MIT Student Financial Services Loans

WellS Fargo Collegiate Loan

A credit-based alternative loan from Chase 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
  • Credit worthy cosigner required for most students
  • An established positive credit history
  • Acceptable debt-to-income ratio for the student or cosigner
  • Minimum income of $12,000 for the student or cosigner
  • Undergraduate or Graduate student seeking a degree, certificate or license
  • International students must have a cosigner who is a U.S. citizen or permanent resident
  • Enrolled (full-time, half-time or less than half-time)
Maximum annual loan
Aggregate limit
  • Undergraduate Students: $120,000
Interest rate
  • Prime +1.0% to Prime +7.99%
Fees
  • None
Repayment
  • 0.50% interest rate reduction at repayment upon verification of graduation with the Wells Fargo Student Graduation Benefit Program
  • 0.25% interest rate reduction at repayment when Wells Fargo automatically withdraws payments from a personal checking or savings account - discount is removed if automatic payments are cancelled
  • Cosigner release after the first 24 consecutive on-time monthly payments
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
 
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