MIT Student Financial Services Loans

Federal Direct PLUS Loan –
parents of Dependent undergraduates

A federal low-interest loan for U.S. graduate and professional students or U.S. parents of U.S. undergraduates.

How to Apply

Applying for the first time? Complete steps 1-2 by July 1 to receive an anticipated financial aid credit on the fall bill or by December 1 for the spring bill. Applications are accepted throughout the academic year.

Reapplying? Complete step 1 by July 1 to receive an anticipated financial aid credit on the fall bill or by December 1 for the spring bill. Applications are accepted through the academic year.


About This Loan

Eligibility requirements
  • Both parent and student must be U.S. citizens or permanent residents
  • The dependent student must be enrolled at least half-time
  • Borrower must pass a standard credit check
  • Parent and student may not be in default on a prior education loan
Maximum annual loan
Aggregate limit
  • None
Interest rate
  • 7.9% fixed as of July 1, 2008
  • Interest begins accumulating after the loan’s first disbursement
Fees
  • 4% loan fee, minus an up-front interest rebate of 1.5%, for a net fee of 2.5% deducted from amount borrowed
Repayment
  • Begins 60 days after loan is fully disbursed, or (if agreed to by the parent borrower), the day after the student's six-month grace period ends
  • Generally 10 to 30 years to repay, depending on plan
  • Three repayment plans including standard, extended and graduated.
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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