Federal Pell Grant
The Federal Pell Grant program provides need-based grants to undergraduate students who have not yet received a bachelor’s degree, and who the US Department of Education has determined can only make very low family contributions toward their education. The maximum Federal Pell Grant may increase from year to year if supplemental funds are made available by the US Department of Education. Students receiving Federal Pell Grants must be admitted to an undergraduate degree program and working toward their first bachelor’s degree. They can be enrolled less than half time.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The Federal Supplemental Educational Opportunity Grant is a need-based federal grant available to undergraduate students with the most exceptional financial need who have not yet received a bachelor’s degree. Priority is given to students who are eligible for a Federal Pell Grant, and then to other undergraduate students with the greatest need.
Federal Work Study - General Information
The student employment program at the Monterey Institute allows students to work at part-time, paid positions in administrative and academic departments. Students are allowed to hold more than one position, but are limited to 20 hours per week unless they request and receive advance approval from the Office of Student Financial Planning (OSFP). Student employment positions are paid on a bi-weekly basis, and are intended for use toward living expenses.
Federal Work Study (FWS)
Federal Work Study (FWS) is partially funded by federal monies, and offered to financial aid recipients who are US citizens or legal permanent. These funds are to be used to help defray the cost of your living expenses while you are in school.
Community Service
Community service is a part of the Federal Work Study (FWS) program that allows students to work off-campus with local non-profit organizations. Community service organizations with whom our students are currently working include: the American Red Cross, the World Affairs Council, Friends of the Sea Otter, the Agricultural Land-based Training Association, the Sustainable Base Reuse Institute, TravelingEd, and Monterey County Reads.
Federal Loans - General Information
The Monterey Institute of International Studies offers two federal loan programs: the Federal Family Education Loan (FFEL) Stafford Loan Program and the Federal Perkins Loan Program. FFEL Program loans are made by lenders and guaranteed by a state or nonprofit entity. Perkins loans are made directly by the Monterey Institute of International Studies.
Perkins Loan borrowers must complete a separate loan promissory note which will be provided at the entrance counseling sessions held during orientation. Stafford Loan borrowers must complete a Master Promissory Note (MPN) – if the Monterey Institute of INternational Studies does not have one on file for you, you will be contacted by EdFund to complete one.
If you are a new Stafford Loan borrower at the Monterey Institute, you are required to complete a loan entrance interview before your award can be processed. The federal government requires participation in a loan entrance interview to ensure that you have a full understanding of the obligation you are incurring. The entrance interview will be held during orientation, and will explain your rights and responsibilities regarding your student loan.
Federal Perkins Loan
The Federal Perkins Loan is awarded on the basis of financial need as determined by both FAFSA and the Office of Student Financial Planning. This loan has a fixed interest rate of 5%. No interest accrues on Federal Perkins Loans while you are in school, or during a nine month grace period after you either leave school or cease to be enrolled at least half-time.
Federal Subsidized Stafford Loan
The FFEL Federal Subsidized Stafford Loan is a need based loan made to students through lending institutions such as banks and credit unions. The interest rate on Stafford Loans is variable and reset annually. The interest rate cap is 8.25%. Repayment begins six months after you leave school or cease to be enrolled at least half-time. The interest is paid by the federal government while you are in school and during the six month grace period.
Federal Unsubsidized Stafford Loan
The FFEL Federal Unsubsidized Stafford Loan is a non-need based loan. The federal government does not pay interest for you while you are in school. You may choose to make interest payments while in school, or have them deferred until you begin repayment. The principal balance of your loan is deferred while you are enrolled at least half-time. Interest is normally capitalized when entering loan repayment, thus avoiding the accumulation of compound interest while you are enrolled. Regular loan payments begin six months after you cease to be enrolled at least half-time.
Interest rates have never been lower. At the present time, the in-school interest rate for Stafford Loans is 2.77%, and the rate during repayment is 3.37%
