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  • Glossary

    Dependent

    As a financial term this refers to an individual who relies on another person, usually parent(s), for financial support.
  • Glossary

    Loan servicer

    The agency employed by a lender to service student loans. Servicing can include billing, collecting and posting payments, processing requests for deferment, forbearance and cancellation, and responding to
  • Glossary

    Creditworthy

    A term used to describe an individual whose track record of timely repayments on debts indicates that he or she is likely to continue to manage future credit obligations well.
  • Glossary

    Repayment schedule

    An overview of the borrower’s monthly payment, due dates, interest rate, total repayment amount, and length of time for repaying the loan.
  • Glossary

    College Scholarship Service (CSS)

    association that offers services in the areas of college admissions, assessment, guidance, financial aid, and enrollment. The CSS provides the financial aid services, including the CSS Profile and the Institutional Documentation
  • Glossary

    Interest

    A charge for a loan, usually a percentage of the amount loaned.
  • Glossary

    Military scholarships

    Reserve Office Training Corps (ROTC) scholarships available from the U.S. Army, U.S. Navy, and U.S. Air Force for students who are ... tuition, fees, books and supplies, and pay a subsistence allowance.
  • Glossary

    Need blind

    schools in the U.S. that is need blind and meets full need for all students, foreign and domestic.
  • Glossary

    Federal Student Financial Aid

    provide grants, loans, and work-study funds from the federal government to ... available at studentaid.gov. Federal student aid for MIT undergraduates ... Opportunity Grants Iraq and Afghanistan Service Grants Federal Direct
  • Glossary

    CSS Profile

    An online financial aid application produced by College Board’s College Scholarship Service (CSS) and used by private institutions such as MIT to offer their institutional financial aid.
  • Glossary

    Student contribution

    The amount that a student can reasonably be expected to contribute toward their own educational expenses. For undergraduates, the student contribution is a combination of the summer savings expectation and student
  • Glossary

    Co-borrower

    A person other than the borrower who, by signing a loan promissory note as a backup, agrees to assume responsibility for repayment if the ... -signer and endorser.
  • FAQ

    I am not able to live at home. What do I do?

    If you are experiencing significant hardship and need to move on campus, you should reach out to Student Support Services at s3-support@mit.edu and one of their deans will be in touch with you. If you have an existing