MIT Student Financial Services Loans

MIT Technology Loan

A low-interest undergraduate student loan awarded by MIT on the basis of financial need. Often referred to as a Tech Loan.

How to Apply

Applying for the first time? Complete steps 1-5 before the start of the academic year to receive credit on your fall semester bill. Applications are accepted throughout the academic year.

Reapplying? Complete steps 1-2 before the start of the academic year to receive credit on your fall semester bill. Applications are accepted throughout the academic year.

  • Step 1 – Complete MIT’s financial aid application process. The deadline is February 1 for freshmen and April 15 for other undergraduates.
  • Step 2 – After you receive your financial aid award, complete the Self-Help and Outside Award Form to choose your loan amount. The deadline is June 1.
  • Step 3 – Obtain a completed application from your co-signer.
  • Step 4 – Sign an MIT Technology Loan promissory note and disclosure statement. This must be done in person in the Student Services Center (Room 11-120).
  • Step 5 – Complete online loan entrance counseling on WebSIS.


About This Loan

Eligibility requirements
  • Undergraduates only
  • Requires a creditworthy co-signer
  • No citizenship restriction; borrower can be U.S. or an international citizen
  • Enrolled at least half-time in a degree or certificate program
  • Not in default on prior education loan
  • Making satisfactory academic progress
Maximum annual loan
  • $5,500
Aggregate limit
  • $22,000
Interest rate
  • 7.0 % fixed as of July 1, 2006
  • No interest until repayment begins
Fees
  • None
Repayment
  • May be deferred while in graduate or professional school
  • Begins 9 months after graduation or withdrawal
  • Minimum monthly payment: $50
  • Maximum repayment period: 10 years
Important Sites

Loan entrance counseling
Online counseling via WebSIS 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
 
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