This is the time of year where the staff in Student Financial Services starts receiving questions about the financial aid applications process. We hope this information will help you through the process and alleviate some concerns.
For all incoming students for the Fall of 2013, the priority deadline for applying for financial aid is February 15, 2013. We have slightly different processes for domestic and international applications so both are outlined below.
If there is one year where your parents should get their taxes done as early as possible, this would be it. In order to get the most accurate financial aid award, you need to submit their 2012 tax returns as soon as possible. While we can do an estimated award with their 2011 taxes, the award will not be finalized until we have reviewed the 2012 documentation.
Starting in February 2013, you can track the status of your finanical aid application by checking MyMIT. Applications completed by February 15th will receive their financial aid awards shortly after admission decisions are made in mid-March. In order for our office to process your application so that you have your award letter in plenty of time to make some decisions before the May 1st deposit deadline, you should complete your application as early as possible. You can still apply for aid after February 15th but we cannot guarantee that we will have your award processed before May 1st. Applications are read in the order they are completed so the earlier your application is completed, the earlier you will have your financial aid award.
If your family has special circumstances or unusual expenses, or you have other information that will help us understand their financial situation more completely, please send us a letter detailing that information.
January through April is peak financial aid application time so please be aware that it can take up to 2 weeks for our office to receive and process your FAFSA or Profile applications. It can also take up to two weeks to process any documentation received by SFS. We ask that you do not send documents multiple times.
Any questions or concerns? Please contact Student Financial Services at sfs@mit.edu or 617-258-8600.
For domestic students:
- Free Application for Federal Student Aid
- Also known as the FAFSA, it is the online application for federal financial aid programs for U.S. Citizens and Permanent Residents. The 2013/2014 application will be available on January 1, 2013. MIT’s code is 002178.
- PROFILE
- The College Board’s PROFILE form for 2013/2014 is now available. This form collects information for determining institutional funding. MIT’s code is 3514. The fee for the initial application is $25 and additional schools can be added for $16.
- Parents’ 2012 U.S. Federal Income Tax Return
- All schedules and W-2 forms are required.
- 2012 documents should be sent directly to IDOC (Institutional Documentation Service).
- If the 2012 taxes are not available, you can send the 2011 taxes, W-2 forms and schedules directly to SFS. Documentation can be faxed or mailed but we cannot accept them via email. You will be required to submit 2012 documentation as soon as it is available to IDOC for a finalized award. Write your name and “Class of 2017” at the top of all materials.
- If applicable:
If your parent’s are divorced or separated:
- Non-Custodial Profile
- Once you complete the CSS PROFILE , CSS will email you a link to the Noncustodial Parent’s PROFILE with instructions.
- Non-Custodial 2012 Federal Income Tax Return
- All schedules and W-2 forms are required.
- All 2012 documents should be sent directly to IDOC (Institutional Documentation Service).
- If the 2012 taxes are not available, you can send the 2011 taxes, W-2 forms and schedules directly to SFS. Documentation can be faxed or mailed but we cannot accept them via email. You will be required to submit 2012 documentation as soon as it is available to IDOC for a finalized award. Write your name and “Class of 2017” at the top of all materials.
If your family own a business, corporation or interest in a partnership
- You must submit the most recent corporation or partnership return.
- A K-1 is insufficient data and the complete taxes are needed.
- If you, your parents or other siblings are beneficiaries of an estate or trust
- You must submit the appropriate schedule K-1 of IRS From 1041 or IRS Form 4970
For international students:
- PROFILE
- The College Board’s PROFILE form for 2013/2014 is now available. This form collects information for determining institutional funding. MIT’s code is 3514. The fee for the initial application is $25 and additional schools can be added for $16.
- Parents’ Income Tax Return or wage statement (translated into English)
- Send a signed copy of all pages of your parents most recent income tax returns.
- If your country does not have an annual income tax form, send a letter for each of parent’s employer stating the annual salary earned in local currency.
- Documentation for international students must be submitted to intldocs@mit.edu and must include this cover letter.
- Translate all materials into English, but report the amounts in your local currency.
- If applicable:
If your parent’s are divorced or separated:
- Non-Custodial Profile
- Your non-custodial parent must submit a separate copy of the College Board International Student Financial Aid Application (please contact our office for this form).
- Non-Custodial parent’s Income Tax Returns or wage statement.
If your family own a business or farm
- You must submit the CSS Business/Farm Supplement.
Some other important information:
· For more detailed information, please go to Student Financial Services.
· Canadian Citizens should follow the instructions for domestic students.
· When submitting documentation to SFS, please include the student’s name, “Class of 2017” and ID # (if you have it) on all pieces of paper.
· For domestic students, documentation submitted to SFS must be sent via fax or regular mail. PLEASE NOTE: We cannot accept any financial documentation with social security numbers via email due to safety concerns. Any documents received via email with personal information will be deleted.