Ericrusso: BS to PhD typically takes on average 5-6 years, and MIT funds all of their graduate students at a standard rate (PhD-seeking ones, at least. Not sure about MS only students). In fact, most PhD programs (in engineering, at least) will fund their students (cover their tuition and pay a stipend) so no financial aid is needed nor required. Sometimes the acceptance letter will also include an offer for special funding such as scholarships and fellowships, so you should find out your funding situation when you get your acceptance letter.