MIT Student Financial Services Loans

Federal Direct Stafford Unsubsidized Loan –
undergraduates

A federal low-interest student loan available to undergraduates, graduate and professional students who do not qualify for a maximum Federal Direct Stafford Subsidized Loan.

How to Apply

Applying for the first time? Complete steps 1-4 before the start of the academic year to receive credit on your fall semester bill. Applications are accepted throughout the academic year.

Reapplying? Complete steps 1-2 before the start of the academic year to receive credit on your fall semester bill. Applications are accepted throughout the academic year.

  • Step 1 – Complete MIT’s financial aid application process.  The deadline is February 1 for freshmen and April 15 for other undergraduates.
  • Step 2 – After you receive your financial aid award, submit the Outside Award and Self-Help Form to choose your loan amount. The deadline is June 1.
  • Step 3 – Sign an online Federal Direct Loan master promissory note (have your FAFSA PIN available) if you have not already signed a master promissory note for a federal direct unsubsidized loan.
  • Step 4 –Complete online loan entrance counseling on WebSIS.

 

About This Loan

Eligibility requirements
  • U.S. citizen or permanent resident
  • File a FAFSA to prove financial need according to the federal guidelines for any subsidized loan amount
  • Enrolled at least half-time
  • Not in default on prior education loan
  • Making satisfactory academic progress
Maximum annual loan
  • Annual loan limits include amounts borrowed under a Federal Direct Stafford Subsidized Loan
  • Freshmen:  $3,500*
  • Sophomores:  $4,500*
  • Juniors and seniors:  $5,500*
* Undergraduates who are financially dependent on their parents may borrow an additional $2,000. Undergraduates who are independent under federal guidelines or whose parents are ineligible for a Federal Direct PLUS Loan may borrow an additional amounts: $6,000 (freshmen and sophomores) or $7,000 (juniors and seniors).
Aggregate limit
  • Undergraduates dependent on parents: $31,000 (of which no more than $23,000 may be subsidized)
  • Independent undergraduates: $57,500 (of which no more than $23,000 may be subsidized)
Interest rate
  • 6.8% fixed as of July 1, 2008
  • Interest that accumulates before repayment begins can be paid as it is charged, or capitalized at repayment
Fees
  • Net fee of 0.5% deducted from amount borrowed
Repayment
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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