7 Steps to a Successful MIT Application

7 Steps to a Successful MIT Application SAT / ACT Prep Online Guides and Tips In 2018, MIT admitted only 6.7% of students who applied to the school. With such a low admissions rate, it may seem like getting accepted is close to impossible, but we’re here to help! In this guide, we’ll explain everything you need to know to complete the MIT application, including when every important MIT application deadline is, what exactly you need to submit with your application, what admissions officers are really looking for when they review your application, and how you can make each part of your MIT application stand out from the pack. Key Info for the MIT Application You should know all the important information about the MIT application well before you plan on applying to make sure you gather all your materials and meet all the deadlines. Where to find the MIT application: You can find the MIT application here. The application opens in August of each year. How to submit the MIT application: When you’ve completed the MIT application, you can submit it by hitting the â€Å"Submit† button at the end of the application. SAT and/or ACT scores, as well as your official transcript, must be sent directly to MIT. When to submit the MIT application:It's very important to know the MIT application deadline. MIT offers both early action and regular action application submissions. Below is a chart of the key deadlines for each option. It’s important to know every deadline since missing just one could mean your application won’t be looked at. Early Action Deadline What's Due November 1 Application parts 1 and 2Two letters of recommendation Secondary school report November testing date Standardized Test Scores February 15 February Updates Notes Form February 15 Financial Aid Materials (optional) Regular Action Deadline What's Due January 1 Application parts 1 and 2Two letters of recommendationSecondary school report December testing date Standardized Test Scores February 15 February Updates Notes Form February 15 Financial Aid Materials (optional) If you’re applying early action, you’ll need to have both parts of the application completed, and your transcript and letters of recommendation sent, by November 1st. You can still take the SAT, ACT, and/or SAT Subject tests in November, however. You’ll receive your admission decision in mid-December. For students applying regular action, you’ll need to have all parts of the application completed/sent by January 1st, and you can take your standardized tests no later than December. You’ll receive your admission decision in mid-March. Should You Apply Early Action or Regular Action? There are two options for applying to MIT, early action and regular action. Is one better than the other?If you apply early action, you do have a slightly better chance of getting accepted. According to MIT’s admission statistics, if you apply early action, you do have a slightly better chance of getting accepted than if you apply regular action. However, MIT specifically states this about its early action cycle: "There is no positive or negative prejudice associated with or conferred by applying during either cycle. We do not have a preference, and there is no strategic benefit to be had. We have two cycles for two reasons: 1) it helps us spread our work out over a longer period, devoting more time to each application and 2) it provides applicants with more options so they can choose which works best for them." Additionally, the majority (about 66%) of students who apply early action end up getting deferred and considered in the regular action applicant pool. So an early decision is by no means guaranteed if you apply early action. Bottom line? Apply early action if you can get all the materials in before the deadline, but don’t stress too much about it if you can’t since it likely won’t impact your chance of getting admitted. How to Apply to MIT There are six main steps you need to follow to submit your MIT application. Below are the steps, numbered in the rough order you should complete them in. Step 1: Create a MyMIT Account and Start Your Application The first step to applying to MIT is simple; you just need to create a MyMIT account.Creating an account only takes a few minutes, and once you do this you’ll be able to complete an application, track the pieces of the application you’ve submitted, join the MIT mailing list, and get your interviewer’s name and contact information. To create an account you’ll have to fill out some basic demographic information such as your birthdate, high school name, and home address. Step 2: Complete Parts 1 and 2 of the Application This is the bulk of the MIT application. Part 1 focuses on biographical information, and Part 2 focuses on your essays, activities, and test scores.Part 1 is the shorter section and should only take you about 30 minutes to complete. You’ll fill out information about whether you're applying early action or regular action, what your parents’ jobs and highest level of education are, if you have siblings and where they attend college (if applicable), and all the high schools you attended, among other information.After you submit Part 1, you’ll pay the $75 MIT application fee. Part 2 is more in depth. You’ll enter information about all the extracurriculars and jobs you’ve participated in, advanced classes you’ve taken, awards you’ve won, and your exam scores (although you’ll still have to send official copies of these scores). You’ll also self-report all the classes you’ve taken and the grades you got in them although, again, you’ll still need to submit your official transcript.This is also the section where you enter the information about the two teachers who are writing evaluations for you (see Step 5 for more info) and submit any supplemental materials (see Step 6 for more info). Finally, you’ll complete the MIT’s personal statements. Unlike many other schools, MIT doesn’t require one long essay; instead, you’ll answer five short prompts. Here are the essay prompts, along with the word count requirement: We know you lead a busy life, full of activities, many of which are required of you. Tell us about something you do for the pleasure of it. (100 words or fewer) Although you may not yet know what you want to major in, which department or program at MIT appeals to you and why? (100 words or fewer) At MIT, we bring people together to better the lives of others. MIT students work to improve their communities in different ways, from tackling the world's biggest challenges to being a good friend. Describe one way in which you have contributed to your community, whether in your family, the classroom, your neighborhood, etc. (200-250 words) Describe the world you come from; for example, your family, clubs, school, community, city, or town. How has that world shaped your dreams and aspirations? (200-250 words) Tell us about the most significant challenge you've faced or something important that didn't go according to plan. How did you manage the situation? (200-250 words) After you’ve finished each of these sections and reviewed them, you can submit them. Part 1 must be submitted before Part 2. Step 3: Submit Your Secondary School Report and Standardized Test Scores You’ll need to send your official high school transcript to MIT.MIT also requires three test scores. You must take either the SAT or ACT (the writing section/essay isn’t required for either exam) as well as two SAT Subject Tests. One subject test must be a math test (either Math Level 1 or Math Level 2), and the second subject test must be a science test (either Biology, Chemistry, or Physics). Step 4: Ask Two Teachers to Fill Out Your Evaluations You’ll need two letters of recommendation for MIT, one from a math/science teacher and one from a humanities/language teacher.On your MyMIT Dashboard, you’ll fill out each of your recommender’s names and email addresses so the form can be sent to them.Your recommendations are due the same day as the rest of your application. Step 5: Set Up and Complete an Interview Interviews are not technically required, but MIT highly recommends them and admits very few applicants who didn’t interview, so you’ll want to do one if it’s at all possible.Once you complete Parts 1 and 2 of the application, you’ll be contacted by an Educational Counselor (EC), who will be the person doing your interview. The EC is an alum of MIT who conducts interviews, and there are over 5,000 of them around the world. You and your EC will set up an interview at a place near you. Most early action interviews take place in November, and most regular action interviews take place in January. The interview typically lasts an hour and often take place in a location such as a coffee shop, restaurant, or library. Some may also take place over Skype. MIT recommends thinking about questions you might be asked before the interview, and here are 14 of the most common college interview questions. Step 6: (Optional) Submit Supplementary Materials You also have the option to submit supplementary materials, this is a completely optional step and is typically done by students with a fine arts portfolio, those with research experience, and/or those who hope to play a varsity sport for MIT. There are six different supplemental materials you can send, and most (all except the varsity sports interest form) come with an additional fee of $5-$10. You can find more information about each of these options on your MyMIT Dashboard. If you choose to complete any of these materials, you’ll submit them separate from the rest of your application. Here are the options for supplementary materials: Maker Portfolio Music Theater Arts Portfolio Research Portfolio Supplemental Recommendations Varsity Sports Interest Varsity Sports Interest Step 7: Submit Your February Updates and Notes Form If you applied Early Action and were accepted or applied Regular Action (you won’t have your admission decision yet), you’ll also need to submit your February Updates and Notes form by February 15th. You’ll be emailed information about this form which will mostly consist of letting MIT know what your fall semester grades were and what classes you’re taking for your spring semester. MIT Application Checklist Below is everything you need to submit with your MIT application. You can use this application checklist to stay organized and make sure you've submitted all the required materials. Parts 1 and 2 of the MIT Application Evaluation A: Letter of recommendation from a math or science teacher Evaluation B: Letter of recommendation from a humanities, social science, or language teacher Scheduled Interview SAT or ACT scores Two SAT Subject Test scores (one from each of MIT’s two categories) February Updates Notes Form (due in February) $75 MIT application fee How to Do Well on Key Sections of the MIT Application How can you have a stellar MIT application? Because MIT is so competitive, your application will need to be strong in all the key areas MIT evaluates. MIT is looking primarily for academic excellence, leadership experience, passion for learning and your future major, and sociability. There are numerous ways you can show you have these qualities on your MIT application. In this section we go over the five most essential parts of your application and explain exactly what you need in order to stand out and show MIT you have what it takes to succeed there. #1: High School Transcript Your high school transcript is often the single most important piece of your application, so you want it to shine. Your goal here is to show admissions officers that you took difficult classes and got top grades in them, particularly the math and science classes. MIT has rigorous classes, and they’re looking for applicants who have already challenged themselves by taking advanced classes in high school. If your school offers honors, AP, and/or IB classes, you should aim to take at least some of these advanced classes, especially those in the field you plan to major in. If your school doesn’t offer these classes MIT also has suggestions for alternative ways to challenge yourself. MIThas no requirements for classes you had to have taken in high school but it recommends the following: One year of physics One year of chemistry One year of biology Math, through calculus Two years of a foreign language Four years of English Two years of history and/or social sciences Remember, this is the minimum MIT recommends; you’ll likely have to go above and beyond in some areas to be a competitive applicant. Most applicants will have taken at least four years each of math and science, including multiple advanced classes. Your GPA is also a crucial part of your MIT application since taking difficult classes but doing poorly in them doesn’t show that you’re prepared for the rigor of MIT. The average weighted GPA of MIT admitted students is about 4.13, which means you should aim to get as many A’s as possible in your classes. #2: Standardized Test Scores MIT doesn’t have a minimum score requirement for the SAT/ACT, but because admission is so competitive, you should aim for a high standardized test score.Your goal should be to reach the 75th percentile score for admitted MIT students. Meeting this score for either the SAT or ACT means you will have scored higher than 75% of other admitted students, which puts you in a strong position during the admissions process. For the SAT, a 75th percentile score is an 800 in Math and a 770 in Evidence-Based Reading and Writing. For the ACT, it’s a composite score of 35.You can get scores lower than this and still get accepted to MIT, but these are solid goal scores to try to aim for. For your two SAT Subject Tests, you should aim for at least a 750 in both exams. It doesn’t matter which science subject test you take (although if there’s one that’s close to your intended major, try to take that one), but you should try to take Math Level 2 for the math requirement if at all possible since a high score on this exam is more impressive than a high score on Math Level 1. #3: Letters of Recommendation You’ll need two letters of recommendation for MIT, and they should both come from teachers who know you well and can write convincingly about your strengths. A strong letter of rec will include specific examples of your academic abilities and personal skills; it will also explain why you’re an excellent applicant for MIT. Speak to the people you’d like to write your letters fairly early, ideally at the end of your junior year or beginning of your senior year.Check out our guide on letters of recfor more information on who to ask to write your letter of recommendation and a step-by-step guide on how to ask. #4: MIT Essays For MIT, you’ll need to write five short essays, each less than 250 words. MIT requires multiple short essays to get a more complete view of who you are, so make sure you show your personality and what you care about. There are three main goals for your MIT essays: Show who you are Show what’s important to you Show why MIT is the best school for you For tips and strategies on how to answer every one of the MIT essay prompts, check out our in-depth guide to answering the MIT essays. #5: Extracurriculars Your extracurriculars are also a key part of your MIT application. The best way to stand out with your extracurriculars is to emphasize your passion and leadership skills. You can do this by pursuing extracurriculars in a field related to your future major, sticking with them, and achieving leadership roles in them.Learn more about the types of extracurriculars you'll need to get into top-tier schools. It’s also important to note that you should choose your extracurriculars based on what you’re interested in and passionate about, not what you think will impress MIT. On their website, MIT specifically counsels against this, as they’d rather have students doing what they love than those spending their time on things they don’t care about just to try and look impressive. Recap: MIT Application Because MIT only accepts less than 7% of applicants, your application needs to stand out if you want a chance of getting in.Before you do anything else, make sure you know that MIT application deadlines. They differ depending on whether you’re applying Early Action or Regular Action. Give yourself enough time to complete all parts of the application, which will include entering in all your grades and classes, completing five MIT essay prompts, and entering in your test scores.Don’t forget to send in additional materials such as your transcript, official test scores, and letters of recommendation. MIT also highly recommends doing an interview. To give yourself the best chance of getting admitted, you want your MIT application to b strong across the board. The five most important parts of your application are your: transcript, standardized test scores, letters of recommendation, essays, and extracurriculars. What's Next? Want to see what an MIT acceptance letter look like? Take a look at an actual MIT acceptance letter and learn tips for getting in. Essays are an important part of the MIT application.Learn how to write stellar MIT essays by checking out our guide to the four tips you need to know when writing MIT essays. Want to know how to make your extracurriculars stand out even more? Check out this guide to four amazing extracurricular activities and learn why they're so impressive to colleges. Want to get into MIT or your personal top choice college? We can help. PrepScholar Admissions is the world's best admissions consulting service. We combine world-class admissions counselors with our data-driven, proprietary admissions strategies. We've overseen thousands of students get into their top choice schools, from state colleges to the Ivy League. Learn more about PrepScholar Admissions to maximize your chance of getting in.

What Is a 529 Plan How Can It Help You

What Is a 529 Plan How Can It Help You SAT / ACT Prep Online Guides and Tips If you want to save in a smart way for college (either for yourself or your child), you’ll want to make the most of your money. One of the best savings plans meant specifically for growing a college fund is called a 529 plan, or a qualified tuition plan. But what is a 529 plan? Like any sort of investment plan, there are several types of 529s, all with their own benefits and drawbacks. In this post, I’ll talk about the basics of 529 plans, why they’re helpful, whether they affect financial aid, and where you can get one. What Is a 529 Plan? According to the IRS, a 529 plan is an investment savings plan with tax incentives (and sometimes other benefits) to make it easier to save for post-secondary education. It’s an account in which you contribute a portion of your income to save for future college expenses. They’re generally run by state governments or education institutions, not banks. A 529 is typically a â€Å"set and forget† sort of savings plan (although you have a few different options that I’ll get to shortly) - you decide to make whatever contributions you’d like and a fund manager makes investment choices for you. Some plans require you to purchase â€Å"packages† to cover future tuition costs, whereas others allow to contribute however much you want, however often you want. One of the things that makes it special is that it can only be used for education expenses in the future, and can be opened by anyone (the saver) for anyone (the beneficiary). The main advantage to having a 529 plan is that earnings (i.e. the money that the plan makes while your money is invested) are not subject to federal tax, and are generally not subject to state tax, when used for educational expenses. Eligible expenses usually include things like tuition, fees, books, room, and board. In sum: You contribute some amount of your post-tax income either on a regular or more flexible schedule. The money you contribute to the plan is invested, and will usually grow (or will be guaranteed to be worth a certain amount in the future). When the plan’s beneficiary wants to use the money for eligible educational expenses, the money can be withdrawn and you don’t have to pay taxes on any money that your plan makes (e.g. capital gains taxes). I’m Still Confused - Why Is a 529 Plan a Good Thing? 529 plans are similar to retirement savings plans in a few different ways. Because people are generally more familiar with the way retirement savings plans work, I’ll use them as an analogy. Just like with 529 plans, there are a few different retirement savings options (e.g. traditional IRA, Roth IRA, 401k), but the bottom line is that they’re all options with tax benefits and incentives to help you save. Depending on what plan you decide to go with, you may have more or less flexibility and/or opportunities for capital gains. As with retirement plans, time is your friend when it comes to 529s - more time means you can contribute more money to the plan, and your money has more time to grow on its own as an investment. You could just stash money away in a savings account, but you’ll probably see less growth due to low interest rates, and you’ll have to pay taxes on any earnings. Just like with any other investment, there is some risk involved in putting your money in some types of 529 plans (I’ll talk more about this shortly). You may not gain as much money as you anticipate, for example. Overall, though, 529 plans are pretty conservative and provide respectable earnings. Once again, time is your friend! This holds true for any investment or savings plan, really - if you give your money more time to earn, you’ll generally be happier with the outcome. Types of 529 Plans There are two main types of 529 plans: prepaid tuition plans and college savings plans. I’ll talk about both of these plans here. Prepaid Plans Prepaid plans are primarily sponsored by states. Investments are â€Å"guaranteed,† which means that your money is certain to be worth a certain amount in terms of tuition (and sometimes room and board) dollars when the beneficiary heads off to college. Ultimately, these plans â€Å"lock in† a certain rate of tuition. Savers purchase â€Å"units† or â€Å"credits† at participating schools (usually public, in-state schools) for future education expenses for a beneficiary. You usually have the option to choose from several available packages that lump units together (e.g. one year of tuition, two years of tuition, tuition plus housing, etc). It’s typical to have the option to pay with a lump sum or with monthly installments. The older the beneficiary is when you start purchasing credits, the more expensive these units become. These plans often have residency requirements, which means you have to live in the state that sponsors that particular plan. You should be able to transfer the value to private and out-of-state schools, but you may not get the full value of your plan (this varies widely by state). Ultimately, prepaid plans are fairly â€Å"safe† because of the guaranteed nature of the investment (although some argue that the deal isn’t as great as it’s made out to be). They are fairly inflexible, however - if the beneficiary chooses to attend a private or out-of-state school, you probably won’t be able to transfer the full value of the plan. Here’s an example of a prepaid plan in action: Let’s say you’re interested in the Florida state 529 prepaid plan for your newborn. There are different packages available, but you choose to buy the four-Year Florida University tuition package. This would cost you $28,888.39 in 2016. In 18 years when your newborn heads off to college, the money you spent in 2016 would cover all tuition expenses at an FL state university, no matter how high the costs are in 2038. College Savings Plans College savings plans are a bit easier to understand than prepaid plans. Simply, a college saver opens an account for a beneficiary (the student) to pay for the student’s eligible college expenses (room, board, tuition, fees). Tax-advantaged college savings plans are usually run by states themselves - some banks offer these plans, but they won’t come with the same advantages that you can get through your state plan. There are often many investment options to choose from, so the saver can freely customize his/her investment. Withdrawals from this type of plan can usually be used at any college or university, which offers a lot more flexibility for the beneficiary when it’s time to head off to college. Your rate of return on your investments will depend on your specific choice of plan, but some college savings plans may earn as much as 3 to 3.5%. The downside to college savings plans is that unlike prepaid plans, your investment is not guaranteed - they’re subject to market fluctuations, just like any other investment. The upside to these plans is the degree of flexibility they offer, both in the beneficiary’s choice of college and the amount the saver chooses to contribute. College savings plans are sort of like this gymnast - they’re flexible but also not afraid of a little risk. Here’s an example of a college savings plan in action: Let’s say you’re interested in a college savings plan for your 8-year-old. You’re not sure where he’ll want to go to school, so you prefer a college savings plan to a prepaid plan because it’s the more flexible option. Your son will be ready to head off to school in 10 years, so you start contributing $5,000 annually to the 529 plan of your choice. Your money is invested in a mutual fund, so you know a certain rate of return is not guaranteed. Your investment does well, however, and you see an annual rate of return at 3.5%. After 10 years you will have contributed $50,000 to the plan, but your ending balance will be $60,710 - you won’t have to pay any taxes on these gains. If you’d put away the same amount into a savings account with an interest rate of 3.5% over 10 years, your ending balance would come to $57,818 (assuming an annual tax rate of 25% on capital gains). Overview: The Main Differences Between Prepaid and College Savings Plans Prepaid Tuition Plan College Savings Plan Tuition Price Lock Locks in tuition prices at certain schools No lock on tuition costs Eligible Education-Related Expenses Generally just for tuition and mandatory fees For all college-related expenses, including tuition, room, board, fees, books, computer Investment Guarantee State plans are guaranteed or backed by the state No state guarantee; your investment is subject to risk just like any other investment (money could fail to grow, or you could even lose money) Age Limits Most plans have an age limit for the beneficiary (student) No age limits; open to adults and children Residency Requirements Most state plans require either the owner (saver) or beneficiary (student) to be a resident of that state No residency requirement, but there may be some limitations in how you can purchase the plan Enrollment Periods Most plans have limited enrollment periods (periods when you can start participating in the plans) Open enrollment; you can start participating whenever you’d like Should You Get a Prepaid or a College Savings Plan? Your choice of 529 plan will depend on a few different factors. First, how much flexibility in school choice are you looking for? Prepaid plans are less flexible, and as such are best for in-state public schools. You should be able to transfer credit from a prepaid plan to out-of-state and/or private schools, but you probably won’t get the full value of the plan. The actual amount that you’d be able to transfer depends on the individual plan. Bottom line: If flexibility is a priority, college savings plans may be the better option. If you’re confident that your child will attend an in-state public school, prepaid plans may be the best fit. Second, what’s your preferred level of risk? Prepaid plans are generally sponsored by the state - the investments, credits, units or whatever you purchase tend to be guaranteed by the state with these plans. College savings plans, on the other hand, don’t generally guarantee returns (unless, of course, they’re sponsored by the state). If the market performs very well your money could do better than you expected in a college savings plan, although the opposite is also true. Bottom line: If you’re particularly risk-averse, you may prefer a prepaid plan. If you value flexibility over the relative safety of a conservative investment, you might be happiest with a college savings plan. Will a 529 Plan Decrease Financial Aid Eligibility? You might worry that having an investment account earmarked for college expenses might decrease student aid eligibility. In reality, a 529 savings plan has little effect on how much money a student will receive in financial aid. 529 plans are considered parental assets. As such, they’re factored into federal financial aid formulas at a max rate of 5.6% - that means that 5.6% of your 529 savings are included in the â€Å"expected family contribution,† the figure that’s so important in the calculation of financial aid. Ultimately, family income is considered a much more important factor when it comes to determining aid eligibility. Learn more about calculating your financial aid eligibility. Where Can You Get a 529 Plan? Each state has its own sponsored 529 plans, but enrollment is sometimes limited based on the type of plan and your own (and/or the student’s) state of residency. You may be able to enroll directly in the plan, but in other cases you’ll have to enroll via a financial broker. To get information on state-specific plans, Google â€Å"[state] 529 plans.† Any page that talks about a state-sponsored plan will have more information about plan details and how to enroll. There are a lot of ads that come up with 529 plan searches, but the first non-ad result is your best bet, like in this example. Summary Hopefully you have a better idea of what 529 plans are and how they can be useful. There are a lot of different options depending on your savings goals, state of residency, and flexibility needs. I encourage you to look at your own state 529 options to see if particular plans appeal to you. If it’s an option, I also encourage you to talk to an expert or trusted financial advisor for advice and guidance! What’s Next? If you’re thinking about saving for college (for either yourself or a beneficiary), pat yourself on the back for being so proactive and forward-thinking. Something else you can do to prepare for the future is learn more about college expenses and how to minimize them. First, check out our complete guide to college costs - this outlines all the obvious and hidden expenses associated with going to college. If you’re surprised by how expensive college really is, you may want to read up on why college costs so much. Don’t get discouraged by these sticker prices, though! To figure out how to tackle these costs, check out our complete guide on how to pay for college (it may not be as daunting as you think). Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now: