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Funding and aid: Loans

We assist you with applying for loans from federal and private sources.

Most forms of financial support for students are granted by individual academic departments. However, you may borrow any student loan amount up to your MIT determined cost of attendance less any other resources (department funding, outside fellowships or scholarships, outside sponsors, etc). Graduate students who are U.S. citizens and permanent residents are eligible for all federal and private loan programs. Note that the MIT Executive MBA program does not qualify for Federal Direct Loans or Federal Graduate PLUS Loans.

International students may borrow from private sources, but not from U.S. federal programs.

How to apply

  1. All students who wish to take out an education loan need to complete the Graduate Information Finance Form and submit their Graduate Department Offer Letter via the MIT Online Financial Aid System.
  2. To apply for federal loans, you will need to fill out the FAFSA (Free Application for Federal Student Aid). You are still able to apply for the 2024–2025 academic year, if you have not done so already. The 2025–2026 FAFSA will not be available until December. Students applying for federal loans should submit it as soon as they are able.
Download our graduate loan guide →

Federal loans

Direct Unsubsidized Loan (U.S. graduate students)

A federal loan available to graduate and professional students. You must be enrolled at least half-time to be eligible. The federally-set limit for this unsubsidized loan is $20,500 per year. Visit the Federal Student Aid site for detailed information about interest rates.

Direct Grad PLUS Loan (U.S. graduate students)

A federal loan available to graduate and professional students. You must be enrolled at least half-time, pass a standard credit check, and may not be in default on a prior education loan to be eligible. The maximum annual loan limit is the cost of attendance minus any other financial assistance you receive. Visit the Federal Student Aid site for interest rates or to apply.

Private loans

These are student loans from third-party lenders. Please be mindful when considering private loans as the terms, conditions, and interest rates of these loans are often less favorable than federal loans. Before certifying any private loan that you may take out, our loan counselors will connect with you directly to discuss the implications and terms of the loan.

If you have questions about your eligibility, email us and we’ll be happy to help!

Additional resources

Private Loan Guide: Our loan guide answers many of the questions that students and families have. It contains basic information that may be helpful as you consider whether private loans are right for you.

ELMSelect: Explore the private lenders that eight or more MIT students have borrowed from since 2021, using ELMSelect. ELMSelect is a third-party service that MIT partners with so that we can share the private loan options other students have chosen. You will be able to search for rates and terms to compare loans—it’s free and there is no registration.

Please note: MIT does not endorse any lender on ELMSelect and cannot recommend specific lenders. Students may also choose to use a private lender that does not appear on the list.

Computer purchases

When you take out a loan for your educational expenses, the amount you can borrow is based on the cost of attendance. For first year graduate students, MIT includes a $2,300 allowance for a computer. This allows you to take out a bit more in order to purchase a computer if you need one.

If taking out a loan creates a credit on your student account, you may request a refund and put it towards your computer.

Loaner laptops

If you need to borrow a laptop while your computer order is being processed/shipped, please visit the IS&T website to request a short-term loaner laptop.