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.

For all incoming students for the Fall of 2013, the priority deadline for applying for financial aid is February 15, 2013. We have slightly different processes for domestic and international applications so both are outlined below.

If there is one year where your parents should get their taxes done as early as possible, this would be it.  In order to get the most accurate financial aid award, you need to submit their 2012 tax returns as soon as possible.  While we can do an estimated award with their 2011 taxes, the award will not be finalized until we have reviewed the 2012 documentation.

Starting in February 2013, you can track the status of your finanical aid application by checking MyMIT.  Applications completed by February 15th will receive their financial aid awards shortly after admission decisions are made in mid-March.  In order for our office to process your application so that you have your award letter in plenty of time to make some decisions before the May 1st deposit deadline, you should complete your application as early as possible.  You can still apply for aid after February 15th but we cannot guarantee that we will have your award processed before May 1st.  Applications are read in the order they are completed so the earlier your application is completed, the earlier you will have your financial aid award. 

If your family has special circumstances or unusual expenses, or you have other information that will help us understand their financial situation more completely, please send us a letter detailing that information.

January through April is peak financial aid application time so please be aware that it can take up to 2 weeks for our office to receive and process your FAFSA or Profile applications.  It can also take up to two weeks to process any documentation received by SFS.   We ask that you do not send documents multiple times.

Any questions or concerns?  Please contact Student Financial Services at sfs@mit.edu or 617-258-8600.

For domestic students:

 - Free Application for Federal Student Aid

• Also known as the FAFSA, it is the online application for federal financial aid programs for U.S. Citizens and Permanent Residents.  The 2013/2014 application will be available on January 1, 2013.  MIT’s code is 002178.

 - PROFILE

• The College Board’s PROFILE form for 2013/2014 is now available. This form collects information for determining institutional funding.  MIT’s code is 3514. The fee for the initial application is $25 and additional schools can be added for $16.

 - Parents’ 2012 U.S. Federal  Income Tax Return

• All schedules and W-2 forms are required.  
• 2012 documents should be sent directly to IDOC (Institutional Documentation Service).
• If the 2012 taxes are not available, you can send the 2011 taxes, W-2 forms and schedules directly to SFS.   Documentation can be faxed or mailed but we cannot accept them via email.  You will be required to submit 2012 documentation as soon as it is available to IDOC for a finalized award. Write your name and “Class of 2017” at the top of all materials.

 - If applicable: 

     If your parent’s are divorced or separated:

• Non-Custodial Profile
• Once you complete the CSS PROFILE , CSS will email you a link to the Noncustodial Parent’s PROFILE with instructions.
• Non-Custodial 2012 Federal Income Tax Return
• All schedules and W-2 forms are required. 
• All 2012 documents should be sent directly to IDOC (Institutional Documentation Service).
• If the 2012 taxes are not available, you can send the 2011 taxes, W-2 forms and schedules directly to SFS.   Documentation can be faxed or mailed but we cannot accept them via email.  You will be required to submit 2012 documentation as soon as it is available to IDOC for a finalized award. Write your name and “Class of 2017” at the top of all materials.

     If your family own a business, corporation or interest in a partnership

• You must submit the most recent corporation or partnership return.
• A K-1 is insufficient data and the complete taxes are needed.
• If you, your parents or other siblings are beneficiaries of an estate  or trust
• You must submit the appropriate schedule K-1 of IRS From 1041 or IRS Form 4970

For international students:

 - PROFILE

• The College Board’s PROFILE form for 2013/2014 is now available. This form collects information for determining institutional funding. MIT’s code is 3514. The fee for the initial application is $25 and additional schools can be added for $16.

 - Parents’  Income Tax Return or wage statement (translated into English)

• Send a signed copy of all pages of your parents most recent income tax returns.
• If your country does not have an annual income tax form, send a letter for each of parent’s employer stating the annual salary earned in local currency.
• Documentation for international students must be submitted to intldocs@mit.edu and must include this cover letter.
• Translate all materials into English, but report the amounts in your local currency.

 - If applicable:

      If your parent’s are divorced or separated:

• Non-Custodial Profile
• Your non-custodial parent must submit a separate copy of the College Board International Student Financial Aid Application (please contact our office for this form).
• Non-Custodial parent’s Income Tax Returns or wage statement.

      If your family own a business or farm

• You must submit the CSS Business/Farm Supplement.

Some other important information:
· For more detailed information, please go to Student Financial Services.
· Canadian Citizens should follow the instructions for domestic students.
· When submitting documentation to SFS, please include the student’s name, “Class of 2017” and ID # (if you have it) on all pieces of paper.
· For domestic students, documentation submitted to SFS must be sent via fax or regular mail.  PLEASE NOTE: We cannot accept any financial documentation with social security numbers via email due to safety concerns.  Any documents received via email with personal information will be deleted.

• SIRF – If you have been awarded an MIT Scholarship, you must complete the Student Information Review Form (SIRF) before we can credit the scholarship to your Student Account.  The online form is available on WebSIS.  Click on For Students and go under the Financial Records section to access the form.
• Outside scholarship – if you are receiving any outside scholarships that are not reflected on your award letter please complete the Outside Award Reply Form.
• Bills – Fall bills will be available on July 10 and are due by August 1.  For more information, go to the Bills section of our website.
• Payment plan – MIT offers an interest-free payment plan.  Click here for more information.
• Loans – if you or your parents are interested in borrowing a loan, please check out the Loans section of our website or email getaloan@mit.edu.
• Working – if you plan to be working on or around campus, you will need original identification documentation to complete the required payroll forms.  The Student Jobs section of our website has more information.

The staff of Student Financial Services will be available all summer to help you with any issues or questions regarding your bill or financial aid.  Please contact us at sfs@mit.edu.

Have a wonderful summer,
Susan
 

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.

Susan

Susan

Some other important points:

• We understand that some applicants may not have their 2011 Income Tax Returns or wage statements completed by now. If this is your family’s situation, simply mail your 2010 income tax returns/wage statements, W-2 forms, and all schedules directly to SFS. Due to privacy concerns, we cannot accept tax documents via email. Any documentation with social security numbers must be sent by regular mail.
• All prospective International students can send their Parents' 2011 Income Tax Returns or most recent wage statement (translated into English) directly to Student Financial Services.
• U.S./Canadian citizens and U.S. Permanent Residents will still be required to submit the 2011 Tax Returns to IDOC as soon as they are available. IDOC is a document scanning service offered by the College Board that MIT uses to process financial aid documents.
• You can track the status of your financial aid application by checking MyMIT. Just log in to check if we have received your financial aid application materials. Keep in mind that it takes about a week for MIT to receive your FAFSA or CSS PROFILE after you complete it online.
• During this busy time, Student Financial Services is experiencing delays in recording receipt of financial aid application materials. Please be patient as materials are processed.
• Student Financial Services will start emailing accepted students in mid-March to let them know that their award letter is available. Once you receive the email, log on to MyMIT and click on the link for your award letter.

In the meantime, if you have any questions about financial aid, feel free to contact Student Financial Services at sfs@mit.edu or 617-253-4971.