What basic eligibility requirements must I meet?
To be eligible for FEDERAL financial aid, a student must:

• Be a U.S. citizen, permanent resident, or eligible non-citizen (those covered by political asylum, and some pacific islanders, etc.)
   
• Not be in default on a student loan or been overpaid federal grants (in some instances, eligibility may be reinstated once issues have been resolved)
   
• Be admitted to a degree-seeking program at the Monterey Institute
   
• Be enrolled at least half-time as defined by your program of study
   
• Have a valid Social Security Number
   
• Register with the U.S. Selective Service, if required to do so
   
• Maintain satisfactory academic progress

How do I apply for federal financial aid?
All students must complete a Free Application for Federal Student Aid (FAFSA). This form is available in paper form, however, it is quicker to complete the form online at www.fafsa.ed.gov. The Monterey Institute of International Studies Title IV code for the FAFSA is 001241.
Please note that the FAFSA is year specific, so if you plan to attend Summer 2008, Fall 2008, or Spring 2009, you will need to complete the 2008-09 FAFSA.  You will also be required to fill out the Monterey Institute of International Studies' institutional financial aid application which we will email to you after we receive your FAFSA data. 

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. Read the directions on the FAFSA form for instructions on how to do this.  We will use this information to issue an estimated financial aid award letter to you. Once you have completed your taxes, you will be required to update your FAFSA with your accurate tax information, at which point we will issue a finalized award letter to you.

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 EFC? How is it determined?
EFC is the Expected Family Contribution. The federal government determines your EFC. Your EFC is based on the financial information you provide on your FAFSA, and the size of your household.

Does EFC determine what federal loans I am eligible for?
Yes. The Federal Perkins and the Federal Subsidized Stafford loans are need-based loans and your eligibility for them are determined by your EFC.

Is financial need a requirement?
No. While most financial aid awards are restricted to those students with financial need, all eligible students are entitled to borrow non-need-based Unsubsidized Stafford loans for up to $20,500/yr based on total cost of attendance. The Graduate PLUS loan, and Private Alternative Loans are also considered non-need based aid, and based on your cost of attendance, and your credit history, you may also be eligible to borrow these loans.

How will I know if the Office of Student Financial Planning needs something from me?
We will send e-mails to the e-mail address that you reported on your FAFSA. Be sure to use an e-mail address that you check regularly and that is not likely to be canceled.

What happens next?
When your file is complete, if you have been admitted to the Monterey Institute, we will review your eligibility for need based financial aid. This generally takes about two weeks. However, during peak processing periods, this could take longer. We will contact you via email if we need additional information from you besides the FAFSA and the Monterey Institute of International Studies institutional financial aid application.

Do I need to be admitted to the Monterey Institute 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.

How much aid will a student get?
The Office of Student Financial Planning determines a standard budget that is applied to all students. The budget covers tuition, registration fees, books and basic living expenses. It does NOT cover consumer debt such as credit card debit, or automobile payments, or living expenses for family members.

A need calculation is then completed for each student. That calculation is as follows: Standardized Student Budget less your Expected Family Contribution (EFC) = Need. We use your need to determine your eligibility for things such as grants, federal work study, and Federal Perkins and Subsidized Stafford Loans. However, we package up to the cost of attendance, which may also include the Federal Stafford Unsubsidized Loans, and Graduate PLUS and/or Private Loans. In other words, we do not assume that you will contribute your EFC towards your degree, we replace the EFC amount with non-need based forms of aid.

I want to apply for a scholarship only.  Do I have to fill out the FAFSA?
You do not need to fill out the FAFSA for Monterey Institute Merit Scholarships, however, there are need-based outside scholarships which may require you to complete the FAFSA.

Is financial aid available for the purchase of a computer?
Yes. Our office can increase a student's financial aid budget for costs incurred for the purchase a computer, printer and software. To apply for this type of budget increase, students will need to complete Computer Request Form. This form is available at the Office of Student Financial Planning. Note that the increase for the purchase of a computer is a one time increase, and all increases are made in the form of student loans.  For more information click here.

What if I want to apply for aid midway through the academic year or term?
Am I still eligible?
Yes. Financial Aid can be processed throughout the term or year, but not after the end of the term. July 1st is the break-off point between financial aid years. However, in order to have priority consideration for financial aid, you should complete the FAFSA by March 15 each year. Note that if you miss this priority deadline, we will still process a financial aid award letter for you, however it may not include our best forms of aid possible.

Do I have to reapply for financial aid each year?
Yes. Your financial situation must be reassessed each year.

How do I re-apply for financial aid?
Complete a Free Application for Federal Student Aid (FAFSA), for the next year, as well as the Monterey Institute institutional financial aid application.

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 of each year. You must re-apply each year in order to receive financial aid.

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.

Can I prepay my student loan?
Yes. You have the freedom to prepay all or part of you loans without penalty.