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.

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.
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
  • 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 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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