You’ve filled out all the financial aid forms and gotten a financial aid award package from MIT, and you know what your expected family contribution is going to be. What’s the best way to pay your EFC?
How much should your family borrow and how much should they pay out of pocket? There are two main sources of funds:
Your family may be able to contribute toward your share from money already on hand. This can take many forms, including:
You or your parents can take out private loans, which are education loans that have no requirements based on financial need. We also have charts with side-by-side comparisons of various education loans for undergraduates and graduate students.
If your family opts for the MIT Monthly Payment Plan, they’ll have to decide how much to borrow and how much to pay each month out of pocket. To help you find a balance that makes long-term financial sense, try the payment options calculator, which shows your monthly total payment based on a different combinations of borrowing (using the Federal PLUS Loan as an example) and paying during the academic year with the MIT Monthly Payment Plan.
Graduate and professional students typically get their funding from one or more of these sources:
To qualify for need-based education loans, you must apply for financial aid from MIT.
For more information about RA and TA appointments and fellowships, consult the Office of the Dean for Graduate Students.
Fausto is one of thousands of students who are paying much less than MIT's "sticker price" - because we meet every student's full financial need.
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