Search

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.

A loan repayment plan with the monthly payment adjusted each year based on the borrower’s (and spouse’s) annual income.

An estimate of the actual price the student and family will pay in a given year based on subtracting any grants or scholarships awarded to that student from the budget.

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

An MIT form that undergraduates, who are offered an MIT Scholarship, are required to complete in order to determine if their scholarships will be awarded from a particular donor’s fund or general funds.

Interest that accumulates on the unpaid principal balance of a loan.

A postponement of payment on an education loan that is allowed under certain conditions.

Need based means that we offer financial aid entirely based on your family's financial circumstances.

Celebrated on September 17, Constitution Day honors the document that guarantees Americans their essential rights.

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).

A binding legal document a borrower signs each time they receive a loan. The promissory note lists the terms and conditions under which money is borrowed and explains the borrower’s rights and responsibilities.

Financial aid that is borrowed and must be repaid.

A statement showing the terms and conditions of a loan.

The Massachusetts Employee’s Withholding Exemption Certificate, which allows employees to exempt themselves from having Massachusetts state tax withheld from their paychecks based on certain criteria.

An Internal Revenue Service (IRS) term referring to wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return.