The example below can vary by FAFSA analysis of independent student finances or dependent family finances.
Additional Financial Aid Information
Federal grants are available for full-time and part-time students. The grants vary depending on income level as determined by the FAFSA, and by credit load per semester. Students in higher-income categories may not qualify for federal grants.
Employer Waiver Program
Many companies offer tuition assistance programs to their employees. If you’re currently employed, we encourage you to check on this. If they offer assistance, please contact MIU’s Financial Aid office.
Scholarship from MIU
Part-time online students benefit from a proportionately lower tuition than the full-time rate. For example, a half-time student’s tuition is less than half the full-time tuition. Because these discounts are included in the part-time tuition, an additional MIU scholarship isn’t available for part-time students.
Federal Student Loans
Federal Student Loans have limits based on lifetime usage, annual limits, and limited to the educational costs for each semester. Here are the annual maximum limits:
- $5,500 per year for first-year dependent
- $6,500 per year for second-year dependent
- $7,500 per year for third, fourth, fifth-year dependent
- $9,500 per year for first-year independent
- $10,500 per year for second-year independent
- $12,500 per year for third, fourth, fifth-year independent
Federal Student Loan Repayment
Federal Student Loan Repayment is postponed as long as you are enrolled at least half-time each semester. If your enrollment drops below half-time, you have a six-month grace period before repayment begins. There are also postponements for low income and unemployment, as well as repayment based on income and Public Service Forgiveness.
Education Tax Incentives
Veterans should contact the VA for information on Veterans Education Benefits. Veterans eligible for BAH monthly benefits: The VA utilizes a scale of credits per block of courses; therefore, the VA sometimes pays part-time benefits for an individual month while the university delivers full-time federal aid for an entire semester. Our Veterans Certifying Official is our Director of Financial Aid.
Loan Repayment Options
Payments are a fixed amount that ensures your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).
Payments may be fixed or graduated and will ensure that your loans are paid off within 25 years.
Payments are lower at first and then increase, usually every two years, and are for an amount that will ensure your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).
Your monthly payments will be either 10 or 15 percent of discretionary income (depending on when you received your first loans), but never more than you would have paid under the 10-year Standard Repayment Plan.
Payments are recalculated each year and are based on your updated income, family size, and the total amount of your Direct Loans. Any outstanding balance will be forgiven if you haven’t repaid your loan in full after 25 years.
Your monthly payment is based on annual income, but your loan will be paid in full within 15 years.