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 impacting the 2026-2027 academic year, and explains certain exceptions to the law. For assistance understanding how these changes may impact your loan eligibility, contact us at getaloan@mit.edu.
Information about borrowing
Most forms of financial support for 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).
Graduate students who are 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. This program does not qualify for federal loans, but students in this program may apply for private loans.
International students 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 FAFSA (Free Application for Federal Student Aid).
Federal loans
The new law allows some current students to continue borrowing under the previous program limits for a defined period of time. This treatment is called the ‘limited exception’, and the information below describes the new rules and limited exceptions for the federal loan programs.
Direct Unsubsidized Loan (U.S. graduate students)
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
The annual limit for the unsubsidized loan is $20,500. This annual limit remains unchanged under the OBBBA, however, your loan amount will be reduced if you enroll less-then full-time.
Aggregate Limits
The new borrowing limits for the Unsubsidized Direct Loan are:
- $100,000 total borrowing
- $257,500 lifetime borrowing for all Federal Direct Student Loans
Limited Exception for Aggregate Limits
You may continue borrowing up to the previous aggregate limit of $138,500 under the limited exception for up to 3 years 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 disbursed (Direct Unsubsidized or Graduate PLUS) for your MIT program before July 1, 2026
Direct Grad PLUS Loan (U.S. graduate students)
Effective July 1, 2026 the Graduate PLUS Loan program is closed to new borrowers. You may qualify for a limited exception, allowing you to borrow Grad PLUS for a limited period of time in your MIT program.
Limited Exception for Grad PLUS Loan
For up to a maximum of three years, under the limited exception, you may borrow up to the cost of attendance, minus estimated financial aid, with no aggregate limit. 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 disbursed (Direct Unsubsidized or Graduate PLUS) for your MIT program before July 1, 2026
Loss of Eligibility for the Limited Exception for Direct Unsubsidized and Grad PLUS
You may lose your eligibility for the limited exception for both the Direct Unsubsidized Loan and the Grad 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 three 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 Grad PLUS loan, as the program is eliminated effective July 1, 2026.
Interest rates and Fees
Visit the Federal Student Aid site for interest rates or to apply.
If you have questions about your loan eligibility, contact us at getaloan@mit.edu.
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 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.