How do I apply for financial aid?
The fastest way to apply for financial aid is by logging on to www.fafsa.ed.gov (use link provided below). By filing your Free Application for Federal Student Aid (FAFSA) online, you ensure its accuracy and the information goes directly to the federal processor, which means you receive your Student Aid Report sooner. It's fast, convenient, and user-friendly. If you require a paper application, you may contact MI's financial aid office and one will be mailed to you. Upon request from the Financial Aid Office, you may need to provide additional documents such as student and/or parent tax returns, verification of untaxed income, or other documents required to determine eligibility. The Financial Aid Office will mail your award notification approximately 3-6 weeks after receipt of your Student Aid Report (depending on the time of year) only if you have already been accepted for admission to MI.
How much aid am I eligible to receive?
Your eligibility for the need-based financial aid programs is determined by subtracting your Effective Family Contribution (EFC) as determined by your Student Aid Report, from the cost of attendance for your course of study. Cost of attendance includes tuition and fees, books and supplies, housing, personal and transportation costs. Charges for tuition and fees can be found in the Tuition & Fees section of the current MI catalog. Other costs are based on a standard expense budget as determined by the California Student Aid Commission. These costs are subject to change.
What are the general requirements for receiving financial aid?
General requirements for any student receiving federal or state financial aid include:
- US citizenship or permanent resident status
- High school diploma or equivalent
- Maintaining satisfactory academic progress while attending MI
If you drop below the minimum standards for satisfactory academic progress, you will become ineligible for 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 Education and Financial Aid staff.
When do I apply for financial aid?
We recommend that you apply for financial aid at least three (3) 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 you receive from the financial aid processor or the Financial Aid Office at Musicians Institute.
How are financial aid funds disbursed?
In general, financial aid funds are disbursed quarterly, the first disbursement coming in the first quarter of attendance, and other disbursements coming in subsequent quarters. However, funds from the various financial aid programs described below are not all disbursed in the same way or at the same time. Government financial aid funds are sent to the school via electronic funds transfer. Students will be notified of disbursements made to their tuition account