WASHINGTON — MIT Federal Credit Union has replaced one of the largest banks as a lender for private student loans at the MIT Sloan School of Management.
This past fall, Citibank terminated its no co-signer CitiAssist student loan program, which many international students depended on to fund their education. Many of the top schools across the country such as University of Pennsylvania's Wharton School, Cornell's Johnson School and Harvard Business School were left scrambling to find a loan solution to offer students. So far, MIT Sloan School of Management is the only school that has announced a replacement program.
MITFCU is offering a line of credit as opposed to a loan and now the student only needs to apply once. MITFCU will finance up to $170,000, with zero origination or pre-payment fees, a variable interest rate as low as prime rate + 2%, a 20-25 year repayment period, graduated repayment options and a .25% rate discount for auto payment.
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