What steps should I take when requesting financial aid?
1. Fill out the FAFSA online at www.fafsa.ed.gov
Please note that even though the FAFSA form is not part of the MITFCU private student loan application process, it is required for the school certification process of the loan. If you need further assistance when completing the FAFSA, please consult your school’s financial aid office.
2. Find out what scholarships you may be eligible for (check with your financial aid office for scholarship
listings) and then apply for as many as you can.
Free money is always best so make sure you fully research scholarships and grants – you may be surprised at how many scholarships are available! While many will not pay for your entire tuition, every little bit you don’t have to borrow helps.
3. Take the maximum amount of Federal Stafford Loans before applying for alternative loans.
These loans are the most student-friendly. The government caps the interest rates and pays the interest for students on
subsidized loans while in school.
4. Choose a lender carefully if an alternative or private student loan is required.
Ask questions and look at interest rates, origination costs and terms carefully. This is a long-term relationship and this
loan will need to be repaid once you graduate or withdraw from school. MIT Federal Credit Union is proud to partner
with Credit Union Student Choice in offering certified private student loans.
- What is a private student loan?
- Do you offer Student Loans?
- Does the credit union offer student loans?