Ali Afri, a product manager formerly associated with General Catalyst, has compiled this list of resources for students looking for money. Some are equity free or non-dilutive - others involve traditional equity-based convertible notes. Note that Trust Center does not maintain this list, nor do we endorse any of the funding sources - this link is provided for the convenience of student entrepreneurs only.
MIT students looking for MIT-specific options may find them here.
Finally MIT students may be eligible for the new Sandbox fund that is run by the engineering school.