For many students, applying for Financial Aid is an important step in preparing for school. The following pages will explain the various types of financial aid available, and should answer most of your questions.
Musicians Institute is an eligible institution under various federal and state financial aid programs to provide aid for U.S. citizens and permanent residents (certain MI programs are not eligible for government financial aid; confirm the status of your desired program with your Admissions Representative). Each type of aid has specific eligibility requirements. If you qualify, you may be eligible for one or more types of aid. However, it is important for you to know that financial aid does not usually cover all of your tuition costs.
If you are interested in applying for financial aid, please read this section thoroughly. If you need additional information, just call us at 1-800-255-PLAY (US) or (323) 462-1384 (Local/International), or email us with your questions (Musicians Institute’s official financial aid school code is 015238).
When do I apply for financial aid? : Many Financial Aid programs are awarded on a first come, first serve bases. We recommend that you apply for financial aid at least three months before the start of classes if you plan to use financial aid to help cover your tuition costs. Please keep in mind that applying for financial aid is a complex process, which requires your utmost attention to details and deadlines. Once you apply for financial aid, be sure to respond immediately to any mailings or emails that you receive from the financial aid processor or the Financial Aid Office at MI.
How do I apply for financial aid? The financial aid application process is initiated by completing the Free Application for Federal Student Aid (FAFSA) online. When you have completed the FAFSA you will receive a Student Aid Report (SAR) via email.
The FAFSA filing deadline for 2012-13 is June 30, 2013.
Cal Grant FAFSA filing deadline (for CA residents): March 2nd.
Musicians Institute’s financial aid school code is 015238.
Financial Aid Process:
- Complete the FAFSA: You (and your parents) submit the FAFSA online to the federal processor. FAFSA Welcome Letter
- Submit an Application to MI: The financial aid office is unable to process your FAFSA until you have submitted your application.
- SAR: The Student Aid Report (SAR) with your calculated Expected Family Contribution (EFC) is generated from your information collected on the FAFSA. You and Musicians Institute will receive the SAR data. If you have submitted the FAFSA online and provided a valid email address, you and MI will receive your SAR data in 3-5 days.
- Verification: If you are selected for a process called “verification,” you must provide additional documents, such as a student and/or parent Federal tax information, verification of untaxed income, or other documents required to determine eligibility. The financial aid office will contact you to let you know what is needed.
- Award Notification: After you have submitted the Application for Admission, the Financial Aid Office will mail your award notification approximately 3-6 weeks after receipt of your SAR (depending on the time of year and application volume).
- Loan Entrance and Master Promissory Note: Students that borrow from the Federal direct loan program must complete a mandatory entrance counseling session offered by the U.S. Department of Education. In addition, first time borrowers will be required to complete an electronic Federal Direct Loan Master Promissory Note using the automated process on the studentloans.gov website.
- Disbursement: Financial aid is disbursed quarterly. Funds from various programs are not always disbursed in the same way or at the same time. You will be notified of availability via email or by U.S. Postal Service.
How much aid am I eligible to receive: Your eligibility for the need-based financial aid programs is determined by subtracting your Expected Family Contribution (EFC) as indicated on your Student Aid Report (SAR) from the cost of attendance for your course of study.
What is Satisfactory Academic Progress (SAP):
Academic standards, both qualitative and quantitative, must be met to continue receiving financial aid. Please review the SAP section of the catalog for a complete detailed description of SAP.
Failure to meet the standards for satisfactory academic progress may result in the termination of any type of federal or state aid. If you are declared ineligible for academic reasons, you may appeal the ruling. Requests for appeal will be reviewed on a case-by-case basis by the MI Education and Financial Aid staff. You must also meet with an Academic Advisor to establish and academic plan that ensures your successful completion of the program of study. Accepted appeals will result in a reestablishment of your financial aid status.
Please note: if you fail to meet the requirements specified in an academic plan, you will no longer be eligible for student financial assistance and will be withdrawn from MI.
Financial Aid Policies
Satisfactory Academic Progress (SAP): Federal regulations require all institutes that participate in the Title IV aid programs to define and monitor satisfactory academic progress (SAP) for all financial aid recipients. The standards must meet all federal requirements and be equal to or more stringent than the SAP standards for non-financial aid recipients. Students are required to meet both qualitative and quantitative academic standards while attending Musicians Institute. This policy insures that students are progressing through their programs of study and identifies students who may be at risk of failing.
SAP Defined: Students with a cumulative Grade Point Average (GPA) less than 2.0 in any program of study or students that have completed less than 66.66% of their cumulative completed units in any program of study have not met the minimum requirements for SAP for that program.
SAP Warning Status: Students that have not met SAP for one quarter will be sent a SAP warning letter. Students determined to be in SAP warning status are encouraged to meet with a Student Affairs Counselor to request free tutoring services offered on campus.
SAP Probation Status: Students that fail to meet SAP for two consecutive quarters will be sent a SAP Probation Letter. Students in SAP probation status will be ineligible for financial aid until the SAP probationary status is appealed and the appeal is approved. Financial aid recipients appealing the SAP probation decision must complete a SAP appeal form and meet with an Academic Advisor to complete an academic plan. The completed SAP appeal form and academic plan must be returned to the Financial Aid Office for review. Approved appeals will result in a reinstatement of the student’s financial aid eligibility. Students that are not receiving financial aid will be contacted by the Registrar Services office to complete both an appeal form and academic plan.
Students that fail to meet the requirements specified in their academic plan will no longer be eligible for student financial assistance and will be withdrawn from MI.
Refund Policy for Financial Aid Students
If you withdraw from school and you have received financial aid, the Financial Aid Office will complete a required calculation to determine if you are eligible for a refund or if any of the financial aid you received must be returned to the original funding source. This calculation is based on the amount of the financial aid you have earned at the point of withdrawal.
Up through the 60% point in each payment period or quarter, a pro rata schedule (minus any registration fees, non-refundable fees and or charges for unreturned equipment, materials or textbooks) is used to determine how much funding you have earned. Unearned funds must be returned to the funding source. If the calculation determines that MI must return a portion of the federal funds you received, you may owe a tuition balance for the portion of funds returned.
After the 60% point in the payment period or quarter, you have earned 100% of the federal financial aid and no funding must be returned.
To initiate the withdrawal process you must provide written notice to Student Affairs by the end of business day Friday of week 6.
Any monies owed to Musicians Institute, Inc. are due and payable on the date of the withdrawal.
An official withdrawal is effective on the date it is received by Student Affairs, whether personally delivered or postmarked (if mailed).
Unofficial withdrawals will be determined when you have missed more than 3 weeks of classroom attendance and have not responded to phone or email contact. Your last date of recorded attendance in class will be used to determine the date of withdrawal.
Refunds are calculated based on the last recorded date of attendance (either classroom attendance or scan-in). The calculation is based on the length of the completed portion of the quarter relative to its total length (10 weeks of instruction effective the official start date of the term). No refunds will be issued after week 6.
”Return of Title IV” worksheets are available upon request from the Financial Aid Office.
Accepting a loan means accepting the responsibility for repaying the money you borrow. You will sign a promissory note, a legal contract between you and your lender, in which you promise to repay the loan and agree to the loan’s terms and conditions. Before signing, be sure you understand all of your rights and responsibilities.
Rights: If you obtain a federal student aid loan, you have certain rights. Some of your rights are listed below:
- You have the right to an official award notification describing all funding sources available to you.
- You have the right to decline any or all forms of student aid funding .
- You have the right receive student loan disbursement notifications and to decline all student aid disbursements.
- If you are attending school at least half-time, you have a set period of time after you graduate, leave school or drop below half-time status before you must begin repayment on a Stafford loan. This period of time is called a grace period.
- You will receive a grace period of six months before your Stafford loan repayment period begins.
- You must be given a student loan repayment schedule, which lets you know when your first payment is due, and the number, frequency and amount of all payments.
- You must be given a list of deferment and cancellation conditions.
Entrance Interview: Before the first loan may be disbursed, you must receive the following information in an entrance interview:
- A disclosure that includes the full amount of the loan, the current interest rate and fees.
- The date you must begin repayment.
- The effect borrowing will have on your eligibility for other types of financial aid.
- The complete list of any charges you must pay (loan fees) and information on how those charges are collected.
- The yearly and total amounts you can borrow, and information on how those charges are collected.
- The yearly and total amounts you can borrow, and the minimum and maximum repayment periods.
- The current description of loans you owe your school and or lender, an estimate of what your total debt will be and what your monthly payments will be.
- An explanation of default and its consequences.
- An explanation of options for prepaying your loan and for taking advantage of a consolidation loan.
Exit Interview: Before you leave school, you must receive the following information about your loan or loans in an exit interview:
- A current description of your loans, including average anticipated monthly payment.
- The amount of your total dept (principal and interest), your current interest rate and the total current interest charges on your loan.
- The name of the organization that holds your loan, where you send your payments and where to write, if you have questions about your loan.
- An explanation of the fees you might be charged during the repayment period such as late charges and collection or litigation costs, if you are delinquent or in default.
- A description of deferment and cancellation provisions.
- A description of repayment options such as prepayment, refinancing and consolidation loans.
- Debt management advice
- Notification that you must provide your expected permanent address, the name and address of your expected employer, the address of your next-of-kin, and any corrections to the school’s records concerning your name, Social Security Number, references and driver’s license number.
Responsibilities: you also have certain responsibilities. Here are some of them:
- When you sign a promissory note, you are agreeing to repay according to the terms of the note. This note is a binding legal document. This commitment to repay means that you will have to pay back the loan, even if you don’t complete your education, aren’t able to get a job after you complete the program, or you are dissatisfied with, or do not receive the education you paid for. If you do not pay back your loan on time or according to the terms in your promissory note, you may go into default, which has very serious consequences.
- You must make payments on your loan even if you do not receive a bill. Billing statements and coupon books are sent to you as a convenience, but not receiving them does not relieve you of your obligation to make payments.
- Even though you may have applied for a deferment, you still must continue to make payments until your deferment is processed. If you do not, you may end up in default. You should keep a copy of any deferment request form you may have and you should document all contacts with the organization that holds your loan.
- You must notify the organization that holds your loan if you graduate, withdraw from school, or drop below half-time status, change your name, address, or Social Security Number, or transfer to another school.
- Before you receive your first disbursement, you must attend an entrance interview. Before you leave school, you must attend an exit interview (see above).
There are simple steps you can take to keep control of your student loan debt and of your financial life, both in-school and after-school. MI offers individual loan counseling to all current and former students. For additional information regarding your loans email the financial aid office at firstname.lastname@example.org.
Financial Aid Staff Code of Conduct: The primary goal of the MI Financial Aid Office staff is to help students achieve their educational potential by providing appropriate financial resources.