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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.

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.

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.

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

An electronic personal identification number that serves as an identifier to allow a federal student aid applicant to access personal information in various U.S. Department of Education systems. It also acts as the

A secure electronic transfer of payment into a bank account.

A statement showing the terms and conditions of a loan.

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

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

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

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.

The process of bringing a loan out of default and removing the default notation on a borrower’s credit report.

The release of borrowers from their obligation to repay all or part of their loans. Also referred to as cancellation.

The process of combining eligible education loans into a single new loan.

A very detailed snapshot of an individual’s financial history.

The failure to make scheduled loan payments when due.

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.

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

When used as a financial term, assets mean tangible items of monetary value.