Additional Financial Aid Information
Personal Expenses and Books
Federal student loans are available to cover the additional estimated cost of $6,800 per year.
The amount of available scholarship varies by student category. For example, the amount listed above is automatically provided based on FAFSA results for a student who is in-residence with 12 or more credits per semester.
Federal Student Loans
Your FAFSA automatically qualifies you for the majority of federal student loans for this program. The remaining portion is composed of Federal Graduate PLUS loans which require “no adverse credit” or an endorser. Repayment begins after your enrollment ends.
Education Tax Incentives
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
The repayment choices on federal student loans include the following:
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.
Tuition, other fees, scholarships, and financial policies are subject to change prior to the entry date. For more information, contact us at email@example.com for a quick reply — normally one business day — or see more about financial aid.