Financial Aid FAQs
Financial Aid Overview
What is financial aid?
Financial aid is a combination of:
- Merit scholarships (Free – from MIAD)
- Need-based scholarships (Free – from MIAD)
- Outside scholarships (Free – not from MIAD)
- Grants (Free – usually from the government based on your FAFSA information)
- Student loans (Need to be repaid – from the government or a bank)
How much financial aid will I receive?
The Admission Office offers students a merit scholarship based on admittance to the institution. The Financial Aid Office determines a student’s eligibility for financial aid, which may include scholarships, grants, loans and work opportunities, based on the information submitted on the FAFSA. Financial aid is meant to be a supplement to personal resources.
How do I get more financial aid?
Can I apply financial aid towards housing?
Funds from a Private Student Loan or Parent PLUS loan above the costs of tuition and fees are released to the student or parent in the form a check. It is then your responsibility to pay Two50Two or your landlord directly for your housing. There is not a monthly payment plan option for on-campus housing.
When will I receive my financial aid offer?
Financial Aid award offers will be mailed to prospective or new students throughout April, after financial aid eligibility is determined. Continuing students receive their financial aid information in late spring.
Filing your FAFSA
What do I need to file my FAFSA?
An FSA User ID and federal tax information. Depending on your circumstance a parent may be required to provide federal tax information and create an FSA User ID. MIAD’s Federal School Code is 014203.
What is an FSA user ID?
An FSA User ID is your two-component “Personal Identification” that is used to electronically sign your FAFSA, direct loan documents, and to view your student loan borrowing history on studentaid.gov.
You can create an FSA ID at studentaid.gov and clicking “Create Account.” DO NOT share your FSA ID with anyone! DO NOT use the same user ID, password, or email as your student or parent.
Be sure to remember your ID and password, since you will use this each year to file the FAFSA! If you forget your FSA User ID, go to studentaid.gov/login, select “Forgot my username” or “Forgot my password” and follow the prompts.
When should I file my FAFSA?
The FAFSA site is opened and accepts applications starting December 2023 (studentaid.gov/h/apply-for-aid/fafsa). You will use your IRS Tax return information.
Historically, the FAFSA has been available beginning October 1st. However, because of the FAFSA Simplification Act, the 2024-25 FAFSA will not be available until sometime in December 2023.
What is a Federal School Code?
The Federal School Code is the identifier used by the Department of Education to know where to send your FAFSA results to. You can list up to 10 schools to receive your FAFSA results. MIAD’s Federal School Code is 014203.
Which parent do I list on the FAFSA?
- If your parents are living in the same household list both of them on the FAFSA.
- If your parents are divorced or separated, the contributing parent(s) is the parent (and their spouse, if remarried) who provided the greater portion of your financial support during the 12 months immediately prior to filing the FAFSA.
- Please note: it is not automatically the parent you primarily lived with during the past 12 months.
What if I have special circumstances that are not reflected in the FAFSA application?
You or your family may have special and unusual circumstances that are not reflected on the FAFSA and impact you or your family’s ability to pay for college. MIAD’s Financial Aid Office may review these circumstances for special conditions consideration. If you have special or unusual circumstances, please contact MIAD’s Financial Aid Office to discuss.
Scholarships & Grants
Does MIAD give scholarships?
Yes! MIAD awards scholarships to all degree-seeking full-time students. For more information, explore financial aid available to you.
What are scholarships based on?
Scholarships are merit-based and are awarded based on GPA and portfolio.
How much scholarship money does MIAD offer?
Merit-based scholarships vary from $12,000 to $25,000 per year. MIAD offers very few full scholarships, which are highly competitive. Between one and four students are awarded full scholarships each year.
Does MIAD offer grants?
Yes! MIAD offers need-based grants using family income as shown on the FAFSA. For more information, explore financial aid available to you.
How much does MIAD offer for grants?
The amount of money awarded for need-based grants varies by student.