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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 term used at MIT to refer to registering for fewer than 32 units.

A term used most often in connection with student employment, which refers to working for any employer other than MIT.

The addition of unpaid interest to the principal balance of a loan. Compounding is another term used for capitalization.

The system used to determine a student’s eligibility for federal student financial aid.

An acceptable rate of student academic course completion using qualitative and quantitative measures.

A non-federal education loan from a lender such as a bank, credit union, or state agency.

Flexible expenses are costs that are easily changed, reduced, or eliminated. Spending money on entertainment and clothing are flexible expenses ... flexible because the amount you spend can vary.

A database for federal student financial aid where federal aid recipients can locate information about the aid they've received. Students access NSLDS by using their federal student aid PIN.

A mandatory information session for a borrower who graduates, withdraws, or attends less than half time to explain the borrower’s loan repayment responsibilities, including when repayment begins. The counseling

transactions with MIT, including charges and credits. This is where you can see exactly what you owe, your financial aid, and what you have already paid. You can access your student account through MITPay. If you need your

making about $1,700 a semester. For more information, visit sfs.mit.edu/find-a-job.

A payment-free period that follows the student’s graduation, withdrawal, or in some instances dropping below half-time enrollment status. Grace periods vary by loan program, but typically are six to nine months.

Financial aid that is offered based on a student’s academic, athletic or artistic merit, or some other criteria, and does not depend on financial need.

information in various U.S. Department of Education systems. It also acts as the applicant’s digital signature on some online forms.

A form of financial aid that does not need to be repaid and that is ordinarily awarded on the basis of financial need. Sometimes used ... on the basis of merit. At MIT, the MIT Scholarship is a need

A procedure whereby the school checks the information that the student reported on the financial aid application, usually by requiring a copy of the tax returns or other documents filed by the student and