MIT Student Financial Services Loans

SALLIE MAE Signature Student Loan

Important news about the Sallie Mae Signature Loan

The Sallie Mae Signature Student Loan program is being discontinued. Continuing students enrolled inthe Education Funding Pledge may opt to renew their existing Signature Loan provided that they remain a student MIT (maximum of six years), keep the same co-signer and not be in major default on their credit. New applicants have the choice to apply for a Signature Loan before April 30, 2009, consider Sallie Mae's new "Smart Option" program or browse other loan options here.

The last day Sallie Mae will accept new Signature Loan applications is April 30, 2009.

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.


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
  • 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 for student account balances up to one year past due
Maximum annual loan
  • Undergraduate: the price of education minus financial aid as certified by MIT
  • Graduate and professional: $45,000 or the lesser of the price of education minus financial aid as certified by MIT
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 LIBOR plus 2% to LIBOR plus 7.5%
  • Students who borrowed a Sallie Mae Signature Loan in 2008-09 may take advantage of Sallie Mae's funding pledge and pricing advantage in 2009-10
  • 0.5% interest rate reduction with auto-debit payments from checking account
Fees
  • None
Repayment
  • Begins 6 months after graduation, withdrawal or enrollment less than half-time
  • 15 to 30 years 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
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