Educational Loan Plan

Educational Loan Plan

MIT offers loans to eligible employees to help offset the financial burden of providing an undergraduate or graduate college education to eligible dependent children.


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, are appointed to work at MIT for at least one year, and are paid by MIT. Learn more about eligibility.

Time to enroll: Whenever you are eligible — no need to wait for annual Open Enrollment.

Next Steps

  1. Review the details below to make sure you are eligible to receive this benefit.
  2. Submit the Educational Loan Plan Application (below).

How the Plan Works

  • 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
    $15,000—if you have more than one child enrolled in a college or university
  • Your outstanding balance may not total more than $50,000 at any one time. If you work part time, both the amount you can borrow and your maximum outstanding balance are prorated.
  • The loan rate is reviewed four times a year — January, April, July, and October. When the interest rate goes up or down by .5%, the new rate will apply to any outstanding loan balance.
  • Changes in the interest rate will apply to any loan balance outstanding at the time the rates are adjusted.
  • The interest rate is intended to equal the cost to MIT to borrow the necessary funds to support this plan.
  • MIT makes the funds available to you under this program. It is your responsibility to repay any amount you borrow plus interest.

More on Eligibility

Who is eligible

  • you work at least 50% of the normal full-time work schedule in your department, laboratory, or center
  • you are appointed to work at MIT and have been employed for at least one year
  • you are paid by MIT

Who is Not Eligible

  • visitor
  • contractor
  • fellow
  • affiliate
  • teaching or research assistant
  • honorary lecturer
  • post-doctoral trainee
  • consultant
  • paid by MITemps
  • student in a work-study program
  • member of the armed services assigned to MIT
  • family member who is not employed by MIT

Tenured faculty

Tenured faculty may apply for the Educational Loan Plan upon employment at MIT and are not subject to the one-year waiting period.

Members of collective bargaining units

All the provisions of the Educational Loan Plan are subject to the terms of your collective bargaining agreement.

How to Apply

Educational Loan Plan applications are not processed by the MIT Benefits Office. The loan is processed by Financial Aid Delivery in Student Financial Services. Mail your application to Room 11-120, attention MIT Education Loan Administrator or contact Keith Curtis Dimalanta at 617-253-3342.


Review the Educational Loan Plan section of the comprehensive Children's Scholarship Plan Booklet (below) for full details about this plan. Still have questions? Contact the Benefits Office.

Forms & Publications

Educational Loan Plan Forms & Publications

Educational Loan Plan Applicationpdf
Children's Scholarship Plan Bookletpdf