Is financial aid available from the Monterey Institute for my fifth year?
Yes. However, financial aid for graduate programs is different than financial aid for undergraduate programs. In general, graduate students are presumed to be making an investment in their future careers. Therefore, they generally contribute some of their own funds - whether out of pocket or through education loans - toward their degree.
There are four main differences between federal financial aid at the undergraduate and graduate level:
- At the graduate level, your income only is considered when determining your eligibility for federal aid. You will not need to include your parent’s information on the FAFSA.
- There are no federal grants for graduate students.
- There is no expectation of paying your expected family contribution (EFC) out of pocket. You can elect to borrow non-subsidized loans to cover the expected family contribution.
- The federal loan limits are higher for graduate students.
Learn more about financial aid at the Monterey Institute.