to manage your budget. Housing and meal plan ⁠ 05 All first-year students are required to live on campus, but residence halls and living groups vary in cost. Calculating your living expenses, beyond the.The costs below are the rates for the 2022–2023 academic year, unless otherwise noted. Then, you’ll input your resources to figure out if you will need to pay MIT or if you’ll receive a refund. Paying your MIT bill: First, you’ll total up the billed charges and other costs.You’ll see that the worksheet below has two sections: The two worksheet sections: Academic and living costs And if you haven’t applied for aid, you can just skip that section. If you’re a prospective first-year student, you can access this through your application portal. Learn about campus jobs on the Working at MIT page.įinancial aid award information ⁠ 04 If you’re a current student, you can access this through the MIT Online Financial Aid System. Your personal resources, ⁠ 03 Your personal resources are the assets you and your family are able to contribute, along with any money you anticipate earning while you’re at MIT. Your personal expenses ⁠ 02 Your personal expenses will include all of the other costs you’ll have during the year: This can include books and other class materials, your phone bill, food costs (beyond the meal plan) and spending money. If you don’t know yet, that is okay too, we can fill in the basics for you! You can find more information on the Cost of attendance page.

Your billed charges ⁠ 01 Billed charges include your tuition, housing and meals, and other costs, such as health insurance and lab fees. Your actual bill may differ from the worksheet.īefore you begin, make sure you have a few items on hand: Please note that the worksheet is meant to help you understand what your budget will look like. The worksheet is designed to help undergraduate students build a budget and manage their finances. Use these tools to map your costs, make your own monthly budget, and find help in managing your money. We’ve put together a helpful worksheet for you to figure out how much you’ll need for a year at MIT.

Basic budget worksheet