Private Student Loans for college and grad school
Finance an undergraduate or graduate degree with 24/7 support from a trusted local lender.
Private Student Loans to fill the gap
If your financial aid package, savings, and federal loans are not going to cover the full cost of your education—you are not alone. Many students and families find themselves needing help to fill the gaps. That's why we've partnered with Student Choice to offer competitive rates and support that goes beyond the loan.
Why get a private student loan?
Unlike traditional lenders, credit unions aren’t focused on maximizing revenue per borrower. MIT Federal Credit Union is a not-for-profit institution owned our members. That means we prioritize service, transparency, and long-term value—not just sales.
Private loans are not offered through the federal government, so it's important to look for a loan program from an institution you trust, like MIT FCU. Unlike federal student aid, private loans are not guaranteed or subsidized by the government. Instead, they are based on the credit score of the student and/or the credit score of any co-signer on the loan.
What do I need to apply for a private student loan?
- Personal information (such as name, date of birth, Social Security number)
- Sufficient income information for either the borrower or cosigner (if applicable)
- School enrollment information, if known
- Amount needed for your current school term
If applying with a cosigner, you’ll want to have them present. The cosigner will also need to provide the same type of personal information as the student borrower. If they cannot be present, you should have their primary email address on hand—we’ll send them a notification to input their information.
Here's how it works
The borrower and co-applicant (if applicable) must be a member of the credit union. To expedite funding, visit a branch or apply online to open your membership account while your loan is being processed. Processing times vary based on time of year, document submission, and the school’s own certification process. In general, you can expect the process to take anywhere from 5-45 days, depending on the documentation available.
Explore more free resources
At MIT Federal Credit Union, we partner with Student Choice to offer innovative, fair-value student lending options. We also offer personal, one-on-one consultations for all your financial aid, repayment, and refinancing questions.
| Product | Term | APR1 80 | Estimated Monthly Payment per $100080 | Apply Now |
|---|---|---|---|---|
| Personal Loan + Co-Application/Guarantor Loan | 12 Months | 8.50% | $87.21 | Apply now |
| 24 Months | 8.75% | $45.47 | Apply now | |
| 36 Months | 9.00% | $31.80 | Apply now | |
| 48 Months | 9.25% | $25.00 | Apply now | |
| 60 Months | 9.50% | $21.00 | Apply now | |
| Tuition Assistance Loan | 12 Months | 8.50% | $87.21 | Apply now |
| Overdraft Protection Line of Credit | Line of Credit | 10.00% | N/A | Apply now |
| Fuel Assistance Loan | 12 Months | 6.50% | $86.29 | Apply now |
| Express Loan | 12 Months | 17.75% | $91.56 | Apply now |
| Accessibility Lifestyle Loans | 12 Months | 8.00% | $86.99 | Apply now |
| 24 Months | 8.25% | $45.34 | Apply now | |
| 36 Months | 8.50% | $31.57 | Apply now | |
| 48 Months | 8.75% | $24.77 | Apply now | |
| 60 Months | 9.00% | $20.76 | Apply now | |
| Rental Assistance | 12 Months | 8.25% | $87.09 | Apply now |
| 24 Months | 8.50% | $45.45 | Apply now | |
| 36 Months | 8.75% | $31.68 | Apply now |
The Credit Union Difference
We are not a bank, and that's an advantage for our members. As a credit union member, here's how you benefit.
At credit unions, members are owners; we answer to them, not investors. Each member has equal ownership.
Thanks to the CO-OP branch network, you can access over 30,000 fee-free ATMs and over 5,600 branch locations nationwide.
Credit unions are not-for-profit cooperatives that give back to their members with great savings rates and lower loan rates.
Throughout the history of U.S. credit unions, taxpayer funds have never been utilized to rescue a credit union.
Credit union deposits are insured up to $250,000 by the National Credit Union Administration (NCUA), a federal government agency.
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