Finalizing graduate student aid awards

You must complete these steps to finalize your financial aid award so we can disburse the financial aid to your student account at the same time as we bill you for tuition, fees, and other Institute charges.

1. Student Loans

Federal Loan eligibility is forfeited if you apply after the end of the loan period.  We are not allowed to award federal loans if the loan period has passed.  Please allow at least two weeks for processing.  

Students planning to finish in summer need to have completed and submitted their aid applications by August 1st .  For students planning to graduate in February the applications must be received by December 1st.  For students planning to be here in the spring the last chance date is May 1st.  Otherwise your loan eligibility will be limited to non-Federal loans.

If you are borrowing, there may be additional steps to follow depending on a few factors.

• If this is the first time you are borrowing as an MIT student, you will need to complete online loan entrance counseling.
• You will also need to sign a promissory note. If the loan program has a master promissory note, you only sign once as an MIT student; otherwise, you sign each time you borrow from that program.
• You are also required to complete a Credit Balance Authorization Form. This form is used to authorize MIT to apply Title IV funds for charges beyond federally allowable expenses, as well as allowing MIT to hold credits from all sources on the student account to pay for any future or miscellaneous charges unless a refund is requested. You may opt out on this form as well.

For further information, see the instructions for the loan program(s) from which you are borrowing.

There are two formulas used to determine the amount that the student is eligible to borrow and the terms under which the student may borrow. The first formula is the one that determines your eligibility for need-based loans. It is:

The EFC was displayed on your Student Aid Report that was sent to you once the Free Application for Federal Student Aid (FAFSA) was processed. For students who are or will be enrolled for a single term or for the summer and fall only, only the EFC is prorated.

The second formula is used for all other loan programs which are not based on need, including private or private loans, and applies to all students:

	Cost of Education or Student Budget
-	Other Aid Received -----------------------------------------------
=	Total Loan Eligibility

If you receive additional funding from any source during or after your enrollment period, we may be required to reduce the loans you have already received. This is because your eligibility for the loans has changed. If the loans have already disbursed, your student account will be debited for the returned loan funds.

2. Student Employment

Deadline: When you first arrive on campus

If you plan to get a job on campus, there are four steps you must take:

• Complete the federal I-9 form. It’s quick and only needs to be done once while you’re at MIT. Stop by SFS in Room 11-320 and make sure you bring an original passport, an original Social Security card, or a certified copy of your birth certificate with a raised seal and picture ID.
• If you have not yet reported your Social Security number to MIT, please do so by using WebSIS. If you do not have a Social Security number, you’ll have to get one if you plan to work at MIT. More information on how to obtain a Social Security number is available on the Social Security Administration web site.
• Set yourself up with direct deposit so if you work at MIT, you can be paid electronically. The direct deposit authorization form (the same form for all MIT employees) is available online.
• Check the SFS job listings for other employment opportunities.