Loans
Using financial aid funds, including loans (money you borrow and pay back over time), to attend MIAD is an investment in your future professional success. The loans you may take out, whether federal or private, help provide access to an outstanding private education in a visual field. Please contact us with any questions!
Federal Direct Loan Program Types
The Federal Direct Loan Program is the main source of loans used by MIAD students.
- Dependent First-year students are eligible for up to $5,500 annually in Federal Student Loans
- Dependent Sophomores are eligible for up to $6,500 annually in Federal Student Loans
- Dependent Juniors and seniors are eligible for up to $7,500 annually in Federal Student Loans
- Independent students are eligible for $9,500 – $12,500 annually depending on year in school.
It consists of three types of loans:
- Federal Direct Subsidized Loan – you pay no interest while enrolled in classes, and eligibility is dependent on your FAFSA application.
- Federal Direct Unsubsidized Loan – interest accrues while you are enrolled
- The current interest rate (2022-23 award year) on the Direct Subsidized and Unsubsidized Loans is 4.99% and the current fees (thru 10/1/2023) of 1.057%
- Federal Direct Plus (Parent) Loan – A PARENT can apply to take out a PLUS Loan in their name to help cover part or all their student’s net costs of going to MIAD. The amount a parent can apply for each year is the cost of attending MIAD minus all other aid awarded.
- The current interest rate (2022-23 award year) on the PLUS loan is 7.54% and the current fees (thru 10/1/2023) of 4.228%
How do I apply for Federal Direct Subsidized and Unsubsidized Loans?
- Apply for admission to MIAD!
- Both you and a parent must apply for an FSA ID online at studentaid.gov to electronically sign the FAFSA application.
- 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 offer.
Private Alternative Loans
A student can apply for a private student loan with a creditworthy cosigner to cover part or all the net costs of going to MIAD. Private student loans are in the student’s name. Most private lenders have the option of a variable interest loan or a fixed interest loan. The variable or fixed interest rate is calculated based on the creditworthiness of your cosigner. You are free to choose any lender that processes private loans.
FASTChoice can help you choose a lender. The amount a student can apply for each year is the cost of attending MIAD minus all other aid awarded.