FAQ | MIT Student Financial Services

If you need to withdraw for medical reasons, you may be able to get a pro-rated refund. This is handled by the registrar’s office and you should reach out to them for more information.

However, some students also take out optional tuition insurance coverage in case they need to withdraw for medical reasons. MIT offers tuition insurance through GradGuard, a third-party vendor that works with the Institute.

This is absolutely optional, but some of our students do take advantage of the protection.

Plans can provide coverage for tuition and fees, including housing and dining charges if applicable. You are eligible for up to a 100% refund—depending upon the policy you choose—if you withdraw due to a medical reason including mental health conditions. Information on the tuition insurance plan is available at GradGuard.com/Tuition/MIT or by calling 1.877. 794.6603.

Please note: The deadline to enroll is the day before classes begin each semester.

After you have completed the necessary loan requirements, your federal loans will disburse to your student account once your term registration becomes official, usually within the first two weeks of the term. Federal loans will be split evenly between all registered terms for the academic year. The amount of your federal loan will always be slightly more than the amount disbursed to your student account due to federal loan origination fees.

Private loan funds are received from your third-party lender and therefore the date the funds are sent to MIT is determined by your lender. Most private lenders will notify you that your funds have been sent to MIT.

The financial aid team will work with you to see if you qualify for federal loan funding. Graduate fellowships, teaching assistantships, and research assistantships are awarded by each department, lab, or center. You should contact your program administrator to learn more.

If this is the first time you are borrowing from a specific loan program you may need to complete the requirements by signing a promissory note and completing entrance loan counseling. Check with a member of the financial aid delivery team for more information on these requirements.

We send your credit balance to you through direct deposit. After you set up direct deposit, you may either stop in to meet with your student services counselor, or contact us by phone or email to initiate your direct deposit transfer.

You can learn more about how to request a refund here.

Unfortunately, we do not have the permission to reset usernames or passwords for authorized users.

If you have forgotten your username, you will need to have your student reset your access to their account.

If you have forgotten your password, you can change it by clicking the "forgot password" link, which will send an email with instructions on how to reset your password. If no email has been received, we advise you to check your spam folder.

The charges on your student account originate from different MIT departments. SFS is responsible for billing you for those charges. For a question about a specific charge please contact the MIT department where the charge originated. The department contact information is listed on your MITPay statement on the same line as the charge.

If your financial aid exceeds your charges, or your account is overpaid, you may be eligible for a refund, available after registration, which can be used for your out-of-pocket expenses, such as books and supplies. You must sign up for direct deposit in MITPay before requesting these funds. To be paid for employment at MIT you must also sign up for Payroll Direct Deposit in Atlas.

MITPay and Atlas are two unique systems; you must fill out both direct deposit forms to receive their corresponding services.

You may be eligible to claim federal income tax credits for qualified tuition and related expenses for yourself, dependent child, or other qualified family members.

Form 1098-T is an informational tax document prepared by colleges and universities to report payments of qualified tuition and related expenses, as well as scholarships and grants that are paid out during the calendar year. We issue the 1098-T form only to degree-seeking students whose scholarships and grants do not exceed qualified tuition and related expenses for the calendar year.

For more information on education tax incentives, including the American Opportunity Tax Credit and Lifetime Learning Credit, we recommend that you consult a qualified tax advisor. You can also refer to IRS.gov for information on tax benefits for education or by calling their help line at 800.829.1040.

Your department processes your teaching or research assistant award. Once it has been processed it will be reflected on MITPay. Please contact your department with further questions about processing.