MIT Sloan cost hikes have been low to moderate, but as is with other M7 MBA program, the costs have crossed $250,000 mark for the class commencing their MBA in 2024-2025.
In this in-depth analysis of MIT Sloan MBA Total Cost and the funding options available, we cover:
- Tuition Fees (MIT Sloan MBA) (1-Year)
- What is the Total Cost of MIT Sloan MBA?
- MIT Sloan MBA Cost: 2023-24 VS 2024-25
- MIT Sloan MBA – Funding Tips
- MIT Sloan MBA Scholarships
- MIT Sloan MBA Fellowships
- MIT Sloan MBA Fellowships - With Separate Applications
- MIT Sloan MBA External Fellowship – Changes (2024-25)
- MIT Sloan MBA Loans and Other Resources
Tuition Fees (MIT Sloan MBA) (1-Year)
MIT Sloan MBA will cost you $109,180 for one year and $216,360 for the entire MIT Sloan MBA Program.
What is the Total Cost of MIT Sloan MBA?
The total one-year cost for MIT Sloan MBA is $109,180, which includes tuition ($84,200), student life fees ($406), Housing ($12,380), Food ($7,010), Books and Supplies ($880), Personal Expenses ($2304), and One-Time Computer cost ($2,000). The cost is the same for all national and international students. Besides the expenses, students’ life Fees and Computer Fees are not added in the second year.
This one-year MIT Sloan MBA cost excludes transportation, global tours, or extracurricular program charges that are further added as per the student’s preferences.
Total Cost (MIT Sloan Full Time MBA) (2-Year)
Doubling the MIT MBA one-year fee, the two-year MBA Cost for the MIT MBA program comes out to $216,360, which might seem lower as compared to the previous year due to the exclusion of Medical insurance and Transportation costs.
The below table represents the cost breakdown of the MIT Sloan MBA program for one academic year.
| Expenses | MIT Sloan MBA Cost 2024-25 |
| Tuition | $86,550 |
| Student life fee | $406 |
| Health insurance* | $3,237 |
| Housing | $16,200 |
| Food | $7,290 |
| Books & Supplies** | $1,089 |
| Personal | $7,308 |
| Transportation | $2,664 |
| Computer (First year only) | $2,000 |
| Total first-year cost of attendance | $126,744 |
MIT Sloan MBA Cost: 2023-24 VS 2024-25
MIT Sloan MBA tuition cost has increased by 2.7%, from $84,200 to $86,550. Similarly, the Housing cost of MIT Sloan has risen by 30%, from $12,380 to $16,200. Other expenses such as Food, Book supplies, personal expenses, and Transportation have seen a slight increase ranging between 3% to 4% whereas the student's life fees, Insurance, and Computer fees remain the same for both years. Thus, the overall annual cost for attendance has been increased by 5.8%, reaching $126,744 in 2024, up from $119,749 in 2023.
| Expenses | MIT MBA Cost 2023-24 | MIT MBA Cost 2024-25 |
| Tuition | $84,200 | $86,550 |
| students’ life fee | $406 | $406 |
| Health insurance* | $3,237 | $3,237 |
| Housing | $17,865 | $16,200 |
| Food | $7,010 | $7,290 |
| Books, Supplies & equipment | $880 | $1,089 |
| Personal Expenses | $7,065 | $7,308 |
| Transportation | $2,571 | $2,664 |
| Computer (one time Cost) | $2000 | $2,000 |
| Total cost of attendance | $109180 | $1,20,843 |
*unless the health insurance is waived, it will cost $1,349 in fall/$1,888 in spring.
Related: MIT Sloan MBA Cost Trends
MIT Sloan MBA - Funding Tips
Following acceptance into the program, all students intending to apply for loans, including international students, must submit the MIT Graduate Loan Application form to MIT Student Financial Services.
US citizens and permanent residents need to fill out the Free Application for Federal Student Aid (FAFSA).
The Student Financial Services office determines the amount that students may borrow. If students travel with their significant other and/or dependents, their loan limits may not cover the additional expenses listed in the cost table.
To finance the MIT Sloan MBA program, students can choose various options such as MIT Scholarships, Additional Funding Sources, Other Scholarships, Grants, or Loans.
MIT Sloan MBA Scholarships
Newly enrolled MBA students are considered for fellowships and scholarships through MIT Sloan and other MIT departments or organizations. These awards are given to incoming students after a review process separate from admissions.
Admitted applicants may be eligible and considered for several fellowships that require separate applications.
How Financial Need is Calculated at MIT Sloan MBA?
MIT Student Financial Services office determines the total cost of attendance on an annual basis (a summary we have captured below in the table). This figure is a cap on the total amount of assistance candidates are eligible to receive (including scholarships, fellowships, Teaching Assistantships, as well as federal or private student loans).
The Financial Aid office deducts the total cost of living from the tuition and fees to assess the financial need.
MIT Sloan MBA Fellowships
MIT Sloan fellowships are funded by individuals, corporations and foundations. These fellowships are offered to both first-year and second-year students. Typically, second-year students have an academic criterion to earn the fellowship.
There are no separate applications for fellowships. The rule applies to applicants from all nationalities and visa statuses.
| MIT Sloan Fellowships (No Applications Required) | ||||
|---|---|---|---|---|
| 42 Analytics Fellowship | Samuel (2003) and Alexandra Epee-Bounya Fellowship | Kenedix Fellowship | Rajaram Family Fellowship | Thomas J. Vincent (1968) Fellowship |
| Tamotsu Adachi (1983) Fellowship | Exxon Education Foundation Fellowship | Sara and Frederic (2009) Kerrest Fellowship | Karen and Jack (1947) Rizika Fellowship | Wilke Leadership Inclusion Fellowship |
| Admadjaja Family Fellowship | Hala Frangie Fadel (2001) Fellowship | Ketterson Family Fellowship | Samsung Fellowship | Ronald A. Williams (1984) and Cynthia Williams Fellowship |
| Jim and Sara Anderson Fellowship | Alexis (1967) and Leticia Falquier Fellowship | Assia Khellaf (1992) and Vedat Eyuboglu Fellowship | Sadeq Sayeed (1985) Fellowship Fund | Thomas R. Williams (1954) Fellowship |
| Antonios and Ioannis Angelicoussis Foundation Fellowship | Bill and Lisa Ford Fellowship | Yu-Ting Kuo (1994) Fellowship | Paul K. (1947) and Mary L. Schilling Fellowship | Pengfei Xie (1997) and Yufei Wang (1998) Fellowship |
| ASEAN Fellowship | Global Opportunities Fellowship | Eivind Lange (1981) Mary Puma (1981) Fellowship | Serge (1996) and Pascale Schoen Fellowship | Connie (1995) and Paul (1991) Yang Fellowship |
| ASEAN Fellowship and Student Support | Robert P. Goldberg (1965) Fellowship | Lebanese International Finance Executives (LIFE) Fellowship | Louis E. and Theresa Seley Fellowship | Xiaodong Zhang (2006) Fellowship |
| Beatrice Ballini (1986) Fellowship | Gordon-Bluestein Fellowship | Lin Family Fellowship | Shahril Shamsuddin (1996) Fellowship | Joseph E. Eastin (2015) Fellowship |
| Borromeo Fellowship | Gordon Family Sloan Fellowship | Lo Family Fellowship | Miriam Sherburne Fellowship | Marzio Keiling Sloan Masters Fellowship |
| Caireta Family Fellowship | MIT Sloan Guo Heng Fellowship | Gernot Lohr (1998) and Lara Zibners Lohr Fellowship | Alexander H. Shing (2000) Fellowship | Chin Chin and Garrison Qian Fellowship |
| Mariafrancesca Carli-Josselyn (1992) Fellowship | Bassim (2002) and Maha Halaby Fellowship | Stephen E. Mermelstein (1976) Fellowship | Stone Masters Fellowship for Women | VGS Foundation Fellowship |
| Tim (1975) and Nancy (1976) Chan Fellowship | Ivy Head Family Fellowship | Sunshik Min MBA Fellowship | Shivan S. Subramaniam (1978) Fellowship | Henry B. DuPont Fellowship |
| Philip M. Condit (1975) Fellowship | LCP Ho Fellowship | Philip (1998) and Winnie Mok Fellowship | FM Global Fellowship in Honor of Shivan Subramaniam (1978) | John E. Jamerson (1977) Fellowship |
| F. Hudnall Christopher Jr. (1959) Fellowship | Luli Yeh and Tsu Ho Hong Fellowship | Elizabeth Monrad Diversity Fellowship | Lester Thurow Fellowship | Robert Pozen Fellowship |
| Betsy and Stephen (1958) Corman Fellowship | Mindy Hsu (2006) and David Lee (2004) Fellowship | Nath Fellowship | Kim Sai Toh (2002) Fellowship | Verma Family Fellowship |
| Linda Archer Cornfield Fellowship | Ed and Caroline Hyman Fellowship | Pechacek Fellowship | Dr. Kiyoyuki (1987) and Machiko Tsujimura Fellowship | Sloan Veterans Fund |
| Jean-Jacques Degroof (1993) Fellowship | Iman Foundation Fellowship | Thomas R. Petersen Memorial Fellowship | Theodore Vassilakis Fellowship | Gustavo A. Pierini (1987) Fellowship |
| Rafael del Pino (1986) Fellowship |
MIT Sloan MBA Fellowships - With Separate Applications
Several fellowships have separate application processes. They are awarded by their respective organizations. Following is the list of such fellowships that require separate application process.
| MIT Sloan MBA Fellowship (Applications Required) | Awarded to |
|---|---|
| Aker Scholarship | Norwegian students |
| Fundacion Gondra Barandiaran | Two Spanish nationals who obtained their engineering degrees from a Spanish university |
| Kennedy Memorial Trust Scholarships | British students |
| Legatum Fellowship | all MIT graduate students who show a strong desire to start a business in a low-income country after graduation |
| Lemann Education Fellowship | Outstanding MIT graduate student with preference given to applicant from Brazil |
| McKinsey Award | All incoming MBA students at MIT Sloan |
| MIT-China Scholarship Council Fellowship Program | citizens of the People’s Republic of China |
| MIT Public Service Center Fellowships | MIT students developing their own non-profit enterprise |
| MIT Sloan Social Impact Fellowships | Students taking major societal challenges during the summer internships |
| Yellow Ribbon GI Education Enhancement Program | veterans of the U.S. military |
| The Zuckerman Fellowship | Students from fields of medicine, law, and business |
MIT Sloan MBA External Fellowship – Changes (2024-25)
The following fellowships have been removed from the recommended fellowship by MIT Sloan, but for the benefit of applicants who want to explore all funding options, we have retained the details of the funds.
| MIT Sloan MBA Fellowship (Applications Required) | Awarded to |
|---|---|
| Lemann Education Fellowship | Outstanding MIT graduate student with preference given to applicant from Brazil |
| McKinsey Award | All incoming MBA students at MIT Sloan |
| MIT Public Service Center Fellowships | IT students developing their own non-profit enterprise |
MIT Sloan MBA Loans and Other Resources
Students may also apply for additional financial aid from outside foundations and organizations. The Office of Graduate Education assists in collaborating with such organizations. Once admitted, Sloan's Student Funding office leads in the search to find external awards.
In addition to loans under the student’s name, parents of the students can also avail of educational loans based on different collateral and income criteria.
Federal Direct Loan
Dependent graduates are eligible to borrow up to a federally set annual limit for subsidized and/or unsubsidized loans. $5,500 for the first year, $6,500 for the second year, and $7,500 for the junior and senior years. Students can visit studentaid.gov for information on interest rates and loan limit charts.
Direct Subsidized Loan (for U.S. students): The loan amount in this type of loan is determined by financial need. No interest is added up to six months after students graduate, leave school, or drop below the half-time enrolment.
What is the half-time enrolment?
As the name suggests – students who have completed only half the duration of the entire course. In the case of MIT Sloan MBA – 1 year.
Direct Unsubsidized Loan (for U.S. students): The loan amount is not determined by the financial need of this loan type. This loan accrues interest while students are enrolled, and repayment is not required until six months after the students graduate, leave the school, or drop below half-time enrollment.
Students who are federally independent or whose parents have been denied a Direct Parent PLUS Loan may borrow an additional $4,000 per year for the first and second years and $5,000 per year for the third and fourth years.
Direct Parent PLUS Loan (U.S. domestic parents only): This loan can help students spread out their education costs over time. Parents may borrow up to the total cost of education, less any student financial aid, such as student loans.
MIT Technology Loan (international undergrads only): Students can borrow up to $3,400 without a cosigner with this type of loan. An additional $2,000 may be available, but a creditworthy cosigner is required. Students must have received an MIT Scholarship, be enrolled at least half-time, and not be in default on any prior education loans to be eligible for this loan.
Students must pay no interest until nine months after graduation or withdrawal, after which they must pay 7% interest. The repayment period is within ten years, and the minimum monthly repayment for this loan is $50.
Private Loans
Private loans are provided by third-party lenders and can be obtained by students or their families. Students should only consider private loans after they have exhausted their federal loan options. Private loan terms and conditions, as well as interest rates, are less favorable, and often the interest rates are 2 to 5 % higher.
Related Download: MIT Sloan MBA Cover Letter and Essay Guide (Includes Samples)
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Reference
MIT Sloan MBA - Financing an MBA
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