Mar 16, 2012
After the Award Letter
Posted in: Miscellaneous
Now that you have your award letter, you and your family may have some questions. First of all, please 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.
Can I appeal my award?
Yes, you can appeal. If your family’s financial situation has changed, we can reconsider your application. Please send an email to your financial aid counselor with a detailed explanation of your family’s financial situation. Give as much information as you can and if possible, supporting documentation. 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 do 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.
Can 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’ 2011 income information, your award is “tentative” which means it is estimated using 2010 income information. You will receive a “verified” or final award after all 2011 documentation has been reviewed. If there is a significant difference between the 2010 or estimated figures and the 2011 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 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.
Can I expect the same award over the next four years?
Yes, if your family’s financial situation remains the same, you can expect the same award throughout your MIT experience.
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.
A few other things to keep in mind:
· All 2011 documentation must be sent to IDOC, unless you’ve been instructed to send it to SFS directly.
· Please print your award letter 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 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.