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.    

• Federal Direct Stafford Subsidized Loan
• Federal Perkins Loan
• MIT Technology Loan

Student loans not based on need

You have to apply for these loans, but there are no financial need guidelines to qualify.

Federal Loans:

• Federal Direct Stafford Unsubsidized Loan.

Private Education Loans:

Many private lenders also offer student loans with different conditions and interest rates. MIT does not enter into agreements or contracts with any lender (other than the MIT Federal Credit Union for graduate students in the Sloan School). We do have a list of recommended private lenders which are compiled with care and without prejudice for the sole benefit of students and their families. The selection of lenders on this list is based upon loan volume and the student customer service experience with these lenders. We determine loan volume by an analysis of the previous year's borrowing trends, and we list the lenders that students have chosen the most frequently (at least 15 loans certified during the previous academic year).

Detailed information for each loan is available on their corresponding pages. Students are not required to borrow from the lenders we list, nor do we deny or impede the borrower's choice of lender or unnecessarily delay certification of your Federal Perkins, Federal Direct Stafford Loan, or Federal Direct PLUS Loan for a borrower who chooses a lender not on the list.

• Chase Student Loan
• CitiBank CitiAssist Loan
• Discover Student Loan
• Sallie Mae "Smart Option" Student Loan
• Wells Fargo Collegiate Loan

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:

• Federal Direct PLUS Loan
• MEFA undergraduate loan