MIT Student Financial Services Loans
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Education loans for undergraduate 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.

CitiBank CitiAssist Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Undergraduate 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
  • $120,000
  • 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 12 years to repay, plus any periods of deferment or forbearance
  • Flexible repayment terms
  • 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
  • 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
  • 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 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
  • 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
  • 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 seniosr: $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 repayment begins
  • 6% 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 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 Click here for application instructions
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: $31,500 (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
  • 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 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 Click here for application instructions
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
  • $4,000
  • $20,000
  • 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
MEFA undergraduate 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.
MIT Technology Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Undergraduate student
  • U.S. or international citizen
  • 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
  • $5,500
  • $31,000
  • 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
SALLIE MAE Signature Student Loan Click here for application instructions
ELIGIBILITY REQUIREMENTS ANNUAL LOAN LIMIT AGGREGATE
LOAN LIMIT		 INTEREST RATE
AND LOAN FEES		 REPAYMENT
  • Undergraduate 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
  • 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
  • Price of education minus financial aid as certified by MIT
  • Aggregate limit includes all student loan debt, including federal, institutional, and private loans
  • Undergraduate: $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 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 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
 
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