Federal Work Study - General Information
The student employment program at the Monterey Institute allows students to work in part-time, paid positions in administrative and academic departments. Students are allowed to hold more than one position, but are limited to 19.5 hours per week. 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 funds, and as such is only available students that are eligible for federal student aid. These funds are to be used to help defray the cost of your living expenses while you are in school. They are not paid in a lump sum at the beginning of a semester, you are paid by-monthly as you submit timesheets for the hours worked.
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, the Monterey Bay Aquarium, and Monterey County Reads. However, in order to work off campus, the nature of employment must be academically relevant to the degree you are pursuing, and the employer will be required to pay a portion of your salary (usually 25% for non-profit organizations, and 50% for for-profit organizations.)
Federal Loan - 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. Federal Stafford Loans are made by lenders and are guaranteed by a state or nonprofit entity. Perkins loans are made directly by the Monterey Institute of International Studies.
You must complete the Free Application for Student Financial Aid (FAFSA) to be considered for a Perkins or Stafford Loan. Perkins Loan borrowers must complete a Master Promissory Note, which will be emailed to them by University Accounting Services (UAS) and is completed online. Stafford Loan borrowers must also complete a separate Master Promissory Note (MPN) – done online via the Edfund Website. Edfund is the primary guarantor of federal funds for the Monterey Institute.
If you are a new Stafford Loan borrower at the Monterey Institute, you will also be required to complete an online 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 instructions for completing our online entrance interview will be mailed to you 30 to 60 days prior to the start date of your program. The interview takes approximately 15 minutes to complete, 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 the FAFSA and the Office of Student Financial Planning. This loan has a fixed 5% interest rate for the life of the loan, provided it remains unconsolidated. No interest accrues while you are in school and during the nine month grace period you receive after you either leave school or cease to be enrolled at least half-time. Payments are generally set up on a standard 10 year repayment plan.
Federal Subsidized Stafford Loan
The FFEL Federal Subsidized Stafford Loan program makes need based loans to students through various lending institutions. The interest rate on Stafford Loans is variable and reset annually. The interest rate is capped at 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.
CURRENTLY, THE INTEREST RATE ON THE FEDERAL STAFFORD LOAN IS 4.7% WHILE YOU ARE IN-SCHOOL, AND 5.3% ONCE YOU ENTER REPAYMENT. THE INTEREST RATE IS RESET ANNUALLY ON JULY 1.
