Loans are borrowed funds that you repay, usually after you graduate. We assist you with applying for loans from federal and private sources.
| Federal loan changes for the 2026–27 academic year |
|---|
| Changes to the federal loan programs under the One Big Beautiful Bill Act (OBBBA) took effect July 1, 2026, and include: the end of new Grad PLUS Loans, new limits on Direct Unsubsidized Loans, loan proration for less-than-full-time enrollment, a new lifetime maximum limit on all Direct Student Loans, and limited exceptions for continuing borrowers.
Please review our Federal Loan Changes Under OBBBA page to see what applies to you. |
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.
- International students (and students enrolling in the MIT Executive MBA program, regardless of citizenship) may borrow from private sources, but not from federal programs.
How to apply
- Log in to the MIT Online Financial Aid System to complete the Graduate Information Finance Form (GIFF) and submit your Graduate Department Offer Letter.
- To apply for federal loans, you must also fill out the Free Application for Federal Student Aid (FAFSA).
- Your loan counselor will review your application and determine your eligibility for student loans and, if you are a domestic student, Federal Work-Study. You’ll be notified by email when your eligibility is ready to be viewed in the financial aid portal.
- You may now apply for supplemental loans if you have remaining loan eligibility.
Contact us at getaloan@mit.edu if you have any questions about:
- Loan eligibility
- Loan limits
- Repayment options, including loan exit counseling (required if you borrow an MIT or federal loan and graduate, enroll less than half-time, take a Leave of Absence, or withdraw)
- How changes under OBBBA might impact you
Federal Direct Loans
Federal loans are available to U.S. citizens and permanent residents only who are enrolled at least half-time. There is a lifetime maximum limit on all combined Federal Direct Student Loans of $257,500.
Note: Your federal loan amount will be reduced if you enroll less than full-time, and continuing borrowers under the limited exception may be impacted by changes to enrollment status. See Federal Loan Changes Under OBBBA for details, and contact getaloan@mit.edu before reducing your course load, withdrawing, or changing programs to understand how your loan eligibility may be impacted.
Direct Unsubsidized Loan
- Non-need-based student loan with interest accruing from disbursement. Interest can be paid quarterly while you’re in school, which we recommend. Otherwise, unpaid interest is capitalized (added) to your balance when repayment begins six months after you graduate, leave school, or drop below half-time.
- Full-time students may borrow up to an annual limit of $20,500.
- New borrowers (with loans first disbursed after July 1, 2026) have an aggregate limit of $100,000, excluding undergraduate borrowing.
- Continuing borrowers (with loans disbursed before July 1, 2026 and under the limited exception; see Federal Loan Changes Under OBBBA) have an aggregate limit of $138,500, including undergraduate borrowing.
- Visit the Federal Student Aid site for more information about loan limits, interest rates, and repayment options.
Direct Graduate PLUS Loans
- Grad PLUS is closed to new borrowers as of July 1, 2026.
- Grad PLUS is available to continuing borrowers (with Grad PLUS Loan disbursements before July 1, 2026 and under the limited exception; see Federal Loan Changes Under OBBBA).
- Continuing full-time students may borrow up to the cost of attendance minus other aid, with no aggregate limit.
- Visit the Federal Student Aid site to apply for a Grad PLUS Loan.
Private loans
Private loans come from third-party lenders, can be taken out by you or your family, and are not limited by citizenship.
Be mindful that the terms, conditions, and interest rates are often less favorable than federal loans. Before we certify any private loan, one of our loan counselors will connect with you to discuss the terms.
Additional resources
- MIT Private Loan Guide: Answers many common questions about whether private loans are right for you.
- ELMSelect: A free tool to explore private lenders that eight or more MIT students have borrowed from since 2021. MIT does not endorse any lender on ELMSelect and cannot recommend specific lenders, and you may borrow from a lender not 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.