Throughout your Monterey Institute education, it's important to stay in touch with the financial aid office. Keep us apprised of any change in your plans. Submit forms accurately and on time. Contact us immediately if there are problems with your aid package.
The most important single source of funding is the U.S. Title IV Federal funding program.
To receive financial assistance under Title IV Federal funding programs while attending the Monterey Institute of International Studies, you must:
1. Be a citizen, legal permanent resident, or qualified refugee of the
2. Be enrolled at least half-time (except for some undergraduate grants) as a degree-seeking student in a Monterey Institute program.
3. Complete the required documents: The Monterey Institute of International Studies' institutional financial aid application, and the Free Application for Federal Student Aid (FAFSA)
4. If you were previously in default on a student loan, or owed a refund or repayment of a grant or loan, and have made satisfactory payment arrangements with the lender/provider, you must submit proof of that arrangement and your re-eligibility for aid each time you request aid the Monterey Institute.
Complete your FAFSA by March 15th. If you miss this deadline you will still be considered for financial aid. However, to receive the most favorable aid package and to ensure you receive your award letter at the earliest possible time, we strongly recommend you apply as early as possible.
You can use your federal PIN to apply on-line. You should go to the US Department of Education 's Free Application for Federal Student Aid (FAFSA) website to begin the process. This is the fastest way possible to apply. We strongly recommend you complete the application as soon after January 1st.
The basic application used to apply for financial aid at any school in the nation is called the FAFSA: Free Application for Federal Student Aid. This application is used to apply for federal, state, and institutional sources of financial aid. If you cannot apply online, you may obtain a paper FAFSA from the Monterey Institute of International Studies or by calling the U.S. Department of Education directly at 1-800-4-FED-AID (1-800-433-3243). Be sure to list the Monterey Institute of International Studies when completing Step 6 of the FAFSA. The Monterey Institute’s school code is: 001241.
If you fill out a paper FAFSA, mail your form to:
Federal Student Aid Programs
PO Box 7001
Mt. Vernon, IL 62864-0071
Students who file their FAFSA by March 15th, and who demonstrate the most financial need will be given priority for financial aid funding.
Review your Student Aid Report (SAR) and make any necessary corrections
Approximately four weeks after you file your FAFSA, the U.S. Department of Education will send you a Student Aid Report (SAR), summarizing the information reported on your application. Review your SAR carefully for any errors upon receipt, and make any necessary corrections. If any of the information on your application has changed, follow the instructions on the SAR to make corrections and return it to the address provided. Be sure the Monterey Institute of International Studies (School Code: 001241) is listed as an institution authorized to receive your updated information. If no updates or corrections are required, keep the SAR for your records.
If you do not receive your SAR within four weeks, call 1-800-4-FED-AID (1-800-433-3243) to check the status of your FAFSA application processing.
Once we receive your FAFSA data, we will send you an email directing you to complete the Monterey Institute of International Studies' institutional financial aid application. We will also emial you to request that you submit additional documentation as necessary to complete your financial aid file. If additional documents are requested, you may submit them:
In Person: Office of Student Financial Planning
435 Pierce Street, Casa Fuente Building
By Mail: Monterey Institute of International Studies
Office of Student Financial Planning
460 Pierce Street
Monterey, CA 93940 USA
Facsimile 831-647-6685
E-mail finaid.miis.edu
Reviewing and accepting your award
Within 2-3 weeks after we receive your FAFSA and your Monterey Institute of International Studies institutional application, we will provide you with an award via email at the email address you provided on your FAFSA form. Review your award carefully. This offer will outline the aid for which you are eligible. Follow the instructions beneath the offer to determine the next step in processing your aid.
You have a maximum of 30 days from the date the letter is posted, to respond to this offer. If the date of this offer is made fewer than 30 days prior to the beginning of classes, you must respond no later then the first day of classes.
Funds Arrive
We have made arrangements with lenders to have your loan funds sent electronically to the Monterey Institute of International Studies. If you have a credit on yur account after all aid has posted, you registered for the number of units you were packaged for, and you completed your health insurance paperwork, a refund check iwll be issued to you for living expenses. Checks are generally available for you to pick up sometime during the second week of classes. The earlier you complete the steps outlined above, the earlier your funds will be available to you.
If the total aid you are receiving does not cover your tuition and fees, you will need to make arrangements to pay the balance due at the Cashier's Office. Payment of tuition and fees is required by 4:00 p.m. on the first day of each semester.
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%
State Grants - General Information
Grants are a need-based form of financial aid available only to undergraduate students. Completion of the Free Application for Federal Student Aid (FAFSA) is required. State grants do not have to be paid back.
The California Student Aid Commission (CSAC) awards Cal Grants. To qualify you must be a California resident. If applying for a Cal Grant for the first time, complete the FAFSA and a Cal Grant Grade Point Average (GPA) verification form. Request the GPA Verification form from the Monterey Institute of International Studies. After the FAFSA is received by the Monterey Institute, be sure to mail the GPA Verification form to CSAC no later than March 1st.
The California Student Aid Commission (CSAC) also sponsors a Law Enforcement Personnel Dependents Scholarship Program, a Child Development Grant Program, the California Robert C. Byrd Honors Scholarship Program and the Graduate Assumption Program of Loans for Education.
Cal Grant A
Cal Grant A
Cal Grant A assists with tuition and fees at public and independent colleges. At the Monterey Institute of International Studies Cal Grant A is provided for tuition and fees. Your coursework must be for at least two academic years. Renewal Students must reapply by completing a FAFSA each academic year. If awarded, the information booklet will be provided by the state, and will offer information and deadlines.
Other states offer grants to resident students attending California colleges and universities. They include Alaska , Delaware , District of Columbia , Maryland , Pennsylvania , Rhode Island , Vermont and the Territories of Guam and the Pacific Islands . For more information, please contact the state agency which delivers funds in your state.
Scholarships
The objective of the Monterey Institute scholarship program is to provide an opportunity for highly qualified candidates to further develop their skills and abilities that relate to international studies and careers. A limited number of partial-tuition, merit-based scholarships are offered to prospective students applying to degree programs at the Monterey Institute. Scholarship applicants must meet eligibility requirements in order to be considered for this very competitive program. The duration of the scholarship is for the students' entire degree program. Monterey Institute Scholarships are administered through our Admissions Office. On occasion we may replace your Monterey Institute scholarship with a scholarship whose funds came from a private source. You may be invited to a luncheon or other awards ceremony to acknowledge receipt of that scholarship. You may also be asked to provide personal information (i.e. GPA, undergraduate school, etc.) to the donor. In most cases the scholarship change results in a name change only and will not result in additional funds to you.
Monterey Institute Grant
A grant from limited Monterey Institute funds awarded to especially needy students. In most cases, you are required to accept the student loans offered to you in order to receive this grant since you must demonstrate having exceptional financial need. Contact the Office of Student Financial Planning (OSFP) if you have questions.
Institute Work Study (IWS)
A work program for students who are not on Federal Financial Aid or who have not requested Federal Work Study (FWS). Full-time students may work up to 20 hours per week. Any admitted student can work during the summer under this program. No FAFSA is required.
Private Alternative Loans can help you pay college expenses that may not be covered by federal loan programs or other financial aid. These loans are one source of additional funds to close the gap between your financial aid resources and college costs.
Although you do not need to apply for federal, state or institutional financial aid before applying for an alternative loan, you should. Private alternative loans typically carry higher interest rates and fees than federal loans.
Private alternative loan programs are a good option for students who plan to attend a Monterey Institute of International Studies program (such as the Summer Intensive Language Programs) but do not plan to enroll in a degree program at the Monterey Institute, as well as international students with at least two years of credit and/or a creditworthy US Cosigner. They are also a favorable alternative for US degree-seeking students who have been awarded the maximum available in federal student aid, but need additional funds to help meet the cost of living expenses. Find out first what institutional aid you qualify for before you apply for a private alternative loan.
Review the Private Alternative Loan Comparison Chart and select the private alternative loan program that will best fit your needs and contact that lender to apply.
You are encouraged to borrow only the amount necessary to cover that portion of your educational expenses that cannot be covered by other means. You cannot borrow more than the cost of attendance, as determined by the Office of Student Financial Planning (OFSP). The OFSP will work with you to determine the student budget amount for the proposed term of study. The cost of attendance includes: tuition and fees, housing expenses, books and supplies, transportation costs and personal expenses.
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THE ACCESS GROUP
1411 Foulk Road
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1-800-282-1550
Website: www.accessgroup.org
CLICK HERE TO APPLY
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Nelnet
c/o Private Loan Department
PO Box 82523
Lincoln, NE 68501
1-866-551-8070 or 1-800-272-7828
Website www.nelnet.net or www.ed-solutions.net
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CHELA
Chela Education Financing
388 Market Street, 12th Floor
San Francisco, CA 94111
1-866-342-4352
Website www.chelastudentloans.org
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P.O. Box 5185
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1-800-658-3567
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Outside Scholarships
Each year, private outside foundations and agencies offer scholarships that are announced by the Office of Student Financing and/or through academic departments. Many of these scholarships and outside resources are posted in the Office of Student Financing. The earlier you begin researching these possibilities, the greater the chance you will receive an outside scholarship or grant.
Federal loan consolidation reduces the total monthly payment amount by combining outstanding student loans into one new loan. Consolidation creates a new promissary note. Consolidation of your loans may result in fewer deferment options, so check with your lender to see if consolidation is right for you. There is no grace period on a consolidation loan. You may consolidate at any time during the grace or repayment periods. However, you CANNOT consolidate your loans if you are currently enrolled in any classes. Repayment periods for consolidation loans my be up to 30 years, depending on the amount to be repaid.
Loans eligible for consolidation include: Federal Stafford subsidized and unsubsidized loans, Federal Supplemental Loans for Student (SLS), PLUS loans, Perkins loans, Federally Insured Student Loans (FISL), Health Professions Student Loans (HPSL), Health Education Assistance Loans (HEAL), and Nursing Student Loans (NSL). The interest rate for a consolidation loan is calculated by using the weighted average of the interest rates of all the loans consolidated (excluding the HEAL loans), rounded up to the nearest 1/8 of one percent. To estimate the interest rate on a consolidated loan, the borrower must know the remaining balance and interest rate on all of his/her student loans. We highly recommend that you not consolidate your private alternative loans with your federal loans, as doing so will eliminate the benefits associated with federal loans.
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Summer Term |
March 15th |
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Fall Semester |
March 15th |
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Spring Semester |
October 1st |
If you miss these deadlines you will still be considered for financial aid. However, to receive the most favorable aid package and to ensure you receive your award letter at the earliest possible time, we strongly recommend you apply as early as possible.
How do I re-apply for financial aid?
Complete a Free Application for Federal Student Aid (FAFSA), and the Monterey Institute of International Studies' institutional financial aid application. The Monterey Institute of International Studies Title IV code for the FAFSA is 001241.
When do I re-apply for financial aid?
You should complete the Free Application for Federal Student Aid (FAFSA) after January 1st and prior to March 15th. You must re-apply each year in order to receive financial aid.
Can I complete the FAFSA if I have not yet completed my taxes?
Yes. You may estimate income information in order to complete the FAFSA. Be sure to update this information after your taxes have been completed.
Is my file complete? Have I turned everything in?
You can check on the status of your application checking the Nconcert website.
Do I have to apply for financial aid each year?
Yes. Your financial situation must be reassessed each year.
I know I filled out a FAFSA and sent it in at least four weeks ago, but I have not received a Student Aid Report (SAR). What should I do?
Call the US Department of Education's Public Inquiry Contractor: 1-800-4FED-AID (1-800-433-3243) or check on-line at www.fafsa.ed.gov.
What is an Expected Family Contribution?
This is the amount that the federal government has determined you can contribute to your education throughout the year.
How will I know if the Office of Student Financial Planning (OSFP) needs something from me?
The OSFP will send an e-mail directing students to return to the Nconcert website, where any required forms or documentation will be listed as ‘incomplete’ or ‘required’. Once the Individual Student Aid Report (ISAR) is transmitted from the US Department of Education, any documentation required will be posted via the Nconcert website.
Am I required to attend student loan exit counseling before I leave school?
Yes. Because exit counseling helps you manage your debt, it is required when you end an academic program for any reason.
