HUMAN RESOURCES at MIT

Educational Loan Plan

Under the Educational Loan Plan, MIT provides loans to eligible employees to help with the cost of providing an undergraduate or graduate college education for eligible dependent children.

Who Is Eligible

You are generally eligible for the Educational Loan Plan if you work at least 50% of the normal full-time work schedule in your department, laboratory or center; (2) are appointed to work at MIT for at least one year; and (3) are paid by MIT.

The following are not eligible: visitors, consultants, contractors, fellows, affiliates, teaching or research assistants, honorary lecturers, post-doctoral trainees, people paid by MITemps and members of the armed services assigned to MIT.

If you are a member of a collective bargaining unit, all the provisions of the Educational Loan Plan are subject to the terms of your collective bargaining agreement.

Learn more about benefits eligibility.

Benefit

If you work full time, the maximum amount you may borrow for the 12-month period beginning July 1 and ending June 30 is:

  • $10,000 if you have one child enrolled in a college or university; or
  • $15,000 if you have more than one child enrolled in a college or university.

Your outstanding balance can be up to $50,000 at any one time. If you work part time, the amounts you can borrow and your maximum outstanding balance are pro rated.

Cost

MIT makes the funds available to you under this program; it is your responsibility to repay any amount you borrow plus interest.

When To Apply

Tenured faculty may apply for the educational loan upon employment at MIT. All other eligible faculty and staff may apply after one year of credited service at MIT.

Please note: Educational Loan Applications are not processed by the Benefits Office. They are administered by Student Financial Services (SFS) as part of their loan services. Mail applications to SFS Manager of Loan Operations, Room 11-120 or call 617-253-3342 with any questions.

This information is intended to be a summary of the Plan. The Plan document contains all the details. If there is a conflict between this summary and the Plan document, the Plan document will control.

MIT expects to continue the Plan as a benefit to employees, but reserves the right to change or terminate the Plan should this become necessary or advisable.

Forms & Publications