MIT Student Financial Services Loans

SALLIE MAE "Smart option" Student Loan

A credit-based alternative loan from Sallie Mae for undergraduate, graduate and professional students.

How to Apply

Applying for the first time? Complete step 1 before the start of the academic year to receive credit on your fall semester bill. Applications are accepted throughout the academic year.

Reapplying? Complete step 1 before the start of the academic year to receive credit on your fall semester bill. Applications are accepted throughout the academic year.

  • Step 1 – Apply online or call 800-695-3317.


About This Loan

Eligibility requirements
  • Undergraduate, graduate or professional student
  • 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.
  • Available for U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the U.S.
  • 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 for student account balances up to one year past due
Maximum annual loan
Aggregate limit
  • 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
Interest rate
  • 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.
Fees
  • None
Repayment
  • 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
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
 
null