Loans

U.S. citizens, U.S. permanent residents, and eligible non-citizens enrolled at least half-time in one of our degree seeking programs are eligible for both federal and private education loans. 

International students are eligible to apply for U.S. private loans. You may also be able to receive education loans from your home country.

U.S. Federal Loans

Federal direct loans are offered to students who complete the Free Application for Federal Student Aid (FAFSA) and meet the eligibility requirements for federal student aid. 

Direct Unsubsidized Loans are fixed rate federal student loans that must be repaid. Direct Unsubsidized Loans are included in your financial aid offer for the maximum amount you are eligible to borrow. The annual loan maximum is $20,500 or your cost of attendance, whichever is less. You may accept, reduce, or decline your loan in your Middlebury Financial Aid Portal.

The Direct PLUS Loan for Graduate Students (Grad PLUS) is a federal loan that must be repaid. The loan is a credit-based, fixed rate loan that enables graduate or professional students to borrow up to annual cost of attendance, less other forms of financial aid. Students may apply with an endorser. While the Direct PLUS Loan is included in your financial aid offer, you must apply and be approved for the loan. You may accept, reduce, or decline your loan in your Middlebury Financial Aid Portal.

Interest and Fees

The interest rates for Direct Unsubsidized Loans and Graduate PLUS Loans are fixed until paid in full, but rates are variable for new loans each academic year. Interest begins to accrue on the Direct Unsubsidized Loans and Graduate PLUS Loans at the time of disbursement. The interest can be paid while in school or the accrued interest will be capitalized (added to the principal balance). For more information, visit Federal Student Aid.

The Department of Education withholds an  origination fee of 1.057% for Federal Unsubsidized Loans and 4.228% for Graduate PLUS Loans prior to disbursement for insurance and administrative fees. 

Repayment

Direct Unsubsidized and Graduate PLUS Loan payments are deferred while the student is enrolled at least half-time, and there is a six-month grace period after the student graduates, withdraws, or drops below half-time before loan payments begin. Both loans offer multiple repayment plan options.

Requirements for Borrowers

• Apply for Federal Financial Aid.
• Accept, reduce or decline your loan(s) in your Middlebury Financial Aid Portal.
• Complete all loan disbursement requirements.

Private Loans

Both U.S. and international students are eligible to apply for private education loans through the lender of their choice. If you are attending one of our non-degree programs, or plan to be enrolled less than half-time, you may also apply for private loans. 

Eligibility

Each lender determines who is eligible for their loans. Private loans typically require a credit check. The maximum loan amount you may borrow is either your cost of attendance minus all other financial assistance you receive or the loan limit established by the lender. U.S. and international students should consider all government and institutional sources of aid before applying for private loans.

Interest Rates and Fees

The interest rate, fees and terms for private loans vary and are determined by the lender.  Students considering a private education loan should carefully consider the terms and conditions of the loan prior to borrowing. 

Repayment

The terms of repayment, such as when loan repayment starts, how interest accrues, eligibility for deferments, grace periods and repayment options vary for private loans and are determined by the lender.  

Requirements for Borrowers

• Explore resources like the U.S. News Loans section for advice on finding the best private student loans for your needs.

  The Institute does not offer a list of preferred lenders. You may choose any lender that participates in the private loan program. The Middlebury Institute of International Studies Office of Student Financial Services does not receive and will not accept inducements from lenders in exchange for promoting a particular loan. In addition, we do not share in the profits from any private student loan.

• Apply for the loan directly with your chosen lender. You can apply for several loans at the same time so that you can compare loan terms.
• When your loan is approved, the lender will send us a request to certify your student loan. All loan funds are disbursed directly to the Middlebury Institute. If your loan amount exceeds your tuition and fees, you will receive a refund from us.

International Students

Most private education loans in the U.S. require an international student to have the support of a cosigner who is a U.S. citizen or permanent resident. If you are an international student seeking to borrow without a cosigner you will find fewer options.

• MPower Financing is one example of a lender listed that does not require a cosigner, however their interest rates and other terms may be less favorable. Certain restrictions apply as noted.

How to Apply

Follow these steps to apply for financial aid at the Middlebury Institute.