Financial Information

Financial Information

The Department of Brain and Cognitive Sciences will support all graduate students in good standing for their entire time of study at MIT, regardless of citizenship.

Funding packages provide a twelve-month stipend, tuition, and individual health insurance. To waive MIT’s health insurance coverage, complete the waiver form

 

Current Student Funding Information

Taxation

Fellowship income is taxable, but MIT does not withhold taxes from the fellowships of US citizens or permanent residents, although it does so for foreign nationals. If you are an international student and believe there is a tax treaty between the US and your country, contact Marsha Dailey at 617-253-2799.

It may be advisable to visit the IRS website for information on taxes. The general URL is http://www.irs.ustreas.gov/, the URL for publications is http://www.irs.ustreas.gov/formspubs/index.html, and information for individuals is at http://www.irs.gov/individuals/index.html.

The required W4 form is available online at http://web.mit.edu/sapwebss/PS1/money_home.shtml. Click on Tax Withholding on the left.

Information from the Payroll Office:

  • The social security number is not a required field in order to pay an individual. There will be no delay in paying students while they apply for a social security number.
  • Students should complete the W-4 and M-4 tax forms so they are taxed per their wishes. If they do not submit tax forms or sign up through SAPWebSelf Service, they will default to “Single 0” at a higher tax rate.
  • Students should call the Payroll Service Center (617-253-4255) as soon as they have received their social security number.

Banking

MIT requires direct deposit for your stipend. To activate direct deposit, complete the necessary online form at http://web.mit.edu/sapwebss/PS1/money_home.shtml. You’ll need to know the routing number of your bank and the relevant account number, which you can find at the bottom left of your checks. Direct deposit may preclude certain fees at some banks.

The only occasion on which a stipend would not be directly deposited is if for some reason the disbursement through MITSIS is later than the payroll accounting cutoff date, generally around the 20th of each month. There are times when funding is not processed before that deadline, and a special check must be prepared by payroll, in which case it will not be directly deposited but must be picked up.

You may join the MIT Federal Credit Union. For information you may visit their website at https://www.mitfcu.org any time or their offices in NE48 (in Tech Square) between 8.30am and 4pm M-F.

Helpful Links:

Student Finance Information (ODGE)
I-9 Obligations
Student Financial Services
SAPweb (Direct Deposit, W-4 And M-4 Forms) 
Tax Information for students 
International Students  (glacier tax prep)
MIT Federal Credit Union