MIT Student Financial Services Loans

chase Select Student Loan

A credit-based alternative loan from Chase for undergraduate, 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? 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.


About This Loan

Eligibility requirements
  • US citizen or a permanent resident
  • Enrolled in a 4- or 5-year undergraduate/graduate degree program
  • Must be age of majority at time of application
  • May be enrolled full time, half time or less than half time
  • Co-signer is recommended for possible reduced interest rates.
Maximum annual loan
  • Maximum: The cost of education minus financial aid as certified by MIT
  • Minimum: $500
Aggregate limit
  • Undergraduate Students: $120,000
  • Graduate Students: $180,000
  • Graduate Health Professions: $250,000
Interest rate
  • Without a co-signer, LIBOR +6.30%
  • With a qualified co-signer, range from LIBOR +3.20% to LIBOR +7.50%.
    		•
    Fees
    • None
    Repayment
    • Deferred, Interest Only and Immediate repayment options available
    • Repayment can begin 6 months after graduation or once the student ceases to be enrolled
    • 0.25% interest rate reduction for enrolling to make automatic payments
    • Interest capitalizes once at repayment
    • No prepayment penalty

     

    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
     
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