MIT Student Financial Services Loans

Undergraduate Student and Parent Loans

Either you or your parents can borrow an education loan, but there are different programs for students and parents. If your family wants to borrow, start by applying for financial aid, since the most affordable loans are student loans based on need. Federal loans are restricted to U.S. citizens or permanent residents, but other loan programs are not.

Student loans based on need

Your family has to apply for financial aid and meet the financial need guidelines for you to receive one of these loans.    

Student loans not based on need

You have to apply for these loans, but there are no financial need guidelines to qualify. One such loan is the Federal Direct Stafford Unsubsidized Loan. Many private lenders also offer student loans with a different conditions and interest rates. MIT does 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. Some of the alternative loans more commonly used by MIT undergraduates include:

Parent loans

A parent loan is a great way for a family to spread education expenses over time so the amount paid each month is more manageable. Parents are eligible to borrow up to the price of education minus any student financial aid, including student loans. In addition to loans from private lenders, parents may consider:

Important Sites

Loan entrance counseling
Online counseling via WebSIS 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
 
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