For the fall and spring terms, MIT tuition is about $42,000. Room and board averages about $12,000 per academic year, though those costs vary depending on a student’s living situation. Books run about $1,000. MIT admits students without regard to their familys’ circumstances and awards financial aid to students solely on the basis of need. The school is very clear that its sticker price not scare away applicants; approximately 90 percent of undergrads receive some form of aid. They also try to limit the amount of aid provided in loan form, aiming to meet the first $6,000 of need with loans or on-campus work, and covering the remainder of a student’s demonstrated need with a scholarship.