At MIT Federal Credit Union we pride ourselves on being the financial institution that serves the entire MIT community. Delivering a wide range of cost-effective products and services through the most progressive delivery channels available in the industry, we succeed by providing quality financial services that meet the needs of our members. We’ve brought this same singular focus to student lending—helping you finance a higher education without a higher price tag.

Key Features of MITFCU’s Domestic private loan program:

• Finance up to $170,000
• Available to US citizens (and permanent residents with a US social security number)
• Apply once and secure financing for your entire graduate studies with unique Line of Credit structure
• Zero origination or pre-payment fees
• Variable interest rates ranging from Prime Rate + 2.75% to as low as Prime Rate + 2.00%
• Co-borrower not required (although having a co-borrower could result in a lower interest rate)
• Flexible repayment options, including full deferment of payments while in school
• 20 or 25 year repayment period, depending on loan balance – or repay early at anytime with NO penalty
• 0.25% rate discount for automatic electronic payment during repayment
• Optional graduated repayment which provides lower payments during the first two years of repayment
• 24/7 Call Center and Online Application
• Two MIT Federal Credit Union on-campus branches to serve all your financial needs
• Loan is granted and held by your not-for-profit credit union—a lender relationship you can trust

Learn more about our Domestic Graduate program.

Who's eligible?
MIT Sloan students enrolled or enrolling in the following programs: Master of Business Administration, Leaders for Global Operations, Sloan Fellows, Master of Science in Management Studies, and Master of Finance. Students must meet MITFCU underwriting requirements as well minimum credit score criteria to be approved for a loan.

How much can I borrow?
Once approved, students can borrow from $5,000 up to the cost of attendance less any other aid received. The total amount the student can borrow throughout their graduate college career is $170,000. MIT Sloan School of Management will certify the requested loan amount with the credit union.

What will be my rate?
You will be quoted a rate after you are approved for the loan. NOTE: There is no obligation to take the loan once you apply and are approved. We encourage you to apply and evaluate your options before making a final decision.

How are rates determined?
Rates are variable and reset quarterly. They vary based on the Prime Rate (which can be found in The Wall Street Journal) but are also dependent on your credit and, if applicable, the credit of your co-borrower.

Is a co-borrower required?
No. A co-borrower is not required for this loan. Please note, however, that having a qualified co-borrower will result in a lower interest rate. (A co-borrower is a person who signs the Promissory Note to help enable a Borrower to qualify for the Loan. The co-borrower is also obligated to the debt. To qualify, a co-borrower must be a U.S. citizen or permanent resident and meet MITFCU underwriting requirements as well minimum credit score criteria to be approved for loan.)

What are the repayment terms?
Students may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest only payments. Once you complete school, you will be allowed to choose straight repayment over 20 or 25 years (depending on loan balance) or our graduated repayment for two years. The graduated repayment option amortizes the first 2 years over a 40 year period and then over either 18 or 23 years for the remainder of the loan. This means monthly loan payments will be lower in the first two years after starting repayment—which may benefit individuals who are just beginning new careers and managing tight budgets.

How do I apply?
Online or through our call center. Click here to quickly and easily apply online for an instant approval. If you have additional questions, please contact our student loan representatives 24 hours a day, seven days a week by calling 866-514-7550. If you are calling from outside the United States, please reach us at 734-556-1789.

Once I have established my line of credit (loan documents have been signed and funds disbursed), how do I request additional loan advances in the future?
As a returning borrower who already has an existing line of credit, you do NOT need to complete an entirely new application to request additional funds. Follow these simple instructions:

• Click the “Apply Now” link anywhere on the website
• Select the appropriate application link (Domestic or International)
• Log-in as a "Returning User"
• Click “Draw Request” to proceed with your request for additional funds
• On the next page, which shows your loan completion date, click “Select”
• Confirm or edit your personal information as needed
• After confirming/editing your personal information, enter your “Draw Request Amount” and select the proper “Academic Period” from the drop-down menu
• Click “Submit” and your draw request will be added to the “Draw Request History” table and you will see a message stating that your request has been processed