MIT Student Financial Services Loans

Federal Direct PLUS Loan –
graduate students

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 1-3 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.

  • Step 1 –Complete MIT's financial aid application process so we can determine your eligibility for federal loans with better terms and conditions than the Federal Direct PLUS Loan.
  • Step 2 –Download the MIT Federal Direct PLUS Loan application, complete it, and mail or fax it to Student Financial Services.
  • Step 3 –Complete and sign an online Master Promissory Note.  Make sure you enter your information in both the parent and students sections as the name, SSN and date of birth in both sections must be the same.


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
  • 7.9% fixed as of July 1, 2008
  • Interest begins accumulating after the loan’s first disbursement unless eligible for deferment
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 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
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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