Learn repayment plan options and find out whether you’re eligible for a deferment, forbearance, cancellation or loan forgiveness.

Repayment Options

Depending on what type of loan(s) you have, you may be offered a choice of repayment plans. Options may include standard, graduated, extended, or income-driven plans, as well as loan consolidation. Your selection will probably depend largely on your expected income once you leave MIT.  However, remember the shorter your repayment period, the lower your total interest payment over the life of the loan.  Contact your loan servicer(s) for more information on your repayment options or for repayment options. For Direct Loans the repayment options page from studentloans.gov is an additional resource.

Deferment, forbearance and cancellation

If you’re having trouble making your loan repayments, you may be eligible for a deferment, forbearance or a cancellation.  A deferment lets you temporarily stop making payments on your loan.  A forbearance lets you stop making payments or make smaller payment on your loan for a specified period, or extends the time for making payments.  A cancellation releases you from all or part of your obligation to repay your loan. 

However, you must apply for and receive permission from your loan servicer(s) to obtain a deferment, forbearance, or cancellation and continue making loan repayments until each loan servicer notifies you that your request was approved.

Public Service Loan Forgiveness Program

This program is intended to encourage individuals to enter and continue to work full-time in public service job.  Under this program borrowers may qualify for forgiveness of the remaining balance of their Direct Loans (including Stafford, PLUS and Consolidation Loans) after making 120 qualifying payments on those loans while employed full time by certain public service employers.  Please see the Public Service Loan Forgiveness page from Federal Student Aid for a full description of this program.


If you have defaulted on a federal or MIT loan, all is not lost. You may be able to rehabilitate your loan. Contact your loan servicer or MIT Loan Counselor to discuss rehabilitation.