Spring 2020 financial aid FAQ for students
Yes. For undergraduate students leaving on-campus or FSILG housing, we will refund the actual costs for housing and meal plans on a pro-rated basis. A prorated refund for the cost of rent and meal plans will also be provided to graduate students who terminate their license agreements and depart campus by March 31. Additionally, we will refund half the spring semester student life fee for undergraduate and graduate students. There will be no reductions to undergraduate financial aid associated with these changes. This means that any undergraduate student who received financial aid to cover these charges will not be asked to return the aid – students can use the full amount of their refunds for current or new expenses as well as to help offset lost paid opportunities such as UROPs, although we understand that most UROPs will continue remotely.
No. Because students are still able to take classes and make progress toward their degree, we are not planning to provide refunds for tuition this semester.
It is also important to note that our tuition is already subsidized for every student, even for students who do not receive financial aid from MIT. Our actual cost to educate every student is about twice what we charge. And we are incurring considerable costs in order to bring the academic experience online for all of our students during the Covid-19 crisis.
For any undergraduate student whose financial aid package includes an MIT Scholarship and expects them to work to contribute to their education, the work expectations will be replaced by additional MIT Scholarship. We will reduce the amount students are expected to earn during the spring term by one-half, and increase their MIT Scholarship by an equal amount so undergraduate students will continue to receive the same financial benefit they anticipated without having to complete their term-time contribution requirements.
Undergraduate students can expect their refunds by early next week. In order to expedite students’ refunds, we will push out individual refunds as soon as they are posted to the account, which may mean some students will receive more than one refund to their accounts.
There are a small number of students who still owe a balance on their student account; the credit we are giving them will be applied toward their balance.
We do not believe so. The US Department of Education has indicated that as long as students are enrolled and working toward their degree, Federal Pell Grants, Federal Work Study, SEOG, and Direct Stafford Loans should not be impacted by this disruption. MIT has been in contact with the Department of Veterans Affairs to inquire about the potential effects to those students receiving GI Bill® and we expect to receive guidance soon. Please refer back to this page regarding any updates to GI Bill® benefits.
If you have questions, please contact Student Financial Services at 617-258-8600 or firstname.lastname@example.org. Even though many MIT employees are working remotely during this global public health emergency, we will be available and we will answer your questions.