SFS News
July–Dec 2008 | Jan–June 2008 | July–Dec 2007 | Jan–June 2007 | July–Dec 2006 | Jan–June 2006
July 7
Need a loan?
For details on applying for specific student and parent loans, see Get a Loan. Remember that you must first apply for financial aid to qualify for federal loans that are based on financial need.
July 7
Financial aid status
1. Undergrads – The majority of the undergraduate financial aid applications received by April 22 have been reviewed and award letters have been sent. SFS Financial Aid is working hard to award all completed files as soon as possible. You may check the status of your financial aid award on WebSIS. Questions? Call 617-253-4971 or email finaid@mit.edu.
2. Graduate students – SFS Financial Aid will be finalizing all completed graduate financial aid applications within the next few weeks. Your patience is appreciated. If you have further questions, call 617-253-4971 or email finaid@mit.edu.
January – June 2008
May 19
Degree candidates must pay account balances
Degree candidates: You must pay your full student account balances immediately or you will not receive your degree at Commencement. Make payments through MITPAY or by check in the Student Services Center, Room 11-120.
April 8
Some services to be limited April 10-11
Because of staff participation in Campus Preview Weekend for prospective freshmen, SFS Student Financial Aid and Employment (11-320) will be closed to enrolled students on Thursday and Friday, April 10-11. SFS Student Accounts and the Student Services Center (11-120) will be open to everyone as usual on those two days.
March 7
MIT announces major financial aid enhancements
Among the changes: starting in 2008-09, families of undergraduates earning less than $75,000 a year will have tuition fully covered by grant aid, and all undergraduates will have self-help lowered. See the MIT press release as well as a Q&A and background statistics from SFS.
Feb. 27
View a statistical snapshot of MIT
MIT has its own profile on U-CAN (the University and College Accountability Network), a free, consumer-oriented college information web site developed by the National Association of Independent Colleges and Universities.
Jan. 18
1098T forms to be mailed
SFS will mail 1098T federal tax forms to eligible students' home addresses by January 31, 2008. You can also view and print the form online at www.1098t.com (be sure to select tax year 2007). Click here for more information, or call 617-258-8600 or 617-258-5613 with questions.
July – December 2007
Dec. 7
Feb. 28 deadline to waive medical insurance
Your student bill on MITPAY may include a charge for the MIT Student Extended Insurance Plan for the fall term. If you have other health insurance that qualifies, you may request a waiver for the MIT Student Extended Insurance Plan no later than February 28, 2008. To request an online waiver, click here. Questions? Call MIT Health Plans at 617-253-4371.
Oct. 4
Family Weekend coming up
Presentations, performances and tours fill up quickly for Family Weekend on Oct. 12-14. Register online as soon as possible for the events you're interested in attending.
Oct. 2
Graduating borrowers: exit interview required
If you are a February degree candidate and have student loans, you're required by federal and Institute policy to attend a loan exit interview. Contact your loan counselor to schedule an appointment.
Early closing on Sept. 25
All offices in Student Financial Services, including the Student Services Center in Room 11-120, will close at 3:30 p.m. on Tuesday, Sept. 25.
August 6
Renew certificates for MITPAY, WebSIS
Annual MIT certificates, which are required to access secure MIT web sites including WebSIS and MITPAY, expired on July 31. If you haven't gotten new certificates, click here.
July 5
System shutdown from July 12-16
Due to a planned upgrade, all student system applications, including WebSIS and MITPAY, will be unavailable from 5:00 p.m. on Thursday, July 12 until 6:30 a.m. on Monday, July 16.
July 6
Health insurance waiver deadline is Sept. 30
If you don't want to pay for the MIT Student Extended Insurance Plan, the waiver deadline is September 30, 2007. Click here for more information.
January – June 2007
July 6
June 26
SFS closes early on June 28
All units of Student Financial Services and the Student Services Center in Room 11-120 will close for the day at noon on Thursday, June 28.
June 5, 2007
Student minimum wage goes up
Effective immediately, the minimum hourly wage for students employed by MIT will be $9.00, up from $8.75 per hour. The minimum wage for UROPs will not change; it is also $9.00 per hour.
May 30, 2007
Diplomas withheld if you owe MIT money
If you plan to graduate on June 8, you must pay your entire student account balance or you will not be allowed to participate in Commencement or get your diploma. Check your balance on MITPAY and contact your student account counselor if you have questions.
May 30, 2007
Missed your loan exit interview?
If you did not yet have a loan exit interview and you plan to graduate on June 8, contact your MIT loan counselor to schedule an individial session as soon as possible. Students who borrowed Federal Direct Stafford Loans and/or Perkins loans are required by federal law and MIT policy to attend an exit interview before graduation.
May 24, 2007
Aid letters mailed starting mid-June
Financial aid award letters will be mailed to returning students starting in mid-June. On-time aid applicants will be awarded first, followed by other students on a rolling basis through the summer, based on when application files became complete.
April 26, 2007
SFS opens late on April 27
Student Financial Services and the Student Services Center in Room 11-120 will open at 10:30 a.m. on Friday, April 27.
April 13, 2007
Application deadline extended
The 2007-08 financial aid application deadline for returning students has been extended until Friday, April 20.
April 13, 2007
Loan exit interviews required
If you borrowed Federal Direct Stafford Loans and/or Perkins loans and are on the degree list, you are required by federal law and MIT policy to attend an exit interview before graduation. Sessions are by appointment only (see dates and times available below); e-mail ewolcott@mit.edu to sign up. All sessions are in Room 1-190 and last approximately 20 minutes.
Thursday, May 3 – 12:15, 1:15, 2:15, 3:15
Monday, May 7 – 1:15, 2:15, 3:15
Thursday, May 17 – 1:15, 2:15, 3:15
Tuesday, May 22 – 10:15, 11:15, 12:15, 1:15
Wednesday, May 23 – 10:15, 11:15, 12:15, 1:15
Thursday, May 24 – 10:15, 11:15, 12:15, 1:15
March 5, 2007
More financial aid in 2007-08
MIT has set tuition and fees for 2007-2008 and has budgeted an additional $7 million for financial aid enhancements, including a guaranteed semester of UROP salary funding for eligible students. Click here for details.
Feb. 17, 2007
Prospective freshmen: financial aid updates
If you're applying for financial aid as a prospective freshman, click for answers to recent questions about submitting IDOC packets and parents' 2005 vs. 2006 tax returns.
Feb. 14, 2007
Tax forms have been sent
SFS has mailed 1098-T tax forms for 2006 to students' permanent address. This form is also available online at www.1098t.com. The 2006 form covers tuition billed for the 2006 calendar year only. Click here for more information or call 617-258-8600 or 617-258-5613 with questions.
Jan. 17, 2007
IAP classes coming up
• Free pizza... and free financial planning CANCELLED
Jan. 29 at 12:30, Room 1-246 (advance registration required)
• Financial Aid 101
Jan. 18, 22 and 29 (come to one or all) at noon, Room 1-134
• Women & Co.: The Financial Facts Every Woman Should Know
Jan. 18 at noon, Room 10-105
Jan. 10, 2007
Our new web site is here!
Have a look around and tell us what you think.
July–December 2006
Dec. 10, 2006
Medical insurance waiver deadline – Feb. 28
Your student bill on MITPAY may include a charge for the MIT Student Extended Insurance Plan for the fall term. If you have other health insurance that qualifies, you may request a waiver for the MIT Student Extended Insurance Plan no later than February 28, 2007. To request an online waiver, click here. Questions? Call MIT Health Plans at 617-253-4371.
Dec. 7, 2006
Pre-holiday office closings
The Financial Aid Office and the Student Employment Office (both on the third floor of Building 11) will be closed all day on Monday, December 11. The Student Services Center and other areas of Student Financial Services will not be affected. All areas of Student Financial Services will close at 4:30 p.m. on Thursday, December 14.
Sept. 1, 2006
Medical insurance waiver deadline – Sept. 30
Your student bill on MITPAY may include a charge for the MIT Student Extended Insurance Plan for the fall term. If you have other health insurance that qualifies, you may request a waiver for the MIT Student Extended Insurance Plan no later than September 30. For more information on the plan and how to request an online waiver, click here. Questions? Call MIT Health Plans at 617-253-4371.
Aug. 21, 2006
Loan note signing sessions
Students who are borrowing a Federal Perkins Loan or a Federal Direct Loan (subsidized or unsubsidized) must sign a promissory note before the funds can be disbursed. Loan note signing sessions will be held at the times and locations below. If you are unable to attend one of these sessions, visit the Student Services Center in Room 11-120.
| Thursday, Aug. 31 | 10 a.m. to 3 p.m | Room 1-134 |
| Friday, Sept. 1 | 10 a.m. to 3 p.m | Room 1-134 |
| Tuesday, Sept. 5 | 10:30 a.m. to 3:30 p.m. | Room 1-150 |
Aug. 12, 2006
Computer error on bills
Due to a computer error, semester bills for fall 2006 that were posted on the night of July 6-7 did not reflect anticipated aid for financial aid recipients. MITPAY statements will not reflect anticipated aid until the next monthly posting on August 10. In the meantime, you have two options for determining the actual amount you owe:
- Students may see their actual amount due by logging onto WebSIS – click on “Financial Record” and then “Current Account Activity.”
- Parents and students may see their anticipated aid on their paper award letter sent in the mail. Then subtract the aid amount for the fall term to determine the amount you owe.
Once you have determined the correct amount you owe, you may make payments using one of the usual options: make an electronic payment through MITPAY, mail a check to the lockbox or bring a check to the Student Services Center. Your corrected balance is due in full by August 1 unless you have made alternative arrangements such as the MIT Monthly Payment Plan. If you have questions, contact your individual financial aid or student account counselor. We sincerely regret any inconvenience this may cause.
Aug. 7, 2006
Test our new web site and get a burrito!
Student Financial Services is in the process of overhauling our web site. We need people including students, parents and other potential users of this site to test a prototype while being observed by staff in IS&T (Building N42) for about an hour any time on August 16 or 17. To compensate you for your help, you'll get s $10 gift certificate to Anna's Taqueria. All you have to do is try to find certain information on the prototype of the new web site and think out loud so we can see what works well and what might be unclear. If you're interested, please contact SFS Communications Officer Alice Waugh at 617-253-3850.
July 7, 2006
Learn more about your scholarship donor
If you're an undergraduate with an MIT scholarship in your financial aid package, you can now learn more about where that money comes from. Log onto WebSIS; click on "Financial Record" and then "Financial Aid Statement." The name of your MIT scholarship is now a link to a new web page that provides some background about that scholarship.
January–June 2006
May 30, 2006
Employers of student workers – important notice
If you're an MIT supervisor who plans to hire an MIT student worker, you must use the new electronic Student Personnel Action Form (eSPAF) as of Friday, June 30. As part of the HR-Payroll Project, MIT employers will now use the eSPAF to hire students, change pay rates or terminate a student. After students start working, they fill out electronic timecards on WebSIS. For details, see the links below:
April 26, 2006
Consolidate loans now; interest rates to rise
In-school students who apply for a Federal Consolidation Loan on their Direct Student Loans by June 30, 2006 can lock in an interest rate of 4.7% for the life of the loan. On July 1, the interest rate will rise to 6.8%. For more information and an online application, click here.
March 8, 2006
MIT to match Pell Grants
To help counteract declines in federal funding for student financial aid, MIT will match the Pell Grant amounts for all eligible students starting in September 2006, thereby reducing or eliminating student loan debt for those students. For more information, click here.
Need a loan?
For details on applying for specific student and parent loans, see Get a Loan. Remember that you must first apply for financial aid to qualify for federal loans that are based on financial need.
Financial aid status
1. Undergrads – The majority of the undergraduate financial aid applications received by April 22 have been reviewed and award letters have been sent. SFS Financial Aid is working hard to award all completed files as soon as possible. You may check the status of your financial aid award on WebSIS. Questions? Call 617-253-4971 or email finaid@mit.edu.
2. Graduate students – SFS Financial Aid will be finalizing all completed graduate financial aid applications within the next few weeks. Your patience is appreciated. If you have further questions, call 617-253-4971 or email finaid@mit.edu.
