MIT Student Financial Services Loans

Federal Direct Stafford Unsubsidized Loan –
SLOAN SCHOOL GRADUATE STUDENTS

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 1-3 before the academic year begins to receive credit on your fall semester bill. Applications are accepted throughout the academic year.

Reapplying? Complete step 1 before the academic year begins 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 April 1.
  • Step 2 – After you receive your financial aid award, 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 3 – 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 a prior education loan
  • Making satisfactory academic progress
Maximum annual loan
Aggregate limit
  • Graduate and professional students:  $138,500 including undergraduate Federal Direct Subsidized and Unsubsidized Loans
Interest rate
  • 6.8% fixed
  • Interest that accumulates before repayment begins can be paid as it is charged, or capitalized
Fees
  • Net fee of 0.5% deducted from amount borrowed for loans disbursed after July 1, 2008
Repayment
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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