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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.

The organization that holds the loan promissory note and has the right to collect from the borrower. Many banks sell their loans, so the initial lender and the current loan holder could be different.

An MIT Scholarship is a need-based grant that can come from a variety of sources including endowment funds, gifts from alumni and friends, and general tuition revenues.

An organization that tracks credit histories and issues credit reports. There are three main credit bureaus in the United States: Experian, Equifax, and TransUnion.

The difference between the cost of attendance and the expected family contribution.

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

and conditions under which money is borrowed and explains the borrower’s rights and responsibilities.

WebSIS is MIT’s secure online system that allows enrolled students to view their academic, financial, and biographical records.

Full need means that we meet 100% of your family's demonstrated need through scholarships, grants, and student employment.

Special repayment features offered at the discretion of the lender. Some education loan programs have loan repayment options either to make payment more convenient and less expensive and/or to reward timely payment.

A graduate research or teaching appointment covers tuition partially or fully, provides a salary, and typically covers student health ... agreement between MIT and the MIT Graduate Student Union.

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.

Allows students and their authorized users to pay their bill in regular monthly installments. The plan makes paying a bit easier with five payments per term instead of one lump sum.

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

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.

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.