Massachusetts Institute of Technology, based in Cambridge, Massachusetts offers a fully funded PhD in Economics. The doctoral program enrolls about twenty students each year. Doctoral students take required courses in microeconomic theory, macroeconomics, and econometrics. Scholarship offers include full tuition for the academic year, health insurance, and a stipend/salary to cover living expenses for the nine-month academic year. Continuation of financial aid for years two through five is dependent on satisfactory academic progress. In the third through fifth year, financial aid typically takes the form of a Teaching or Research Assistantship. The 9-month stipend for teaching assistantships is about $35,000.