The estimate for this 18-month (three-semester) low-residency program is based on the current year rate, subject to change in future years.
Additional Financial Aid Information
Personal Expenses
$5,000 per semester in federal loans are generally available toward personal living expenses, as well as for travel and accomodations for the two-week residency.
Required Two-Week Residency
Education Tax Incentives
Veterans
Veterans should contact the VA for information on Veterans Education Benefits. MIU is a Yellow Ribbon school. Our Veterans Certifying Official is our Director of Financial Aid.
Loan Repayment Options
Standard
Payments are a fixed amount that ensures your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).
Extended
Payments may be fixed or graduated and will ensure that your loans are paid off within 25 years.
Graduated
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).
Income-Based
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.
Income Contingent
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.
Income Sensitive
Your monthly payment is based on annual income, but your loan will be paid in full within 15 years.
