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Loans
Graduate students who have pursued available grants, fellowships, and assistantships may also apply for student loans. You may apply for a need-based Federal Direct Student Loan by applying for MIT financial aid. There are also a number of alternative loan programs for graduate students that do not require financial need.
Graduate students who are not US citizens or permanent residents
are not eligible for state or federally guaranteed loans,
nor are they eligible for MIT loans during the first year
of residence. Thus, foreign nationals must be prepared to
meet their expenses for the first year at MIT without recourse
to loans from the Institute and without expectation that in
subsequent years loans may be available.
Special students (individuals who are not admitted to a graduate
degree program) may apply to MIT for loan funds but MIT has
no commitment to provide assistance. A Federal Direct Loan may be
approved when the student is enrolled for 18 or more units
of prerequisite courses leading to enrollment in a graduate
program. Special graduate students are not eligible for MIT
scholarships, fellowships, grants, or loans, or for on campus
employment funded under the Federal Work-Study Program.
No graduate students are allowed to borrow from the MIT Technology Loan Program. Graduate students approved for nonresident doctoral thesis research status are considered enrolled full-time and may apply for federal and private loans based on the eligibility criteria for graduate students.
Student loan recipients are required to attend a loan counseling session with a loan counselor from Student Financial Services (SFS) before loan proceeds can be credited to the student account. Loan counseling is available at the SFS Student Services Center and on WebSIS (login required). Student loan recipients are also required to attend a loan exit interview in the SFS Student Services Center prior to withdrawal or graduation from MIT.
Specific information on eligibility for loan funds is available
at the Student Services Center.
If you have prior student loans from MIT or other schools you attended and you receive notification from your lender that your loan is entering repayment or past due status, contact your lender immediately to arrange for deferment of payment(s). Verification of your enrollment status may be obtained from SFS.
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