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 1-3 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 15 for freshmen and April 15 for other undergraduates.
  • Step 2 – Once you receive your financial aid award letter, review your self-help award, which is your employment and loan eligibility.  Think about how much you would like to borrow, especially if you are trying to maximize the amount of money that can be applied to your student account. Questions about your eligibility or borrowing in general should be directed to getaloan@mit.edu.
  • Step 3 – Use our undergraduate loan request form to state the types and amounts of loans you would like to borrow.
  • Step 4 – When the actual loan fund(s) are assigned, follow the instructions given to complete the online loan entrance counseling and sign the promissory note(s).

After you complete all requirements, your loan(s) will be disbursed directly to your student account. If you are not eligible for a federal loan, or have exhausted your federal eligibility, you may want to consider a private loan. Please visit http://web.mit.edu/sfs/loans/private_loans.html to research available private loans and the factors to consider when making your choice.

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:  $5,500
  • Sophomores:  $6,500
  • Juniors and seniors:  $7,500

Undergraduates who are independent under federal guidelines or whose parents are ineligible for a Federal Direct PLUS Loan may borrow an additional amounts: $4,000 (freshmen and sophomores) or $5,000 (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
Fees
  • Loans first disbursed on or after December 1, 2013 and before October 1, 2014 will have an Origination fee of 1.072%

    Loans first disbursed on or after October 1, 2014 and before October 1, 2015 will have an Origination fee of 1.073%

Repayment
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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