Education loans for graduate and professional students

Federal Direct PLUS Loan for 2016-2017

Visit Direct Loans for more information.

Eligibility Requirements Annual Loan Limit Aggregate Loan Limit Interest Rate and Loan Fees Repayment

Graduate or professional student

U.S. citizen or permanent resident

Pass a standard credit check performed by the U.S. Department of Education

Enrolled at least half-time

Not in default on a prior education loan

Parent of  a graduate and professional student may not borrow, but may be a co-signer

Price of education minus financial aid as certified by MIT

No aggregate limit

6.31% interest rate

No interest subsidy

Loan fee of 4.292%

Loan fee deducted from amount borrower

Begins 60 days after loan is fully disbursed unless eligible for deferment

Interest accrues during deferment.

Generally 10 to 30 years to repay, depending on plan selected

Three repayment plans including standard, extended and graduated

No prepayment penalty

Federal Direct Stafford Unsubsidized Loan for 2016-2017

Visit Direct Loans for more information.

Eligibility Requirements Annual Loan Limit Aggregate Loan Limit Interest Rate and Loan Fees Repayment

Graduate or professional student

U.S. citizen or permanent resident

Enrolled at least half-time in a degree or certificate program

Not in default on a prior education loan

Making satisfactory academic progress

Annual loan limit is a combined limit for subsidized and unsubsidized Direct Stafford or FFEL Stafford loans

$20,500

Minimum annual loan of $200

Aggregate limit includes all  subsidized or unsubsidized Direct or FFEL Stafford loans not yet repaid

$138,500 (of which no more than $65,500 may be subsidized)

5.31% interest rate

No interest subsidy

Deferred interest may be prepaid at any time or capitalized once in repayment

Loan fee of 1.068%

Loan fee deducted from amount borrowed

Begins 6 months after graduation, withdrawal or less than half-time enrollment

Generally 10 to 30 years to repay, depending on  plan selected

Four repayment plans including standard, extended, graduated and income-contingent

May be deferred for graduate or professional school

No prepayment penalty

Federal Perkins Loan 2016-2017

Eligibility Requirements Annual Loan Limit Aggregate Loan Limit Interest Rate and Loan Fees Repayment

Graduate or professional student

U.S. citizen or permanent resident demonstrating exceptional financial need according to federal guidelines

Enrolled in a degree or certificate program (may be enrolled less than half-time but will go into repayment after the 9-month grace period)

Not in default on a prior education loan

Making satisfactory academic progress

$8,000 $60,000, including undergraduate Federal Perkins Loans

No interest until repayment begins

5% interest rate

No loan fees

Begins 9 months after graduation, withdrawal or enrollment less than half-time

Up to 10 years to repay

Minimum monthly payment is $40

May be deferred for graduate or professional school

No prepayment penalty