Loans

Loans

Federal and private education loans help our students pay their tuition and living expenses. U.S. students may receive both federal and private education loans.  International students are not eligible for U.S. federal loans but may obtain private loans.

Applying for Loans

U.S. students may receive both federal and private education loans.  International students are not eligible for U.S. federal loans but may obtain private loans.

We encourage you to borrow only the amount necessary to cover educational expenses.  You cannot borrow more than the cost of attendance.  All loans must be paid back with interest.

All federal student loans are required by law to provide a range of flexible repayment options, including but not limited to: income-based repayment and income contingent repayment plans, and loan forgiveness benefit which other student loans (private and institutional) are not required to provide.

Any student applying for a Subsidized Stafford, Unsubsidized Stafford, and Graduate Plus Loan are required to sign a Direct Stafford Loan Master Promissory Note (MPN) before any future loan funds can be disbursed to them.  To sign the MPN, go to http://www.studentloans.gov.  For assistance with the online MPN, please visit our Direct Loan tutorial.

Types of Federal Loans

Stafford Loans

There are two types of Stafford loans, subsidized and unsubsidized.  The subsidized loans are need-based, and the federal government pays the interest while you're enrolled at least half-time.  For unsubsidized loans, which are not need-based, the interest accumulates (unless otherwise paid) during enrollment and will be capitalized upon entering repayment. Federal Direct Unsubsidized Loans are available to students regardless of income.

  • Interest Rate: 6.21% (Fixed) for loans with a first disbursement on or after July 1, 2014
  • Grace Period: 6 Months
  • 1.072% origination fee
  • Maximum Award: $20,500 for Unsubsidized Loans

Note: Effective July 1, 2012, graduate students will no longer be eligible to borrow Subsidized Stafford Loans. The full $20,500 in Stafford Loans will be Unsubsidized.

Graduate PLUS Loans

These loans are not based on financial need and are issued based on your credit history, and are available to students regardless of income. The interest which accrues during enrollment and will be capitalized when entering repayment. The principle balance is deferred as long as you remain enrolled at least half-time.
 
  • Interest Rate: 7.21% (Fixed) for loans with a first disbursement on or after July 1, 2014
  • Grace Period: None (You may request a six month deferral from the lender.)
  • 4.288% origination fee
  • Maximum Award: No Limit

Annual Stafford Loan Limits

                                                  Base Amount                          Additional Unsubsidized

All Students

Dependent Students

(Except students whose parents cannot borrow PLUS)

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 $8,500 n/a $12,000

Aggregate Stafford Loan Limits

Dependency Status

Subsidized

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

Perkins Loans

Perkins is a federal need-based loan administered by the Monterey Institute of International Studies.  We have very limited funding of the Federal Perkins loan and it is awarded to students when funding is available to the highest need students.  The interest rate is fixed at 5% and is considered a subsidized loan.  Accrual of interest as well as repayment of interest and principal, begin 9 months after you graduate, or cease to be enrolled at least half time.  The Terms and Conditions of the Perkins loan are made available to students online when signing the Perkins Promissory Note. 

Private Loans

Private loans can have either fixed or variable interest rates, which can increase or decrease over time depending on market conditions. They have a range of interest rates and fees which is based on the borrower's credit rating. You should determine the interest rate of and any fees associated with the loan before accepting it. Loan fees vary by lender. U.S. students should consider all federal, state, and institutional sources of aid before applying for private loans.

Students attending our language or non-degree programs may also apply for private loans.  You would first need to complete our online financial aid application to receive an award letter offer for the private loan.  You would then apply for the private loan with a lending institution of your choice. For more information on private loans, and to view a list of all lenders participating in the student loan program, please visit this external site on private lenders.

The Monterey Institute does not offer a list of preferred lenders. If you need help selecting a lender, please refer to our online list of things to consider when choosing a lender. You may choose any lender that participates in the private loan program. The Monterey 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, the Monterey Institute does not share in the profits from student loans. Borrowers are welcome to choose any participating lender.

If you have any questions you should contact the lender of the private loan or, the Office of Student Financial Services at finaid@miis.edu, or 831-647-4119.

Computer Purchase Program

You may request a one time loan through our Computer Purchase Program for as much as $2000 for the purchase of a laptop during your academic career.  Please submit the receipt after you purchase the laptop. If you need the funds in advance, complete this Increasing the COA for Laptop Purchase Form. Please remember that financial aid funds are not distributed before the first day of classes. In certain cases, we may increase your financial aid in the form of Graduate PLUS or Private Loans. These loans are based on your credit history, so please consider this in your decision-making process.