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A fellowship is a funding award to a graduate student that covers tuition partially or fully, provides a stipend to help defray living expenses, and may also cover student health insurance.

A mandatory information session to explain a borrower’s rights and responsibilities, which takes place before a new borrower at a school receives a loan. The counseling can be in-person or online.

An authorized user is a person—most often a family member, parent, or spouse—who is designated by a student to have access to their monthly bill and make payments using MITPay.

or receiving a diploma, and may also cause MIT student services to be ... A notation on a student record resulting from a student account balance from a prior term, a past-due MIT loan, unpaid Institute charges, or

A binding legal document that a borrower signs, which contains a feature allowing the borrower to sign once to receive multiple loans under ... and conditions under which money is borrowed and explains the borrower

A form of financial aid that does not need to be repaid and is often awarded on the basis of merit. The MIT Scholarship is a need-based grant that does not need to be repaid.

An overview of the borrower’s monthly payment, due dates, interest rate, total repayment amount, and length of time for repaying the loan.

The release of a borrower’s obligation to repay all or a designated portion of principal and interest on an education loan. Also called discharge or forgiveness of a loan.

A federal loan available to graduate and professional students. You must be enrolled at least half time, pass a standard credit check, and may not be in default on a prior education loan to be eligible. The

A measure of creditworthiness based on your financial history. It is most often represented as a three-digit number ranging from 300 to 900, and is sometimes called a FICO score. You can develop a good credit

A fee charged to a borrower by the lender and deducted from the loan proceeds before disbursement. Most often loan fees are deducted proportionately from each loan disbursement.

A period of time colleges and universities use to measure a quantity of study. The MIT Academic Calendar is available from the Registrar's Office.

A term used in connection with separated and divorced parents to refer to the parent who does not have custody of the child, meaning the child does not live with this parent.

A federal law that protects the privacy of student education records, including financial information. This law applies to all students who are at least 18 years old, and to schools that receive funds under an applicable

schools in the U.S. that is need blind and meets full need for all students, foreign and domestic.