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Finalizing undergraduate aid awards

For the 2007-2008 academic year

You must complete these steps to finalize your financial aid award so we can disburse the financial aid to your student account at the same time as we bill you for tuition, fees, and other Institute charges.

1. Parents’ 2006 federal income return, schedules and W-2s

Deadline: As soon as possible

• If you have not yet submitted your parents’ 2006 federal income return, you must do so even if you received a tentative award based on your parents’ 2005 federal income return.
• Please submit the 2006 federal income tax return, schedules and W-2s through IDOC as soon as they are available.
• For families who are required to file Schedule K-1 of IRS Forms 1041, 1120S, 1165 or 4970, we need to receive the 2006 version of these schedules and forms as well.

2. Self-Help and Outside Award Reply Form

Deadline:
May 1, 2007 for Class of 2011 (click here for form)
July 1, 2007 for all other undergraduates (click here for form)

• If you are awarded financial aid, you must complete this form to report outside scholarships, grants or benefits, and to designate how much you intend to borrow and earn.
• You may need to submit a revised version of this form if there are changes in your outside scholarships, grants or benefits, or if you change your borrowing or working plans.
• You can use the same form for your initial and revised submissions. Just check the appropriate box if it is a revised version.

3. Student Information Review Form

Deadline:
May 1, 2007 for Class of 2011 (click here for form)
July 1, 2007 for all other undergraduates (click here for form)

• If you are awarded a MIT scholarship, you must complete this form so we can see if you meet the additional restrictions or preferences of one of our “named” MIT scholarships.
• You receive the same amount of MIT scholarship regardless of whether you meet a restriction or preference of a “named” MIT scholarship.

4. Student and Parent Loans

Deadline: As soon as possible

If you or your parents are borrowing, there may be additional steps to follow depending on a few factors.

• If this is the first time you are borrowing as an MIT student, you will need to complete loan entrance counseling.
• You will also need to sign a promissory note. If the loan program has a master promissory note, you only sign once as an MIT student; otherwise, you sign each time you borrow from that program.

For further information, see the instructions for the loan program(s) from which you are borrowing. We have listed the federal loans plus the four most frequently used alternative loans. There are many other alternative loan programs available and we will certify your loan eligibility for any lender you choose within our standard processing time. Every year we review the alternative loans most frequently used and will update this list if there is a change.

• Federal Direct Subsidized Loan
• Federal Perkins Loan
• Federal Direct PLUS Loan
• MIT Technology Loan
• Federal Direct Unsubsidized Loan
• MEFA undergraduate loan
• Sallie Mae Signature Student Loan
• Bank of America private loan
• Global CitiAssist Loan
• CitiBank International Loan

5. Student Employment

Deadline: When you first arrive on campus

If you plan to get a job on campus, there are four steps you must take:

• Complete the federal I-9 form. It’s quick and only needs to be done once while you’re at MIT. Stop by SFS in Room 11-320 and make sure you bring an original passport, an original Social Security card, or a certified copy of your birth certificate with a raised seal and picture ID.
• If you have not yet reported your Social Security number to MIT, please do so by using WebSIS. If you do not have a Social Security number, you’ll have to get one if you plan to work at MIT. More information on how to obtain a Social Security number is available on the Social Security Administration web site.
• Set yourself up with direct deposit so if you work at MIT, you can be paid electronically. The direct deposit authorization form (the same form for all MIT employees) is available online.
• Check the SFS job listings for other employment opportunities.

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