The Sandbox Innovation Fund Program is designed to help students get their new ventures off the ground with equity free grants. Check this page to learn whether you or your project are eligible, what the funds can be used for and so forth.
http://sandbox.mit.edu/prospective-students/
New applicants may want to check out the list of questions you need to answer in the application process. Note that additional questions regarding business model, team and traction are required for applications for grants above $5k.
https://sandbox.mit.edu/prospective-students#eligibility
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