Line-of-Credit Details - Domestic

MIT Federal Credit Union's core purpose – to empower people to achieve a brighter financial future – is the driving force for creating the Domestic Educational Line-of-Credit Program for MIT Sloan. We're proud to offer you a unique, affordable funding solution to help you finance a higher education without a higher price tag.

Key Features of MIT Federal Credit Union's Domestic Educational Line-of-Credit Program:

  • Finance up to $215,000, dependent on your program of study and your own individual cost of attendance. Your final cost of attendance is defined by MIT Student Financial Services, and may be less than $215,000.
  • Available to U.S. citizens and permanent residents
  • Apply once and secure financing for your entire graduate studies with unique Line of Credit structure
  • Zero pre-payment fees
  • Low interest rates
  • Co-borrower not required
  • Flexible repayment options, including full deferment of payments while in school
  • 20 or 25 year repayment period, depending on principal balance when entering repayment - or repay early at anytime with NO penalty
  • 0.25% rate discount for automatic electronic payment during repayment. If your line of credit is subject to a floor rate (also known as a minimum interest rate) as specified in your promissory note, your rate will never be less than the floor rate.
  • Optional graduated repayment which provides lower payments during the first two years of repayment
  • 24/7 Call Center and Online Application
  • Loan is granted and held by your not-for-profit credit union - a lender relationship you can trust

Frequently Asked Questions about the MIT Federal Credit Union Educational Line-of-Credit Program:

Click here to visit FAQ.

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