MIT Student Financial Services Loans

Federal Perkins Loan – GRADUATE and professional STUDENTS

A federal low-interest student loan awarded on the basis of financial need to U.S. undergraduate, graduate and professional students.

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.

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.

  • Step 1 – Complete MIT’s financial aid application process. For US Citizens, please complete the FAFSA and the Graduate Loan Application.
  • Step 2 – After you receive your financial aid award, sign a Federal Perkins Loan Master Promissory Note. You may do this online only after receiving a confirmation e-mail from Campus Partners, or you may sign the note in person in the Student Services Center in Room 11-120. Federal Perkins Loan Notes are generated on a weekly basis and are usually available the Friday after the award e-mail is sent to you.
  • 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 in a degree or certificate program
  • Not in default on prior education loan
  • Making satisfactory academic progress
Maximum annual loan
  • $8,000
Aggregate limit
  • $60,000, including undergraduate Federal Perkins Loans
Interest rate
  • 5% fixed
  • No interest until repayment begins
  • None
  • Begins 9 months after graduation or withdrawal
  • Minimum monthly payment is $40
  • Up to 10 years to repay
  • Repayment may be deferred while you are in graduate or professional school
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 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. 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