MIT Student Financial Services Loans
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Education loans for graduate students
and their families

2008-2009 Academic Year

The loans below (listed in alphabetical order) are those most commonly used by MIT students and are only a sampling of the many student loans available. MIT will certify your loan eligibility for any lender you choose within our standard processing time, but we do not recommend or favor any private loan programs, so it’s up to borrowers to do their own research and decide which loan(s) are best for them. Every year we review the alternative loans that are most frequently used and we will update this list if there is a change.

Federal Direct Stafford Subsidized Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Graduate or professional student
  • U.S. citizen or permanent resident demonstrating financial need according to federal guidelines
  • Enrolled at least half-time in a degree or certificate program
  • Not in default on a prior education loan
  • Making satisfactory academic progress
  • $8,500
  • Minimum annual loan of $200
  • Aggregate limit includes all  subsidized Direct or FFEL Stafford loans not yet repaid
  • $65,500
  • No interest until repayment begins
  • 6.8% fixed
  • 2% loan fee minus an up-front interest rebate of 1.5% for a net fee of 0.5% for loans disbursed after July 1, 2008
  • Loan fee deducted from amount borrowed
  • Begins 6 months after graduation, withdrawal or less than half-time enrollment
  • Generally 10 to 30 years to repay, depending on plan selected
  • Four repayment plans including standard, extended, graduated and income-contingent
  • May be deferred for graduate or professional school
  • No prepayment penalty
Federal Direct Stafford Unsubsidized Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Graduate or professional student
  • U.S. citizen or permanent resident
  • Enrolled at least half-time in a degree or certificate program
  • Not in default on a prior education loan
  • Making satisfactory academic progress
  • Annual loan limit is a combined limit for subsidized and unsubsidized Direct Stafford or FFEL Stafford loans
  • $20,500 (of which no more than $8,500 may be subsidized)
  • Minimum annual loan of $200
  • Aggregate limit includes all  subsidized or unsubsidized Direct or FFEL Stafford loans not yet repaid
  • $138,500 (of which no more than $65,500 may be subsidized)
  • No interest subsidy
  • Deferred interest may be prepaid at any time or capitalized once in repayment
  • 6.8% fixed
  • 2% loan fee minus an up-front interest rebate of 1.5% for a net fee of 0.5% for loans disbursed after July 1, 2008
  • Loan fee deducted from amount borrowed
  • Begins 6 months after graduation, withdrawal or less than half-time enrollment
  • Generally 10 to 30 years to repay, depending on  plan selected
  • Four repayment plans including standard, extended, graduated and income-contingent
  • May be deferred for graduate or professional school
  • No prepayment penalty
Federal Perkins Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Graduate or professional student
  • U.S. citizen or permanent resident demonstrating exceptional financial need according to federal guidelines
  • Enrolled in a degree or certificate program (may be enrolled less than half-time but will go into repayment after the 9-month grace period)
  • Not in default on a prior education loan
  • Making satisfactory academic progress
  • $8,000
  • $60,000, including undergraduate Federal Perkins Loans
  • No interest until repayment begins
  • 5% fixed
  • No fees
  • Begins 9 months after graduation, withdrawal or enrollment less than half-time
  • Up to 10 years to repay
  • Minimum monthly payment is $40
  • May be deferred for graduate or professional school
  • No prepayment penalty
Federal Direct PLUS Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Graduate or professional student
  • U.S. citizen or permanent resident
  • Pass a standard credit check performed by the U.S. Department of Education
  • Enrolled at least half-time
  • Not in default on a prior education loan
  • Parent of  a graduate and professional student may not borrow, but may be a co-signer
  • Price of education minus financial aid as certified by MIT
  • No aggregate limit
  • No interest subsidy
  • 7.9% fixed
  • 4% loan fee minus an up-front interest rate of 1.5% for a net fee of 2.5%
  • Loan fee deducted from amount borrower
  • Begins 60 days after loan is fully disbursed unless eligible for deferment
  • Generally 10 to 30 years to repay, depending on plan selected
  • Three repayment plans including standard, extended and graduated
  • No prepayment penalty
MEFA graduate loan  

 

MEFA has announced that it has been unable to secure funding for 2008-2009 education loans
due to the ongoing disruptions in capital markets.
SALLIE MAE Signature Student Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE AND LOAN FEES REPAYMENT
  • Graduate or professional student
  • U.S. or international citizen
  • U.S. student must meet minimum eligibility and credit standards or apply with a creditworthy co-signer
  • International student must have a co-signer who is a U.S. citizen or permanent resident
  • No income requirement and no debt-to-income check
  • If student is making progress toward a degree as certified by the school and credit criteria are met, he/she is eligible for up to 6 years
  • The lesser of $45,000 or the price of education minus financial aid as certified by MIT
  • Aggregate limit includes all student loan debt, including federal, institutional, and private loans
  • $150,000, but may apply with a co-signer for an aggregate limit greater than $150,000
  • Varies based on the credit rating of borrower, ranging from LIBOR plus 2% to LIBOR plus 7.5%
  • 0.5% interest rate reduction with auto-debit payments from checking account
  • If borrower had a Signature Loan in 2007-08 and has a co-signer for another Signature Loan for 2008-09, the interest rate spread still can be frozen in the first year for the remainder of the student's years in school
  • No fees
  • Begins 6 months after graduation or withdrawal
  • 15 to 30 years to repay based on private loan balance
  • Co-signer release available after 24 on-time payments if borrower meets credit requirement
  • May be deferred for graduate or professional school
  • No prepayment penalty
CitiBank CitiAssist Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Graduate or professional student
  • U.S. or international citizen
  • U.S. student must have positive credit history or apply with a creditworthy co-signer
  • International student must be at least 18 years old and have a co-signer who is a U.S. citizen or permanent resident with a valid Social Security number
  • Enrolled full-time, half-time or less than half-time
  • Price of education minus financial aid as certified by MIT
  • $1,000 minimum for new borrowers and those who have previously borrowed less than $1,000
  • $150,000
  • No interest subsidy
  • Deferred interest is capitalized once at repayment
  • Variable interest rates as low as prime rate minus 0.5%
  • Interest rate charged based on credit score of applicant and co-signer, if any
  • No fees
  • Begins 6 months after graduation or withdrawal
  • Up to 15 years to repay, plus any periods of deferment or forbearance
  • Flexible repayment terms
  • No prepayment penalty
CITIBANK LOAN FOR MIT SLOAN SCHOOL STUDENTS Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Sloan School student enrolled in the M.B.A., Ph.D. Leaders for Manufacturing or Sloan Fellows program
  • U.S. or international citizen
  • No co-signer required
  • Price of education minus any financial aid as certified by MIT
  • U.S. citizens and permanent residents are expected to borrow the maximum $20,500 subsidized and unsubsidized Federal Direct Loan before borrowing from this program
  • $1,000 minimum for new borrowers and those who have previously borrowed less than $1,000
  • $150,000
  • No interest subsidy
  • Deferred interest is capitalized once at repayment
  • Variable interest rate adjusted quarterly based on  prime rate plus 1.5%
  • No fees
  • Begins 6 months after graduation or withdrawal
  • Up to 20 years to repay
  • Deferment options are available
  • No prepayment penalty
CITIBANK Loan for mit international students Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • U.S. or international graduate or professional student
  • No co-signer required
  • Price of education minus any financial aid as certified by MIT
  • $1,000 minimum for new borrowers and those who have previously borrowed less than $1,000
  • No aggregate limit
  • Variable interest rate based on the U.S. prime rate plus 5%, adjusted quarterly
  • Fee varies based on the credit rating of borrower, ranging from 0% to 3%
  • Begins 6 months after graduation or withdrawal
  • Up to 20 years to repay
 
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