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

2009-2010 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. Many private lenders offer student loans with different conditions and interest rates. MIT does not enter into agreements or contracts with any lender (other than the MIT Federal Credit Union for graduate students in the Sloan School). We do have a list of recommended private lenders which are compiled with care and without prejudice for the sole benefit of students and their families. The selection of lenders on this list is based upon loan volume and the student customer service experience with these lenders. We determine loan volume by an analysis of the previous year's borrowing trends, and we list the lenders that students have chosen the most frequently (at least 15 loans certified during the previous academic year).

Detailed information for each loan is available on their corresponding pages. Students are not required to borrow private loans from the lenders we list, nor do we deny or impede the borrower's choice of lender or unnecessarily delay certification of your Federal Perkins, Federal Direct Stafford Loan, or Federal Direct PLUS Loan for a borrower who chooses a lender not on the list.

Due to the ongoing disruptions in capital markets, the availability of loans and rates are subject to change. While we continue to keep these listings as accurate as possible, we encourage all borrowers to verify the current rates and terms directly with lenders before applying for a private loan.

Chase Select Student Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • U.S. Citizen or Permanent Resident
  • Enrolled in a 4- or 5-year undergraduate/graduate degree program
  • Must be age of majority at time of application
  • May be enrolled full time, half time or less than half time
  • Co-signer is recommended for possible reduced interest rates.
  • Cost of education minus financial aid as certified by MIT
  • Minimum of $500
  • $180,000, for graduate sutdents in health professions, the aggregate limit is $250,000
  • Without a co-signer, LIBOR +6.30%
  • With a qualified co-signer, range from LIBOR 3.20% to LIBOR 7.50%.
  • No Fees
  • Deferred, Interest Only and Immediate repayment options available
  • Repayment can begin 6 months after graduation or once the student ceases to be enrolled
  • 0.25% interest rate reduction for enrolling to make automatic payments
  • Interest capitalizes once at repayment
  • 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 +1.00% to prime rate +7.50%
  • Interest rate charged based on credit score of applicant and co-signer, if any
  • Origination fees from 0.00% to 6.00%
  • 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
Discover Student Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • US citizen or a permanent resident (also applies to cosigner)
  • Enrolled in a 4- or 5-year undergraduate/graduate degree program
  • Degree-seeking
  • Enrolled at least half-time to received in-school deferment
  • Making satisfactory academic progress (SAP), as defined per school
  • In good standing (i.e., pass a credit check), also applies to cosigner, if applicable
  • Co-signer is recommended for possible reduced interest rates.
  • Cost of education minus financial aid as certified by MIT
  • Minimum $1,000
  • $200,000
  • The interest rate is equal to the Prime Index plus Margin, capped at 18%.
  • The Margin ranges from Prime +1.00% to +7.75% based on credit evaluation and is set at the time of loan origination.
  • No Fees
  • Upon enrollment less than half-time, the grace period is 6 months. At the conclusion of the grace period, the repayment phase begins and is scheduled for 15 years for undergraduate loans and 20 years for graduate loans.
  • No prepayment penalty
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
  • 1.50% loan fee minus an up-front interest rebate of 1.0% for a net fee of 0.5% for loans disbursed after July 1, 2009
  • 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
  • 1.50% loan fee minus an up-front interest rebate of 1.0% for a net fee of 0.5% for loans disbursed after July 1, 2009
  • 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 rebate 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 Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE AND LOAN FEES REPAYMENT
  • Graduate or professional student enrolled at least half time
  • U.S. citizens or US Permanent Residents only
  • Up to the Cost of Attendance minus financial aid
  • Minimum $2,000
  • No aggregate limit
  • Fixed 8.89% (APR*9.08%-10.01%)
  • 4.00% origination fee with co-borrower, 7.00% origination fee without co-borrower
  • 15 year repayment term
  • Deferment options available
MIT Federal Credit Union Custom Loan Program for Sloan Students Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE AND LOAN FEES REPAYMENT
  • Graduate or professional student attending the MIT Sloan School of Management. Graduate students in the M.B.A., Leaders for Global Operations, Master of Finance, Master of Science in Management Studies, and Sloan Fellows
  • U.S. or international citizen
  • U.S. citizen must have positive credit history or apply with a creditworthy co-signer
  • Price of education minus financial aid as certified by MIT
  • $170,000
  • Varies based on PRIME,adjusted quarterly, currently ranging from 6% to 6.75%
  • 0.25% interest rate reduction with auto-debit payments from checking account
  • 0.5% interest rate reduction with US Co-signer
  • No fees
  • Repayment begins 6 months after graduation, withdrawal or less than half time enrollment
  • Option of graduated repayment plan
  • No prepayment penalty
SALLIE MAE "Smart Option" Student Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Undergraduate. 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-borrower
  • International student must have a co-signer who is a U.S. citizen or permanent resident and U.S. Citizenship & Immigration Service (USCIS) documents.
  • 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
  • Price of education minus financial aid as certified by MIT
  • Aggregate limit includes all student loan debt, including federal, institutional, and private loans
  • $100,000, but may apply with a co-signer for an aggregate limit greater than $100,000
  • Varies based on the credit rating of borrower, ranging from 1-month LIBOR plus 4% to LIBOR plus 10.5%; with a co-borrower rates range from 1-month LIBOR plus 4.0% to LIBOR plus 9.00%
  • 0.25% interest rate reduction with auto-debit payments from checking account
  • 0.25% interest rate reduction if provide a valid e-mail address & elect to receive all servicing communication via e-mail
  • Zero or 3% disbursement fee based on credit rating.
  • Interest-only payments during the school period & 6-month separation period
  • Repayment term reduced about 9 years from standard loan terms
  • Co-signer release available after successful completion of their education
  • No prepayment penalty
Wells Fargo Collegiate Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Undergraduate. 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-borrower
  • International student must have a co-signer who is a U.S. citizen or permanent resident and U.S. Citizenship & Immigration Service (USCIS) documents.
  • 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
  • Price of education minus financial aid as certified by MIT
  • $120,000
  • Prime +1.0% to Prime +7.99%
  • 0.50% interest rate reduction at repayment upon verification of graduation with the Wells Fargo Student Graduation Benefit Program
  • 0.25% interest rate reduction at repayment when Wells Fargo automatically withdraws payments from a personal checking or savings account - discount is removed if automatic payments are cancelled
  • Cosigner release after the first 24 consecutive on-time monthly payments
 
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