Frequently Asked Questions
On January 2, 2013 the Monterey Institute will begin accepting applications for the need-based grants. The grants are awarded to supplement existing forms of aid for students demonstrating financial need.
Who is eligible?
All prospective, admitted, and returning degree-seeking U.S.and international students are invited to apply. Please note that while prospective students may apply, you must be admitted before we will review your application. Please see the full eligibility requirements here.
How do I apply?
To be considered, all students must register with Need Access (www.needaccess.com) and submit the electronic application. Please note that there is a $28 application fee. We are unable to offer fee waivers. You will need your most recent tax information to complete the Need Access application.
Please note: If you were born after January 1, 1987, you will also need to answer questions regarding your parents' 2012 income and asset information unless you are married or have a dependent. If you are married, you will need to submit income and asset information for your spouse as well.
You are also required to complete the 2013-2014 FAFSA application at www.fafsa.ed.gov
When is the deadline?
We encourage applicants to apply by our February 15 priority deadline using the Need Access form at www.needaccess.com. All funds are available on a first come, first served basis. It is possible to apply after the deadline but there may not be availability of funds. You are required to apply for need-based funding every year, and your financial need will be re-assessed with each application.
How much aid is available for the need-based institutional grant?
Need-based grants range from $1,000 to $5,000. They are awarded in addition to any merit scholarships you may receive, and do not need to be repaid.
How will I know if I am receiving a merit scholarship, and if I should apply for the need-based grant?
If you apply for admission to a Monterey Institute degree program by one of our priority scholarship deadlines, you will automatically be considered for a merit-based scholarship. Scholarship decisions are made and applicants are notified approximately 4 weeks after the deadline. You may also apply for the need-based grant, but these are completely separate review processes.
Why are some students required to submit Parent Tax information?
This information is required for an equitable determination of need based on financial strength of the family. We assess your level of need based on "ability" to pay, not "willingness". Please understand that funds are limited and priority consideration will be given to students with demonstrated financial need.
I am married. Do I need to provide income and asset information for my spouse?
Yes. You must provide this information for yourself and your spouse if you are applying for the need-based grant.
What if my parents are divorced?
Please submit information for the parent who has last claimed you as a dependent on their taxes.
What if my parents refuse to give me their tax information?
Within the Need Access application, your parent may register to submit personal income and asset information that will not be accessible to the student.
Will my financial aid offer be affected if I receive an outside scholarship?
Your financial aid offer may be adjusted if you receive scholarship assistance from another source. You are required to inform our office of the amount and source of any outside assistance received.
What will I be required to submit as an international student?
You will be asked to submit documentation in English from your employer and/or your parents' employer. This letter should include 2012 total earnings including any allowances (e.g. housing, vehicles, retirement).
If I receive a need-based grant, is it renewable for future semesters?
If you receive a need-based grant in the fall semester, it will be renewed for the spring semester provided you are registered as a full-time student. The award is based on full-time enrollment and may be pro-rated if you do not take 11 or more credits. If you start your enrollment in a degree program in the spring semester, the award will not be automatically renewed for the next semester. You will be required to reapply each fall for new funding. Because funding is awarded on a first come, first served basis and because funding is limited, we cannot guarantee that you will receive a need-based grant from one year to the next.