<p>I went with my son to an MIT recruit night and I'm trying to remember what they said exactly about debt after graduation. I think they said something about most of their students ending up with no more than ten thousand dollars of debt after undergrad degree at MIT, because they try to meet your financial position and need. Has anyone found this to be accurate? I'm just not certain if I'm remembering exactly what the recruiter said that night.</p>
<p>Try the net price calculator on MIT’s web site.</p>
<p>Look for the school’s Common Data Set, section H, for Financial Aid statistics. The one I found online for MIT said the average student loan debt for students graduating from MIT from July 1, 2009 - June 1, 2010 was $15,228 for all loans (including private loans).</p>
<p>Please remember that colleges and universities do not include debt taken on by parents or other family members in their reports.</p>
<p>All that means is that they may not put full student loans in their FA packages to meet need.</p>
<p>Those stats are often misleading. Those stats do NOT include loans that parents often must take out to cover their “family contribution”, nor do those stats include private student loans that students take out to help cover costs.</p>
<p>For example…</p>
<p>If MIT were to determine your “family contribution” to be $40k per year, but YOU can only pay $30k per year, then you (or your child) would have to borrow the additional $10k per year and that wouldn’t show up on that stats.</p>
<p>Remember…the colleges get to decide what your family contribution should be after they look at income, assets, home equity, etc. It’s not unusual for a “family contribution” to be 30% of your income.</p>
<p>Use the MIT net price calculator to determine what your situation might be. MIT is not super with aid. It’s good, but not super.</p>
<p>MIT reports that the “average need based loan” awarded for frosh is $2,692</p>
<p>That stat means nothing really. First of all, it’s an average. So some have more and some have less. Secondly, as mentioned above, it doesn’t include Parent Plus loans or private student loans people take out to cover their family contribution.</p>
<p>Lastly…remember, these stats are for ENROLLED students. They dont’ include the stats from students who were accepted, who weren’t given affordable family contributions, and then didn’t enroll.</p>
<p>Yes, but … if the student loan amount (for four years) is only $15,000, it’s unlikely that there are PLUS or private loans on top of that; since in almost all cases, the student would exhaust the Stafford limits before turning to other loan alternatives.</p>
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<p>[MIT</a> - Student Financial Services](<a href=“MIT Student Financial Services”>MIT Student Financial Services)</p>
<p>Would that every college would be as transparent about their FA process …</p>
<p>Average means nothing unless you have the average financial situation for that college. Use the NPC and remember to take it with a grain of salt.</p>
<p>According to USNews MIT ranked 14th for 2010 graduates for National Univeristies with Least Debt at 44% of graduates with debt, and average amount of debt at $15,228. Keep in mind that there are 3 other groupings with National LAC, Regional U and Regional Colleges. And if you didn’t graduate your debt doesn’t get included. This was student debt only, no parent debt. And I would take the fact that 56% of MIT grads graduated debt free as even more important than the amount.<br>
USNews also has a Most Debt list. You should take a look at it for comparison.</p>
<p>Yes, but … if the student loan amount (for four years) is only $15,000, it’s unlikely that there are PLUS or private loans on top of that; since in almost all cases, the student would exhaust the Stafford limits before turning to other loan alternatives.</p>
<p>Not really. Some of the better schools are not including student loans in their pkgs. Yes, a student can go back and ask for them, but many don’t know to do that. The family just gets the “Family Contribution” and thinks their alternatives are Plus, home equity loans, Discover, Sallie Mae, etc…none of those are figured into those stats. </p>
<p>And, some parents won’t increase the student’s loans when they’re covering “their part”. I know it’s silly. They can agree to pay their child’s unsub loans, but they don’t consider that option.</p>
<p>Thank you so much for all of this great info. I now have a lot of sources and a lot to think about. Yikes!!!</p>
<p>Don’t put the carriage before the horse. You might want to make sure your kid can get into MIT first before you worry about the finances. You can compare offers after you’re in. And you won’t be able to know how expensive it is until then. Otherwise you’re just thinking about hypotheticals.</p>
<p>We told our guys that middle income families have got to play poker. You play the hand you are dealt to the best of your ability – but don’t go betting the farm on any one hand (ie, don’t ever fall in love with just one college). Apply, apply, apply. Make sure you get the FAFSA and CSS profile in on time. Then wait until April of high school senior year and see which college loves you enough to impress you with a lovely offer. </p>
<p>THEN fall in love.</p>