Private Student Loans
Clear guidance and flexible college funding solutions
It's an uncertain world. Many families are facing difficult decisions when it comes to paying for a college education. MIT Federal Credit Union provides guidance and flexible solutions. A certified private student loan from MIT FCU is a line of credit for undergraduate education. The convenience of a line of credit allows you to apply once, then make multiple draws throughout your college career. An annual credit review is performed each May in order to authorize future draw requests.
Student Loan Refinance
Take control of your student loan repayment!
Refinance and consolidate your private and federal student loans (including PLUS loans) into one manageable loan, setting up one convenient payment and potentially lowering your rate.* With rates at historic lows, this could be an ideal time to refinance your student loans and could help you pay off your loans faster.
Student Loan Resource Hub
The process of applying for, receiving, and coordinating student loan funds is a complex one. Our partner, Student Choice provides some clear tips and explanations to assist you as you go through the process. With information ranging from college planning during the pandemic to advice on negotiating with a college for more financial aid, our hub is full of helpful, relevant information.
Flexible College Funding
Apply now, borrow later. We know that determining your fall college funding needs may be a challenge. Don’t worry – with our private education line of credit, we’ve got you covered. Even if you’re unsure of the college, you’ll be attending or the exact loan amount you may need, you can establish your private education line of credit today. Then, once you finalize your plans, you can come back to request the exact funding you need.
Personalized Support
Our College Access & Repayment Counselor can provide personal, one-on-one consultation for all your financial aid questions. Whether you’re a parent, high school student, or college graduate entering loan repayment, our counselor can walk you through the necessary steps to make smart decisions about paying for college – and beyond.
Email or Set Up an Appointment
Don’t delay. Get started today with a student loan application today!
Tuition Assistance Loan
Are you taking a course that's being reimbursed by your employer? Our Tuition Assistance Loan can assist you in meeting your educational goals.
Check out our Student Loan FAQs below:
Student Loans
- What is a private student loan?
- What steps should I take when requesting financial aid?
- What type of student loan is offered by MIT Federal Credit Union?
- How is a line of credit different than a traditional loan?
- What exactly is the "certification" process and how does it affect me?
- What expenses are covered by this loan?
- How do I determine the amount of my private student loan?
- What are the loan limit amounts?
- Is a co-signer required?
- What schools are eligible for this loan?
- What schools are not eligible for this loan?
- What other requirements are needed?
- Do I need to be an MIT FCU member to be eligible for a private student loan?
- Is there any way to reduce the interest rate?
- Is there a loan origination fee?
- Are there any fees?
- How do I apply for an MIT FCU private student loan?
- What happens after I've been approved?
- How quickly can I get the funds?
- What are the repayment terms of the loan?
- Is there a prepayment penalty?
- Can the co-signer ever be released from the loan?
- What is the interest rate on the loan and how is it determined?
* Subject to credit qualification and additional criteria, including graduating from an approved school.
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