Frequently Asked Questions
Find answers about financial aid at the Monterey Institute.
As an international student, can I apply for a private loan to cover my tution and living expenses?
You can apply for private education loans with a US citizen or permanent resident co-signer. If you meet specific conditions, you may qualify for a private loan as an individual, without a co-signer. In this case, you must demonstrate at least three years of credit history and earn a minimum credit score.
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.
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. Visit our blog for more scholarship resources.
I only want to apply for a Monterey Insitute 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.
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.
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 Attendence - Expected Family Contribution = Need. Read more about eligibility requirements.
If I haven't completed my taxes, can I complete the FAFSA application?
Yes, you may estimate income and tax information on the FAFSA application, and we will issue you an estimated financial aid award letter. You must then update the FAFSA with accurate tax information before we finalize your award letter. Please consult these directions for more details about the process.
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.
Will I need to reapply for financial aid each year?
You must apply for financial aid each year. Please complete both the FAFSA and Monterey Institute Financial Aid applications by March 15th - just like last year!