MIT Student Financial Services Loans
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Education loans for undergraduate students
and their parents

2013-2014 Academic Year

The loans below (listed in alphabetical order) are Federal and Institutional Loans used by MIT students. Many private lenders offer student loans with different conditions and interest rates. Detailed information for each loan is available on their corresponding pages.

Federal Direct PLUS Loan
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT
INTEREST RATE
AND LOAN FEES
REPAYMENT
  • Parent borrows on behalf of undergraduate
  • Borrower and student must be a U.S. citizen or permanent resident
  • Borrower must pass a standard credit check performed by the U.S. Department of Education
  • Enrolled at least half-time
  • Borrower and student not in default on a prior education loan
  • Price of education minus financial aid as certified by MIT
  • No aggregate limit
  • No interest subsidy
  • Visit Direct Loans for current rates
  • Loans first disbursed on or after December 1, 2013 and before October 1, 2014 will have an Origination fee of 4.288%

    Loans first disbursed on or after October 1, 2014 and before October 1, 2015 will have an Origination fee of 4.292%

  • Loan fee deducted from amount borrower
  • Begins 60 days after loan is fully disbursed or (if agreed to by the parent borrower) the day after the student's 6-month grace period ends.
  • Interest accrues during deferment.
  • Generally 10 to 30 years to repay, depending on plan selected
  • Three repayment plans including standard, extended and graduated
  • In order to defer your payments, you must complete a deferment form, complete your section of the form, and (if appropriate) bring it in to the Student Services Center, 11-120, to have the school section completed. Please note that deferments under the Federal Direct PLUS Loan defers your payment but not the accrual of interest.
  • No prepayment penalty
Federal Direct Stafford Subsidized Loan
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT
INTEREST RATE
AND LOAN FEES
REPAYMENT
  • Undergraduate 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
  • Freshmen: $3,500
  • Sophomores: $4,500
  • Juniors and Seniors: $5,500
  • Minimum annual loan of $200
  • Aggregate limit includes all subsidized Direct or FFEL Stafford loans not yet repaid
  •  $23,000
  • No interest until graduation, withdrawal or enrollment of less than half-time.
  • Visit Direct Loans for current rates
  • Loans first disbursed on or after December 1, 2013 and before October 1, 2014 will have an Origination fee of 1.072%

    Loans first disbursed on or after October 1, 2014 and before October 1, 2015 will have an Origination fee of 1.073%

  • Loan fee deducted from amount borrowed
  • Begins 6 months after graduation, withdrawal or enrollment less than half-time
  • 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
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT
INTEREST RATE
AND LOAN FEES
REPAYMENT
  • Undergraduate 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 or FFEL Stafford loans
  • Dependent undergraduates: freshman $3,500, sophomores $4,500, juniors and seniors $5,500. Dependent undergraduates may be eligible for additional unsubsidized funds of $2,000 or a total unsubsidized of $5,500 for freshman, $6,500 for sophomores, or $7,500 for juniors and seniors
  • Independent undergraduates and dependent undergraduates whose parent(s) are ineligible for a Federal Direct PLUS Loan: freshmen $9,500 (of which no more than $3,500 may be subsidized); sophomores $10,500 (of which no more than $4,500 may be subsidized); juniors and seniors $12,500 (of which no more than $5,500 may be subsidized)
  • Aggregate limit includes all subsidized or unsubsidized Direct or FFEL Stafford loans not yet repaid
  • Dependent undergraduates: $31,000 (of which no more than $23,000 may be subsidized)
  • Independent undergraduate and dependent undergraduate whose parents are ineligible for a Federal Direct PLUS Loan: $57,500 (of which no more than $23,000 may be subsidized)
  • No interest subsidy
  • Deferred interest may be prepaid at any time or capitalized once in repayment
  • Visit Direct Loans for current rates
  • Loans first disbursed on or after December 1, 2013 and before October 1, 2014 will have an Origination fee of 1.072%

    Loans first disbursed on or after October 1, 2014 and before October 1, 2015 will have an Origination fee of 1.073%

  • Loan fee deducted from amount borrowed
  • Begins 6 months after graduation, withdrawal or enrollment less than half-time
  • 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
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT
INTEREST RATE
AND LOAN FEES
REPAYMENT
  • Undergraduate 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
  • $5,500
  • $27,500
  • 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
MIT Technology Loan
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT
INTEREST RATE
AND LOAN FEES
REPAYMENT
  • Undergraduate student
  • International students only
  • Requires a creditworthy co-signer
  • 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
  • $6,000
  • $24,000
  • No interest until repayment begins
  • 7% 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 $50
  • May be deferred for graduate or professional school
  • No prepayment penalty
 
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