Types of Financial Aid
Three types of financial aid help to make a MIAD education – and the lifelong benefits it provides – accessible.
In this section, we explain the three types of financial aid and how to apply for them once you have applied to MIAD and filed your FAFSA.
Aid You Don’t Pay Back – Scholarships and grants
- MIAD Scholarships for First-Time Students
(Freshmen & Transfer Students)
- National & Local Scholarships (outside scholarships) for All Students
MIAD Scholarships for First-Time Students
(Freshmen & Transfer Students)
MIAD recognizes the merit of artistic achievement, academic performance, and community and leadership involvement through a vibrant array of scholarships. All students accepted for admission to MIAD are considered for these merit scholarships.
Thanks to the generosity of the college’s donors, MIAD has significantly increased merit scholarships. Scholarships are renewable annually for a maximum of four years as long as you maintain Satisfactory Academic Progress (SAP) and continuous full-time enrollment.
Admissions and MIAD merit scholarship decisions are made on a rolling basis. All students accepted for admission are automatically considered for MIAD merit scholarships.
If you are planning on entering MIAD in the fall semester, please apply for admission now and begin applying for financial aid after October 1. That way we can consider you for a scholarship and help you understand, and receive, the other types of financial aid for which you may qualify.
We are committed to working with you and providing you the information you need to make an informed decision about your MIAD education as early as possible.
To learn more about MIAD’s increased merit scholarships and important dates for first-time freshmen and transfer students, complete a request for information form. A MIAD catalog and Scholarship and Financial Aid brochure will be mailed to you.
National & Local Scholarships (outside scholarships) for All Students
Scholarship opportunities are available from private organizations, both local and national. You may qualify based on individual talents, community involvement, ethnic or church affiliation, your academic interest, and other criteria. Good sources of information about these scholarship opportunities are high school guidance offices, community organizations, and professional organizations in the academic area you will study. Be sure to inform the Financial Aid office of all scholarships you receive.
Like scholarships, grants do not have to be paid back. They are awarded to you based on financial need as determined by filling out the Free Application for Federal Student Aid (FAFSA) each year. MIAD’s Federal school code is 014203.
Federal Pell Grant
The Pell Grant is a need based grant calculated by the Department of Education using the results of the FAFSA application. The amount varies yearly.
Federal Supplemental Educational Opportunity Grant (SEOG)
SEOG grants are awarded to students with exceptional financial need, with preference given to Pell Grant recipients. The amount varies yearly.
Wisconsin Minority Retention Grant
This grant is awarded to eligible Wisconsin minority students entering their sophomore, junior or senior years. The amount varies yearly.
Wisconsin Talent Incentive Program Grant
The Talent Incentive Program (TIP) Grant is awarded to the most financially and educationally disadvantaged Wisconsin students attending MIAD. The amount varies yearly.
The Wisconsin Grant Program provides need-based grant assistance to undergraduate Wisconsin residents. Wisconsin Grant eligibility is determined from the FAFSA results. The amount varies yearly.
Thanks to the college’s dedicated donors, who care deeply about helping MIAD students realize their personal and professional dreams, each year MIAD awards generous grants to students. These need-based grants are in addition to MIAD merit scholarships.
How do I apply for grants?
2. File the Free Application for Federal Student Aid (FAFSA) at studentaid.gov.
3. Use MIAD’s FAFSA school code 014203 so that we receive the results and can process your financial aid award letter.
You can read more about this in Let’s Get Started.
Aid You Do Pay Back – Student loans
Financial aid at MIAD is about a sound investment that begins with your first year and continues for a lifetime of personal and professional success. So the loans you may take out, whether federal or private, are an investment in your future.
At MIAD, we work individually with every student to help ensure that you and your parents maximize all your options for funding your MIAD education. We’re also here to ensure that you are fully aware of your responsibilities as a student loan borrower, which means that the quality of your life is important to us both when you are a student, and when you graduate.
The Federal Direct Loan Program is the main source of loans used by MIAD students. It consists of three types of loans.
Federal Direct Subsidized Loan
Federal Direct Subsidized Loan eligibility is based on financial need. Being subsidized means that you, the student, pay no interest on the loan as long as you are enrolled at least half time and during the grace period.
- First-year students are eligible for up to $3,500 annually.
- Sophomores are eligible for up to $4,500 annually.
- Juniors and seniors are eligible for up to $5,500 annually.
- There is an estimated 1.057% origination fee for the loan, so the fee for a $3,500 loan for a first-year student would be $37. The origination fee for loans first disbursed on or after October 1st, 2021 is 1.057%.
- Repayment begins six months after graduation or six months after you are no longer attending the college at least half time. The interest is no longer paid by the Department of Education once you are no longer attending at least half-time or have graduated and the grace period of the loan is exhausted. The interest rate for the 2020-21 academic year is 2.75% and the interest rate for the 2021-22 academic year is 3.73%.
Federal Direct Unsubsidized Loan
Eligibility for a Federal Direct Unsubsidized Loan is not based on financial need or family income. Unsubsidized means interest accrues on the loan while you are enrolled.
- Dependent students are eligible for $2,000 in addition to their Subsidized Direct Loan amount.
- Independent students are eligible for $6000-$7000 in addition to their Subsidized Direct Loan amount depending on their year in college.
- There is an estimated 1.057% origination fee for the loan, therefore, the fee for a $2,000 loan is $21. The origination fee for loans first disbursed on or after October 1st, 2021 is 1.057%.
- We encourage you to pay the interest while you are enrolled. The interest rate for the 2020-21 academic year is 2.75% and the interest rate for the 2021-22 academic year is 3.73%.
- Repayment also begins six months after graduation or six months after you are no longer attending the college at least half time and the grace period of the loan is exhausted.
How do I apply for Federal Direct Subsidized and Unsubsidized Loans? The loan application process requires the following steps:
2. Both you and a parent must apply for a FSA ID online at studentaid.gov to electronically sign the FAFSA application.
3. Submit the Free Application for Federal Student Aid (FAFSA) online at studentaid.gov. Use MIAD’s FAFSA school code 014203 so that we receive the results and can process your financial aid award letter.
4. First-time borrowers in the Federal Direct Student Loan program must complete a Master Promissory Note (MPN) and an Entrance Counseling Session, which helps you understand your rights and responsibilities as a student loan borrower. Both the Master Promissory Note and the Entrance Counseling Session can be completed online at studentaid.gov. Use your FSA ID to log in, the same one you used for completing the FAFSA online to log-in. You can read more about this in Let’s Get Started.
Federal Direct Plus (Parent) Loan
PLUS stands for Parent Loan for Undergraduate Students. PLUS loans are federally guaranteed loans that allow parents to assist in the coverage of educational expenses for dependent students. They are not based on need or family income, but require a credit check. Unlike other loans, parents must apply directly for these loans.
- The amount a parent can apply for each year is the cost of attending MIAD minus all other aid awarded.
- The interest rate for the 2020-21 academic year is 5.3% and the interest rate for the 2021-22 academic year is 6.28%, with a 4.228% origination fee, for loans first disbursed on or after October 1st, 2020 and before October 1st, 2021. The origination fee is 4.228% for loans first disbursed on or after October 1st, 2021.
- Repayment begins six months after your student is no longer attending the college at least half time.
How Does a Parent Apply for a Direct Plus Loan?
1. Parents can apply for a Direct Plus (Parent) Loan at studentaid.gov.
2. You’ll be asked to complete the Federal Direct Plus Loan Application and a Federal Direct Plus Loan Master Promissory Note (MPN).
3. Contact the Financial Aid Office if you have any questions. We’re here to help you and your student.
Private Alternative Loans
MIAD partners with private lenders to provide students additional loan options that should be considered after all possibilities for scholarships, grants and employment have been researched. These lenders have been selected based on positive past student and institutional experience. You can borrow what it costs to attend MIAD minus any other financial aid you are receiving.
Private loans can be a good choice for students who have a good credit-worthy co-signer. In some cases, they may be a better option than a Parent Plus loan. Some lenders do not have origination fees and offer both fixed and variable interest rates.
Financial Aid staff must approve the amount you borrow. We’ll also help you determine the amount of a private loan.
You can apply for a private loan through FASTChoice.
Please contact us for further information.
Money You Earn – Student employment
One in five MIAD students works on campus.
Students find on-campus employment in two ways: through the Federal Work Study Program and through MIAD’s on-campus employment program.
Federal Work Study (FWS) payment is a need-based form of financial aid. You will be paid, like other MIAD employees, through the MIAD payroll process. You must work to earn a FWS payment.
How Do I Find an On-Campus Job?
Campus jobs for both Federal Work Study and MIAD’s on-campus employment program are posted through MIAD’s Career Services Office. In addition to on-campus jobs, Career Services posts all available off-campus job and internship opportunities.
Examples of on-campus jobs:
- Designer, Photographer, Videographer
- Mentor, Resident Hall Advisor, Tutor, Student Services Assistant
- Webmaster Assistant, Gallery Assistant, Career Services Assistant, Admissions Telecounselor, Pre-College Teaching Assistant, Communications/Development Assistant
- Maintenance staff, Student Union and MIAD Café staff, Receptionist
Click here for more information about on-campus employment.
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