Effective 3/18/20, our branches are closed. Our Tech Square branch is available by appointment for emergency transactions Monday – Friday 10 am – 2 pm. Please call 617-253-2845 for an appointment. Please visit MITFCU.ORG/COVID19 for more information.

Pandemic-Related Financial Support
Pandemic-Related Financial Support

MIT Federal Credit Union has options if you are impacted by pandemic-related financial hardship

No Fee Skip-a-Pay Options

Emergency Fund Loans - up to $5,000

Skip-A-Pay Options

With no fee involved, you can skip a payment on a consumer loan if you are experiencing financial hardship due to COVID-19.

Please use the form linked to in the column below to apply for Skip-a-Pay on consumer/personal loans (credit cards not eligible).

If you are having difficulty making student loan payments at this time, please email cucollections@mit.edu. Please do not include member #s, social security #s, or loan numbers in your email. 

Emergency Fund Loan

A loan created to assist those negatively impacted by COVID-19.

-   Maximum loan amount $5,000.

-   0.0% APR for 60 days.* If loan is not repaid in 60 days, balance will be applied to
  standard personal loan rate and terms.*

Email us today to discuss this option: loans-mitfcu@mit.edu

Requirements for Skip-a-Pay
  1. Must be an existing member of the credit union
  2. Must be in good standing with the credit union (no current deliquencies or negative deposit accounts)
  3. Verification that income has been negatively impacted (out of work, no paycheck, etc)
  4. Apply for Skip-A-Pay for consumer/personal loans (credit cards not eligible)
  5. If you are having difficulty making student loan payments at this time, please email cucollections@mit.edu. 
  6. If you are impacted by COVID-19 and are having issues mortgage and/or home equity loans, please email mortgage-mitfcu@mit.edu. 
  7. Please do not include member #s, social security #s or loan #s in your email.
Requirements for Emergency Fund Loan
  1. Must be an existing member of the credit union
  2. Must be in good standing with the credit union (no deliquencies or negative deposit accounts)
  3. Verification that income has been negatively impacted (out of work, no paycheck, etc)
  4. FICO credit score must be 620 or above
  5. Email loans-mitfcu@mit.edu to apply for the Emergency Fund Loan
MIT FCU is Supporting Our Community
  • Read more and stay up to date on how we are supporting our community
  • Effective March 19, 2020 our branches are closed until further notice
  • One on one appointments are available at our Tech Square office Monday - Friday, 10 am - 2 pm. These should be for urgent transactions that cannot be completed online or via our mobile app. We are restricting these visits to minimize the number of people in the branch, and to protect our employees and members. Please call 617-253-2845 if necessary to schedule

*APR = Annual Percentage Rate. 0.00% APR is for a 60-day loan term with no periodic payments, and one “balloon payment” payment equal to the original balance of the loan on the 60th day. Payment example for a 60-day 0.00% APR term loan is one payment of $1,000 per $1,000 borrowed. No pre-payment penalty. If the loan is not paid in full by the 60th day, the borrower may request that the balance be applied to a personal term loan with no additional credit application. Please see mitfcu.org/rates for available rates and terms. Offer is valid from 3/20/2020 and may be terminated at any time without prior notification.