How should I compare the affordability of MIT and UT Austin?

The biggest practical tradeoff is that UT Austin can be dramatically less expensive for a Texas resident paying in-state rates, while MIT can become the lower-cost option when its need-based grant is substantially larger than UT’s aid package. MIT’s aid is primarily need-based and is designed to meet demonstrated financial need; UT Austin’s price changes much more sharply based on Texas residency and any scholarship or tuition waiver you receive.

Start with each school’s official financial-aid offer, not the published tuition figure or an online estimate. For each offer, calculate the annual net cost: tuition and required fees, housing and meals, books and supplies, health insurance if applicable, travel, and personal expenses, minus grants and scholarships only. Keep loans and work-study separate, since they are ways to finance costs rather than reductions in cost.

At MIT, pay close attention to the family contribution listed in your package and whether grants cover the full gap between that contribution and the school’s cost of attendance. MIT does not rely on merit scholarships, so an unexpectedly high net price is less likely to be offset by a separate academic award.

At UT Austin, first confirm whether you are classified as an in-state or out-of-state student. Texas residency can make the baseline cost far lower.

Compare the four-year total, not just first-year cost. Include likely tuition increases, annual travel from home, and any parent or student borrowing required. The more affordable choice is MIT if its grant-based net price is lower or comparable without requiring substantial borrowing; it is UT Austin if in-state pricing and renewable scholarships leave your family with a clearly lower four-year bill.