Student Financial Aid is assistance which helps pay the cost of education. Funds included in this aid may be provided from several sources, including federal, state and private agencies. Most financial aid recipients receive a combination “package” comprised of more than one type of assistance program.
To begin the process of applying for most aid programs, including grants and loans, students must first complete the Free Application for Federal Student Aid (FAFSA). This document is considered the primary resource for establishing eligibility for need-based aid at this institution. Grant aid is money that does not have to be repaid. Loan assistance includes borrowed money that will be repaid by the applicant.
The school participates in Title IV Federal Financial Assistance programs under authorization of the U.S. Department of Education, Office of Student Financial Assistance. Any student interested in obtaining Federal Aid should visit or call the financial aid office and request a Student Financial Aid Guide or visit www.studentaid.ed.gov to view online federal assistance publications. All consumer information that is required to be disclosed pursuant to applicable financial aid programs is provided.
Title IV assistance may include grant aid from the Federal PELL Program and/or self help aid in the form of Direct Loans. Federal Student Loans are required by law to provide a range of flexible repayment options, including but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide. Federal Direct Loans are available to students regardless of income.
Universal Group Payment arrangements are considered a private loan with a fixed interest rate based on the plan you have selected. This program does not determine interest based on borrowers credit rating.
Students have the right to research and secure additional loan options. Private loans can offer variable rates that can increase or decrease over time, depending on market conditions. Students should determine the interest rate and associated fees of a private loan prior to accepting the terms of the loan. In some cases, the interest rate on a Private Loan may depend on the borrower’s credit rating. Students should contact the lender of the private student loan or the campus Financial Aid Office with any questions or concerns regarding student loan debt.
The information provided above and in referenced materials is not a guarantee of financial assistance. Individual need and circumstance must be evaluated to determine aid program eligibility. This need will be determined with and comply by all applicable federal, state and accreditation regulations.
If a student obtains a loan to pay for an educational program, the student will have the responsibility to replay the full amount of the loan plus interest, less the amount of any refund. If the student has received federal student financial aid funds, the student is entitled to a refund of the moneys not paid from federal student financial aid program funds.
Some applicants may be selected for a process called verification. Initial notification is provided through the Student Aid Report created in response to the Free Application for Federal Student Aid (FAFSA). The verification selection may cover one or more aspects of your FAFSA information; including but not limited to, tax data, number in household, SNAP benefits, child support paid, high school completion, and identity. Be aware there are deadlines and consequences associated with this requirement. You should contact the campus Financial Aid Office for additional information and assistance, should your file be selected for verification.
Net Price Calculator
The Milan Institute’s Net Price Calculator is designed to help students and their families determine their estimated educational cost to complete a program with The Milan Institute.
The calculator works by estimating the amount of grants and loans that you, the student, may be eligible for as a first time, full time student. It takes the cumulative grant and loan amounts for one loan period based upon the information that you provide and estimates total indebtedness for the period.
It is important to understand that these amounts are estimates only and actual awarded amounts cannot be determined until you complete a FAFSA and other financial aid requirements.