MIT Student Financial Services Loans

Discover Student Loan

A credit-based alternative loan from Discover 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 (also applies to cosigner)
  • Enrolled in a 4- or 5-year undergraduate/graduate degree program
  • Degree-seeking
  • Enrolled at least half-time to received in-school deferment
  • Making satisfactory academic progress (SAP), as defined per school
  • In good standing (i.e., pass a credit check), also applies to cosigner, if applicable
  • Co-signer is recommended for possible reduced interest rates.
Discover Student Loans offers the Certified Private Loan to students who are US citizens or permanent residents. If a student's application requires a cosigner, then the cosigner must also be a US citizen or permanent resident. There are no separate approval rates for international students.
Maximum annual loan
  • Maximum: The cost of education minus financial aid as certified by MIT
  • Minimum: $1,000
Aggregate limit
  • The aggregate limit for a borrower is $200,000. Should a borrower require funds that exceed this aggregate limit, exceptions can be made with approval by an appropriate bank officer.
Interest rate
  • The interest rate is equal to the Prime Index plus Margin, capped at 18%.
  • The Margin ranges from Prime +1.00% to +7.75% based on credit evaluation and is set at the time of loan origination.
  • For the first quarter of 2009, the Prime Index is 3.25%.
    • Fees
    • None
    Repayment
    • Upon enrollment less than half-time, the grace period is 6 months. At the conclusion of the grace period, the repayment phase begins and is scheduled for 15 years for undergraduate loans and 20 years for graduate loans.
    • 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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