Congratulations on your acceptance to MIT! The staff of Student Financial Services is looking forward to working with you and your family over the next four years.
Please note: Financial aid awards for accepted, incoming students will be posted to the MyMIT portal by 12:00 pm (EST) on Monday, March 18, 2013.
Once you have your award notification, you and your family may have some questions. Your first step should be to take the time to read through Financing Your MIT Education. It is a helpful resource that can answer many of your questions about outside scholarships, expenses, bills, loans, and student jobs. Below are some other commonly asked questions.
May I appeal my award?
Yes, you may appeal. If your family’s financial situation has changed since you submitted your application, we will reconsider your application. Please send an email to your financial aid counselor with a detailed explanation of the changes in your family’s financial situation. Give as much information as you can and provide supporting documentation where possible. For example: if your father lost his job, we would need to know the date he stopped working as well as other sources of income such as severance pay or unemployment benefits.
Why is my award different from the Net Price Calculator?
The Net Price Calculator is a tool to estimate your financial aid award. It is not able to conduct a thorough analysis of your family’s complete and sometimes, complex, financial situation. It is not an effective tool for international students, divorced or separated families, or families with businesses.
Will my award change after I receive my award letter?
Possibly and there are a few reasons:
· If we have not received all of your parents’ 2012 income information, your award is “tentative” which means it is estimated using 2011 income information. You will receive a “verified” or final award after all 2012 documentation has been reviewed. If there is a significant difference between the 2011 or estimated figures and the 2012 information, your award will change.
· Your family’s circumstances have changed. (See the appeal question above.)
· You receive additional outside scholarships. Outside awards are additional resources for meeting financial need so MIT’s policy is to use outside awards to replace your self-help amount, then your MIT Scholarship.
My award letter from another school offers more money than MIT. Will MIT negotiate?
No, while we are willing to re-evaluate your application, MIT will not match another school’s award. We carefully review each application and award all of our aid based on need, not merit.
Should I expect the same award over the next four years?
Yes, if your family’s financial situation remains the same, you can expect roughly the same award throughout your MIT experience. Your student contribution and summer earnings expectation will increase. For current earning expectations by class level, please see refer to this section of the SFS website.
Why don’t I have an award?
If you don’t see a financial aid award on MyMIT, chances are we are missing some important documentation. Check your financial aid tracking to see what is missing and submit it to our office as soon as possible. If you submitted documentation within the past week, please give us some time to evaluate your application.
What do I need to know about Student Financial Services and Campus Preview Weekend (CPW)?
While we look forward to meeting you at CPW, there is no need to wait if you have any questions or concerns about your financial aid award. Please contact our office as soon as possible with any concerns before CPW so that you can make the most of the few days you will be visiting MIT.
We will be offering two general information sessions on Thursday and Friday where we will discuss financing an MIT education (check the CPW schedule for location and time). The session will include information on the online student account, financial aid programs, loans and student employment. We will also be available to meet with you on a walk-in basis in the SFS office.
A few other things to keep in mind:
· All 2012 documentation must be sent to IDOC, unless you’ve been instructed to send it to SFS directly.
· Please print your award notification or save it to a secure location. MyMIT will only show your most recent financial aid award so if there are any changes or adjustments, you will not have access to your original award.
· It is not too late to apply for financial aid, if you haven’t already.
· Receiving your award is not the end of the financial aid process. Once you decide to attend MIT, we will be in touch throughout the late spring and summer for additional requirements. All communication from SFS will be sent to your MIT email address so remember to check it frequently.