Basic Checking Offers Special Benefits Just for Students
We recognize that for students, it is critical to develop excellent financial habits and skills. In many cases, these skills are a work in progress. At MIT FCU, we understand your unique banking needs and we know the benefits we're offering to students as part of our Basic Checking account keep those needs in mind. And don't forget! We're also here for families, supporting their students as they take on this new chapter of adulting. An account with MIT Federal Credit Union means you have a financial resource available to you at all times. To help you easily transfer money in and out of your account, provide a small emergency loan when needed, or even just to provide direction when financial questions arise. As the financial partner of the MIT community, we're excited to introduce the new benefits offered with our Basic checking account for students from 16 up to 23 years of age. We're commited to helping our students and their families live their best financial life.
Benefits to Help Your Wallet
- 1 free incoming wire per semester
- No fee for overdrafts under $10.00
- Up to 8 free withdrawals/month at any ATM
- Free replacement Mastercard debit/ATM card (up to 2 free per year)
- Free cashier's checks
- No minimum balance
Convenience You'll Love
- Over 30,00 ATMs and 5,000+ Branches available across the country
- Express Payday – Receive ACH Direct Deposits (including paychecks via ACH) up to 48 hours earlier
- Person to Person Transfers
- Remote Deposit Capture
- Card Control for alerts and card activation/deactivation
- Money Management Tool - Set and track goals, monitor spending, and oversee all of your accounts.
Private student loans help students fill the funding gaps that federal aid can leave behind. Private loans should only be used when all federal aid and low-cost sources of funding have been exhausted. Student loans are held in the name of the student and, unlike Stafford loans, often require a co-signer. They are issued by private lenders and are not guaranteed or subsidized by the government. The interest rate is based on the student’s credit and/or the credit of any co-signers they have on the loan. MITFCU is pleased to offer a private student loan product.
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.
A certified private student loan from MITFCU is a line of credit for undergraduate education.
Providing incredible convenience, a line of credit allows you to apply once and then make multiple draws throughout your
college career. An annual credit review is performed each May in order to authorize future draw requests.
All requested draw amounts are certified by your school. During the certification process, your school will:
- Verify your enrollment
- Ensure that the amount you have requested meets your financial need based on the school’s cost of attendance and the other financial aid you’ve received
- Indicate when the loan funds should be disbursed
After the loan has been certified, the funds will be disbursed directly to your school. If funding is sent electronically, the
deposit will be handled directly by the school.
Like a federal student loan, an MITFCU private student loan is meant to cover costs included in your school’s Cost of
Attendance estimates. This typically includes tuition, fees, books, room and board, and other related expenses.
The amount of your private loan should be based on the cost of attendance minus the other financial aid (federal loans, scholarships, grants, etc.) you have already received.
The minimum loan amount is $1,000. The maximum loan amount (throughout your college career) is $75,000.
Yes! As a parent of an MIT Student, you are eligible to join the credit union exclusive to the MIT community and take advantage of all the great benefits of membership!
Possibly. Here are some things to consider...
- Joint owners have easy access for deposits/withdrawals, and transfers.
- Shared Branching means access to a branch in or near your hometown
- You’ll have online account access via e-Branch and remote deposit for check deposits.
Consider opening your own membership to have all these options and more!
That is a personal choice, but may be required to qualify if the student does not have sufficient verifiable income. Students under the age of 21 may apply for the card, but applicants must be able to demonstrate an ability to pay, or include a co-signer with sufficient income.
Yes! We offer an alternative student loan to help fill the funding gaps that federal aid can leave. By partnering with Credit Union Student Choice, we are able to offer members low cost financing options that can help your student achieve his or her dream of a higher education.
Yes! Members can access their accounts 24/7 by using any of our convenient electronic services.
You'll have access to manage and transfer funds, control card usage, deposit checks, all from the convenience of your smart device or computer. Anywhere, anytime.
While being a joint owner is the easiest way, there are several ways to deposit funds into your student’s account:
- Domestic & International Wires
- We do not charge for an incoming wire. See our Wire transfer instructions
- Mail deposits to our office at 70 Westview St., Lexington, MA 02421. Please be sure to include a note with the member’s name, account number, and account for deposit (Checking or Savings).
- Remember, please do not send cash in the mail.
- Shared Branch Options
- Deposits, withdrawals, loan payments and more can be made at any credit union that participates in our Shared Branching Network. That means a non-MIT FCU credit union can make transactions for you directly to your student's accounts. Visit our ATM/Branch Locator to find the one nearest you.
- Become a member! Cross account transfers make it easy to move funds between accounts, and easily deposit money into your student's account.
Yes! We have two branches, and multiple ATMs on campus in Cambridge, and one branch with two ATMs at the MIT Lincoln Laboratory in Lexington. We are also a part of CO-OP Network offering multiple additional ATMs at 7-Elevens, and other locations both on campus and around the country.
Membership is available to any MIT Staff, Faculty, Students (grad and undergrad) and many businesses affiliated with MIT. We also offer membership to a number of businesses in the Kendall Square area.
If you qualify for membership, that means the following family members also qualify: spouse, child, sibling, parent, grandparent, grandchild, stepchild, step-sibling, stepparent, and adoptive relationships. Spouses of persons who died while within our field of membership are also eligible.
In addition, people living in the same household with eligible members are eligible for membership.
Joining the credit union? Why not make it a family event? We've got financial education opportunities for pre-school through college, lots of great resources to assist with financial decisions at every stage of life, and no matter where you go, your account is accessible 24/7 via online, mobile and through CO-OP Network and Shared branches around the country.
It's easy to become a member:
You will need:
- Valid Government issued ID #
- Date of Birth
- Valid Social Security #
- Address, e-mail address and phone number
- MIT ID (if applicable)
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