We assist you with applying for loans from federal and private sources.
New for the 2026–2027 academic year
Recent changes to the Federal Student Loan programs made in the One Big Beautiful Bill Act (OBBBA) impact the 2026–2027 academic year, effective July 1, 2026. You can read more information on studentaid.gov.
The information below includes OBBBA changes and exceptions impacting the 2026–2027 academic year based on our current understanding of federal guidance as of June 2026. For assistance understanding how these changes may impact your loan eligibility, contact us at getaloan@mit.edu.
Most forms of financial support for graduate students are granted by individual academic departments. However, you may borrow any student loan, within established annual limits, up to your MIT-determined cost of attendance less any other resources (department funding, outside fellowships or scholarships, outside sponsors, etc).
U.S. citizens or permanent residents are eligible to apply for both federal and private loan programs, with the exception of students enrolling in the MIT Executive MBA program.
International students and students enrolling in the MIT Executive MBA program may borrow from private sources, but not from federal programs.
How to apply
- All students who wish to borrow an education loan must complete the Graduate Information Finance Form and submit their Graduate Department Offer Letter via the MIT Online Financial Aid System.
- To apply for federal loans, you must also fill out the Free Application for Federal Student Aid (FAFSA).
Federal loans
Federal loan programs are available to U.S. citizens and permanent residents who are enrolled at least half-time in their academic program.
The information below describes the new limits for the federal loan programs under the OBBBA; some current students may continue borrowing under the previous program limits for a defined period of time under what is called the limited exception.
Visit the Federal Student Aid site for interest rates or to apply for a federal loan. If you have questions about your loan eligibility, contact us at getaloan@mit.edu.
Direct Unsubsidized Loan
The Direct Unsubsidized Loan is an interest-bearing loan. You must be enrolled at least half-time to be eligible, and your loan amount will be reduced if you enroll less than full-time.
Annual Limit: $20,500 per academic year. This annual limit remains unchanged under the OBBBA; however, your loan amount will be reduced if you enroll less than full-time.
Aggregate Limit: $100,000 total. There is a $257,500 lifetime borrowing limit for all Federal Direct Student Loans.
Limited Exception for Aggregate Limits: If you qualify for the limited exception, you may continue borrowing up to the previous aggregate limit of $138,500 for up to 3 years. You may qualify for the limited exception if:
- you remain continuously enrolled in the same program of study at MIT as you were enrolled as of June 30, 2026, and
- you had a Direct Loan (Direct Unsubsidized or Graduate PLUS) disbursed for your MIT program before July 1, 2026.
Direct Graduate PLUS Loan
Effective July 1, 2026, the Direct Graduate PLUS Loan program is closed to new borrowers.
Limited Exception: If you qualify for the limited exception, you may borrow up to the cost of attendance, minus estimated financial aid, with no aggregate limit for up to 3 years. Your loan amount will be reduced if you enroll less than full-time. You may qualify for the limited exception if:
- you remain continuously enrolled in the same program of study at MIT as you were enrolled as of June 30, 2026, and
- you had a Direct Loan (Direct Unsubsidized or Graduate PLUS) disbursed for your MIT program before July 1, 2026.
Loss of Eligibility for Limited Exceptions
You may lose your eligibility for the limited exception for both the Direct Unsubsidized Loan and the Direct Graduate PLUS Loan if:
- You withdraw from your MIT program.
- You cease enrollment for a reason other than an official, approved Leave of Absence (LOA).
- You complete your program of study.
- You do not complete your program of study within the 3-academic-year extension period.
Under these circumstances, you may be permitted to continue borrowing the Direct Unsubsidized Loan under the new limits established by the OBBBA; however, you will not be permitted to borrow the Direct Graduate PLUS Loan.
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 borrow, our loan counselors will contact you to discuss the implications and terms of the loan.
If you have questions about your loan eligibility, contact us at getaloan@mit.edu.
Additional resources
MIT 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.
Short-term 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.