MIT Student Financial Services Loans

Federal Direct PLUS Loan for Graduate and Professional students

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

How to Apply

Applying for the first time? Complete steps 1-3 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 1-2 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 through the academic year.

Deadlines. The date for priority consideration is the April 1st which precedes your enrollment date. MIT will continue to accept applications throughout the academic year.

Students planning to finish their program in the summer term need to have completed and submitted their financial aid application by August 1st. Students who plan to graduate in February must have submitted a complete financial aid application by December 1st. Students planning to be here in the spring term must have completed their financial aid application by May 1st. If you miss the deadline, your loan eligibility will be limited to non-Federal loans.

  • Step 1 –Complete MIT’s financial aid application process. For US Citizens, please complete the FAFSA and the Graduate Loan Application. so we can determine your eligibility for federal loans with better terms and conditions than the Graduate Federal Direct PLUS Loan.
  • Step 2 –To obtain a Graduate Federal Direct PLUS Loan please complete an application on-line by signing in under the “Manage My Direct Loan” with your FAFSA Pin at StudentLoans.gov. This information will then be sent to MIT electronically within 48 hours.
  • Step 3 –Complete a Graduate PLUS master promissory note and mandatory loan entrance counseling on line at StudentLoans.gov.

About This Loan

Eligibility requirements
  • U.S. citizen or permanent resident
  • Must be enrolled at least half-time
  • Must pass a standard credit check
  • May not be in default on a prior education loan
Maximum annual loan
Aggregate limit
  • None
Interest rate
Fees
  • Loans with a first disbursement date on or after July 1 and before December 1 have an Origination fee of 4.204%
  • Loans with a first disbursement date on or after December 1 have an Origination fee of 4.288%
Repayment
  • Begins 60 days after the loan’s second disbursement unless eligible for deferment
  • Generally 10 to 30 years to repay, depending on plan
  • Three repayment plans including standard, extended and graduated
  • In order to defer your payments, you must complete a deferment form, complete your section of the form, and (if appropriate) bring it in to the Student Services Center, 11-120, to have the school section completed. Please note that deferments under the Federal Direct PLUS Loan defers your payment but not the accrual of interest.
Important Sites

Loan exit counseling
If you borrowed a Federal Direct Stafford Loan, Federal Perkins Loan or Federal Direct Graduate PLUS Loan, you are required by federal law and MIT policy complete an exit interview online before graduation. If you borrowed an MIT Technology Loan, contact your loan counselor to schedule an exit interview. Required reading: the SFS loan exit counseling guide.

Loan entrance counseling
For Federal Direct Loans visit StudentLoans.gov to complete loan entrance counseling and sign a master promissory note. For Federal Perkins Loans visit iPROMise to complete loan counseling and sign a master promissory note.

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

StudentLoans.gov
StudentLoans.gov handles billing and payment for Federal Direct Loans and Graduate PLUS Loans.

Loan payment calculator

Estimate your loan payments.

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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