Middlebury Institute of International Studies at Monterey

Find answers about financial aid at the Institute.

What are the annual Stafford Loan limits?

Stafford loans are U.S. federal loans offered at a low interest rate to graduate and undergraduate students.

Stafford Loans Overview

  • Unsubsidized loans for graduate students
  • Subsidized or unsubsidized loans undergraduate students
  • Interest Rate: 5.31% (Fixed) for loans with a first disbursement on or after July 1, 2016
  • Grace Period: 6 months
  • 1.068% origination fee
  • Maximum Award: $20,500 per academic year for unsubsidized loans

Graduate vs. Undergraduate Students

If you're enrolled in a graduate program, you'll only be eligible for unsubsidized loans. Your interest accumulates (unless otherwise paid) during enrollment and will be capitalized upon entering repayment. Stafford loans are available to students regardless of income.

Subsidized loans are available for our undergraduate or summer language students. They're need-based, and the federal government pays the interest while you're enrolled at least half-time.

Annual Stafford Loan Limits

Base Amount  
Additional Unsubsidized

Dependency Status

All Students

Dependent Students (Whose parents can borrow PLUS loans)

Independent Students and Dependent Students (Whose parents cannot borrow PLUS)
1st year Undergraduate $3,500 $2,000 $6,000
2nd year Undergraduate $4,500 $2,000 $6,000
3rd year and beyond Undergraduate $5,500 $2,000 $7,000
Graduate/Professional n/a n/a $20,500

Aggregate Stafford Loan Limits

Dependency Status

Maximum Subsidized & Unsubsidized
Dependent Undergraduate $23,000 $31,000
Independent Undergraduate $23,000 $57,500

Graduate/Professional (Includes amount borrowed as an undergraduate student)

$65,500 $138,500
Will I qualify for a Graduate Plus Loan?

Graduate PLUS loans are U.S. federal loans based on your credit history, not financial need.

Graduate PLUS Loans Overview

  • Unsubsidized loans for graduate students based on your credit worthiness
  • Interest Rate: 6.31% (Fixed) for loans with a first disbursement on or after July 1, 2016
  • Interest begins to accrue at the time of disbursement
  • Grace Period: None (You may request a six month deferral from the lender.)
  • 4.272% origination fee
  • Maximum Award: No limit

The interest from Graduate PLUS accrues during enrollment and will be capitalized upon entering repayment. As long as you remain enrolled at least half-time in your program, the principal balance will be deferred.

Your Credit History

Graduate PLUS loans aren't based on financial need. They're issued based on your credit history, regardless of your income.

If you have adverse credit history, as determined by the U.S. Department of Education, you may:

  • Document extenuating circumstances
  • Obtain an endorser

Borrowers who are determined to have adverse credit but qualify for a Grad PLUS loan based on extenuating circumstances or obtaining an endorser must complete Entrance Counseling at studentloans.gov

Am I eligible for U.S. federal financial aid?

You're eligible for U.S. federal financial aid if you are:

  • A US citizen, permanent resident, or eligible non-citizen with a valid Social Security Number
  • Admitted to a degree-seeking program
  • In good standing on previous student loans (not in default)
  • Enrolled at least half-time
  • Registered with the U.S. Selective Service, if required
  • Maintaining satisfactory academic progress
Is financial need a requirement to receive aid?

You can receive certain types of aid without demonstrating financial need. For example, all eligible students may borrow Unsubsidized Stafford, Graduate PLUS, and private education loans to cover the cost of attendance. Graduate PLUS and private loans are granted based upon your credit history.

Are there grants available?

We offer a limited number of need-based grants of up to $4,000. These grants are awarded in addition to merit and need-based scholarships and do not need to be repaid.

Should I apply for outside scholarships?

We highly encourage all students to apply for outside scholarships. There are numerous websites, organizations and companies that offer scholarships.

As an international student, am I eligible for US federal financial aid?

Unless you are an eligible non-citizen, you do not qualify for US federal financial aid. However, if admitted, you may qualify for our merit scholarships, private educational loans, and federal aid from your home government.

As an international student, can I apply for a private loan to cover my tuition and living expenses?

You can apply for private education loans with a US citizen or permanent resident co-signer.

When can I apply for financial aid? Should I apply before I receive a letter of acceptance?

You may apply for financial aid any time after October 1st, even before we notify you of our admissions decision. However, we only consider admitted students for financial aid.

Can I apply for financial aid during the academic term or year?

You may complete the financial aid application process throughout the academic year, but not after the semester. However, for priority consideration, please complete the FAFSA application by March 15 each year. If you miss the priority deadline, you will still receive an award letter, but you may not receive the best forms of financial aid available.

Will I need to reapply for financial aid each year?

You must apply for financial aid each year. Please complete both the FAFSA and the Institute Financial Aid application by March 15th to be considered for all forms of aid.

I only want to apply for a MIIS Merit Scholarship. Should I complete the FAFSA application?

You do not need to complete the FAFSA application to apply for our merit scholarships. However, need-based scholarships from outside sources may require you to submit the FAFSA.

If I haven't completed my taxes, can I complete the FAFSA application?

Beginning with the 2017-18 FAFSA, students will be required to report income information from an earlier tax year. For example, on the 2017-2018 FAFSA, students will report their 2015 income information, rather than their 2016 income information. All students should have been able to complete their prior-prior year taxes by the time you complete the FAFSA.  Please consult these directions for more details about the process.

What is the Expected Family Contribution (EFC)?

The Expected Family Contribution refers to the amount you're expected to contribute to tuition and/or related expenses, as determined by the FAFSA application process. The remaining balance becomes your financial need. We determine your eligibility for US federal financial aid based on this formula: Cost of Attendance - Expected Family Contribution = Need. Read more about eligibility requirements.

I submitted a FAFSA application at least four weeks ago, but I have not received a Student Aid Report (SAR)? Who should I contact?

Please check your online account to ensure your FAFSA was submitted successfully, or contact the US Department of Education's Public Inquiry Contractor: 1.800.4FED.AID (1.800.433.3243).

After I've completed all that paperwork, what's next?

When you've completed the first two steps of the financial aid application process, we will review the application materials of all admitted students. Generally, we will review your application materials for two weeks before issuing an award letter. However, during peak periods, this process could take longer.

How will the Office of Student Financial Services contact me? Where will my award letter be sent?

We will contact you via the e-mail address reported on the FAFSA application. Please use an e-mail address that you check regularly.  We will use this email address to contact you for additional information and send you additional application materials, as well as the award letter. 

Is financial aid available for a computer purchase?

Through the Computer Purchase Program, you may receive a one time education loan, a maximum amount of $2,000, to purchase a computer, printer, and software.

How do I pay my bill online or setup an authorized payer?

You can view your statement and make payments electronically with a credit card (MasterCard, Visa, American Express or Discover) or E Check (checking account) by logging into Nelnet Business Solutions once you receive the initial login email.

For more detailed information with regards to Nelnet Business Solutions, including how to setup an authorized 3rd party payer, please click here.

Note to all Incoming MIIS students: Your statement will not reflect any tuition charges until after your register, although you may see your pending financial aid.

How do I make a payment on behalf of a student?

You may make payments directly with our cashier with the student's ID number and the amount you would like to pay by one of the following options:

  • Electronic check
  • Credit Card (Mastercard, Visa, American Express, and Discover)
  • Print a paper copy of the bill and mail your payment to the address provided on the statement

To make a payment online using our Nelnet Business Solutions system, the student will have to authorize you and you will have to create a login before having access.

For families who need to make a payment by check, please make payable to-

Middlebury Institute of International Studies

Cashier's Office
460 Pierce Street
Monterey, CA 93940

Do you offer Direct Deposit?

Yes. To sign up, please view and/ or download these step by step instructions.