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FAQ / Veterans benefits
When will I receive my Veterans benefits?
semester). These funds will be sent from the VA directly to MIT. VA processing time can vary; you will see these applied to your account on MITSIS ... Housing and/or book stipends are certified by MIT on the VA web -
FAQ / Paying your bill
How do I pay my bill?
We offer a number of different options, including a monthly payment plan for those seeking an alternative to paying in one lump sum. Visit the payment options page for details. -
Glossary
NSLDS (National Student Loan Data System)
A database for federal student financial aid where federal aid recipients can locate information about the aid they've received. Students access NSLDSÂ by using their federal student aid PIN. -
FAQ / Paying your bill
Can I pay my bill with a credit or debit card?
MIT does not accept cash, credit card, or debit card payments for student accounts. Learn more about your payment options here. -
Glossary
Interest rate
rate banks charge to large corporations for short-term loans; U ... The percentage at which interest is charged on a loan. A fixed interest rate is a constant rate of the amount borrowed; a variable interest -
FAQ / Financial aid
Why did my financial aid offer decrease?
If you receive additional financial aid after you have your financial aid offer, you may have what we refer to as an overaward. The additional aid could be a scholarship or grant from an outside organization or a -
FAQ / Veterans benefits
How many MIT units do I need to take to be considered full-time by the VA?
Undergraduate students enrolled in 36 units are considered full-time by the VA. Graduate students enrolled in 21 units are considered full-time by the VA. -
Glossary
Authorized user
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. -
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Glossary
Scholarship
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. -
Glossary
Entrance counseling
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. -
Glossary
Collection costs
Expenses charged to an individual whose account is in collection for failure to bring the account current. -
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FAQ / Paying your bill
When will my bill be updated to show my recent payment?
Online payments made through MITPay are reflected in your student account immediately. Payments made via check or Flywire, are updated upon receipt. Bills are updated monthly around the 10th of each month. -
Glossary
Financial hold
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 -
FAQ / Paying your bill
How can my family make a payment if we do not have a U.S. bank account?
Most families opt to pay online, but you may also pay by check or Flywire. You can learn more about how to pay internationally here. -
FAQ / Paying your bill
When will I get my bill and when is it due?
as they are incurred. Updated statements are posted to your account on ... We will email you in mid-July for the fall term bill that is due on August 1, and mid-December for the spring term bill that is due January 2 -
Glossary
Need analysis
The process that determines a student’s financial need by analyzing the biographical and financial information provided by the student and parents (or by a student and spouse). -
FAQ / Financial aid
Why is my preferred name not used on my bill, financial aid letters or other SFS-related documents?
We know this is an important issue for many students, and we are ... well as our outside vendors, to make this change possible. Once implemented, a student’s preferred name will replace their legal name on items