How do I apply for financial aid?
Complete a Free Application for Federal Student Aid (FAFSA). This can be done via the internet at www.fafsa.ed.gov or by obtaining a paper copy from the Monterey Institute. The Monterey Institute of International Studies’ Title IV School code for the FAFSA is 001241.
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. You will mark the box “WILL FILE”. Be sure to update this information after your taxes have been completed.
Is my file complete? Have I turned everything in?
The Office of Student Financial Planning will notify you via email if anything is missing from your financial aid file. Be sure to check your email regularly, and contact us ASAP if you change your email address.
Must I be accepted for admission before I apply for financial aid?
No. You may apply for financial aid any time after January 1. However, you must be admitted to receive a financial aid award letter.
Do I have to apply for financial aid each year?
Yes. Your financial situation must be reassessed each year. This means that you need to fill out a new FAFSA each year, even if you received financial aid from the Monterey Institute the year prior.
I want to apply for a scholarship only. Do I have to fill out the FAFSA?
Not necessarily. However, if the scholarship has a need-based element to it, you need to have a FAFSA on file to have your need determined.
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 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 contact you via email to notify you of any action items we need from you. Be sure to check your email regularly, and contact us ASAP if you change your email address.
Is financial aid available for the purchase of a computer?
Yes. Our office can increase a student's financial aid budget on a one time basis for costs incurred in purchasing a computer, printer and software. To apply for this type of budget increase, students will need to complete our Laptop Request Form. This form is available at the Office of Student Financial Planning (OSFP).
What is a promissory note?
A promissory note is a signed legal document that indicates your promise to repay your student loan and formalizes your agreement to abide by its terms and conditions. The Stafford Loan Master Promissory Note (MPN) is a contract between you and your lender and is good for either a single or multiple academic years.
What is a disclosure statement?
A disclosure statement is an estimate of the actual cost of your loan and includes interest rates, fees, loan balance and the size and number of payments. Due to the variable nature interest rates and your individual circumstances, the actual cost of the loan may change.
Can I prepay my student loan?
Yes. You have the freedom to prepay all or part of you loans without penalty. |
