The MIT First Year Grant is open to first-year students only. The university provides low-income first-year students with a grant to help with the extra expenses that come with the transition to college, such as sheets and towels for their room or a warm coat to make it through a Boston winter. The First Year Grant of $2,000 is divided equally between the fall and spring semesters and will be credited to the student account along with other financial aid once they are registered for the semester.