Financial aid at Massachusetts: MIT is no less than any other university in providing the students with the scholarships and loans to make their dreams come true. MIT has many schemes of funding. It has loans, scholarships and grants. In MIT, there are two kinds of loans: loans based on financial need and that are not. Generally, loans that are based on financial need have lower interest rates and need not be payed back till the completion of the course. Loans based on need are available to any under graduate, graduate and professional student of the institute. Generally, this loan is either issued by the federal government or by MIT.
Loans that are not based on the need are available to both the students as well as to their parents. Generally, here, the interest rates are bit higher than the previous scheme. In this scheme, if the students take the loan they need not repay till they leave the school, but if the parents take the loan, the loan is supposed to be repaid before the student
leaves the school. Furthermore, there are a variety of repayment options like; Standard repayment, Extended repayment, Graduated repayment, Income-contingent repayment, Income-based repayment. For more information, refer to: http://web.mit.edu/sfs/loans/get_a_loan.htm
Scholarships and grants are those funding options that student will avail that are purely merit-based. Occasionally, MIT does consider granting the scholarships on need-based issues. For more information on scholarships, refer to: http://web.mit.edu/sfs/scholarships/index.html MIT also has a facility for on and off campus jobs for students.
To know more, refer to: http://web.mit.edu/sfs/jobs/index.html
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