MIT Student Financial Services Loans

MEFA graduate loan

A credit-based alternative loan for graduate and professional students.

How to Apply

Applying for the first time? Complete step 1 before the start of the academic year to receive credit on your fall semester bill. Applications are accepted throughout the academic year.

Reapplying? Wait for the pre-printed promissory note MEFA sends to you in mid-May each year and follow the instructions to renew your loan.

  • Step 1 – Apply online at MEFA or call MEFA at 800-449-MEFA to apply by phone, fax or mail.


About This Loan

Eligibility requirements
  • US Citizen or US Permanent Resident
  • Be enrolled at least half-time in a graduate or professional degree-granting program
  • Maintain satisfactory academic progress
  • Demonstrate a willingness to pay credit obligations in a timely fashion
  • Co-applicant can be any creditworthy person such as a parent, spouse, relative or close family friend
Maximum annual loan
  • Up to the total price minus other financial aid  with a minimum annual loan of $2,000
Aggregate limit
  • None
Interest rate
  • 2008-2009 fixed rate option is 8.89% (APR*9.08% - 10.01%)
Fees
  • An origination fee is added to the loan amount at disbursement
  • 4.00% origination fee for loans with a co-applicant, 7.00% origination fee for loans without a co-applicant
Repayment
  • Payments deferred while student enrolled at least half-time in current program
  • Deferment may extend up to 5 years
  • Repayment begins 6 months after graduating or enrolling less than half-time
  • Interest accrues after first disbursement and during deferment and capitalizes once at repayment
Important Sites

Loan entrance counseling
Online counseling via WebSIS (Kerberos ID and MIT Certificate needed) is required for all first-time borrowers of Federal Direct Loans, Federal Perkins Loans and MIT Technology Loan.

Campus Partners
Campus Partners handles billing and payment for Federal Perkins Loans and MIT Technology Loans.

Direct Loan Servicing Ctr.
The DLSC handles billing and payment for Federal Direct Loans and Graduate PLUS Loans.

Loan payment calculator
Estimate your loan payments.

Loan exit counseling
If you borrowed Federal Direct Stafford Loans and/or Perkins loans, you are required by federal law and MIT policy to make an appointment for an exit interview with your loan counselor before graduation. Click here for contact information. Required reading: the SFS loan exit counseling guide.
Compare loans

These two printable charts can help you compare loans available to undergraduates and their families, and loans available to graduate students.

View Undergraduate loans

View Graduate loans
 
null