ART/MXAT Institute for Advanced Theatre Training Financial Aid Manual: 2012 - 2013

Introduction

In recent years the cost if a graduate education has risen; steadily outpacing the growth of financial aid funds from federal and private sources. Therefore most students consider seriously the cost of their graduate education. This cost is not only one of the largest investment decisions a student (and their family) must make, but also one of the most important.

At the ART/MXAT Institute for advanced Theatre Training (IATT) at Harvard University we realize that students may often be confused and overwhelmed by the complex terms and conditions of loans and financial aid policies. We have written this manual to familiarize you with our policies and to explain how you can apply for financial aid at the IATT at Harvard University. We hope this manual will also help you begin to develop a strategy for financing this undertaking before your term at the IATT begins.

Philosophy

The philosophy at the ART/MXAT Institute for Advanced Theatre Training at Harvard University holds that the primary responsibility for financing a graduate education resides with student (and/or family). Attending the IATT is a career investment, and students should expect to contribute most of their own personal resources toward their education. Personal resources include: any personal assets and income from employment. To ensure that need-based financial aid is appropriately awarded these personal resources are taken into account. We maintain a need blind admissions policy in order to create a diverse student body. In view of this, the FAO along with the input from the Institute Administrative Director makes every effort within the limits of available funds to assist students with documented need.

Determination of Need

All Harvard-administered student aid, including federal or supplemental loans, scholarships or work- study is awarded strictly on the basis of need. In order to be eligible to obtain aid you must demonstrate need as determined by current methodologies and the Office of Financial Aid. In the awarding of assistance, the FAO takes into consideration your cost of attendance for the academic year as well as the amount of the funds you (and you family) can be expected to contribute to your education. The figure below represents the actual amount budgeted for first year IATT students for the 2012/2013 school year. Please note the first year cost of attendance includes a summer session and a spring residency in Moscow.

Cost of Attendance

Your cost of attendance for the year is based on the sum of these costs:

Revised December 2011 Page 1 ART/MXAT Institute for Advanced Theatre Training Financial Aid Manual: 2012 - 2013

Tuition Student health insurance & health fees Room & board Books, supplies & equipment Dependent care Transportation Loan fees Personal expenses Travel Personal

For the 2012/2013 academic year the estimated cost of attendance for Year 1 is $60,982. The estimated cost of attendance for Year 2 is $53,034.

Expected Family Contribution

Your expected family contribution (EFC) is determined by the standardized needs analysis using the information you reported on the Free Application for Federal Student Aid (FAFSA). Please keep in mind that your EFC is an estimate of your capacity to absorb some of the cost of your education over time.

Remaining Financial Need (RFN)

In order to determine how much assistance you will receive under federal programs your RFN is calculated by subtracting your EFC from the anticipated expenses of the year (Cost of Attendance).

Cost of attendance – EFC = RFN

Your RFN will be comprised first of a Direct Unsubsidized Stafford Loan up to $20,500. After submitting a completed IATT Financial Aid Application, a student may be awarded IATT scholarships, work-study, Perkins loan support, or some combination thereof. In addition further funding may be obtained from other sources: First the federal graduate Plus Loan and then supplemental or alternative loan programs. Examples of different financial aid packages may be found in the section “Looking at the Big Picture”. These examples will assist you in determining the type of financial aid package you might receive.

RFN is composed of:

Unsubsidized Stafford Loan Graduate Plus Loan IATT Scholarship and work-study Additional finding from supplemental or alternative loans

Unsubsidized Stafford Loan

Since scholarships administered by the IATT are insufficient to meet the anticipated needs of all of our students, government sponsored loans are made available to you in the form of the unsubsidized Stafford loan for $20,500.

Eligibility

To be considered for federal aid funds- unsubsidized Stafford and graduate Plus loans, you must meet the eligibility requirements:

 have demonstrated need as determined by the application submitted

 have a high school diploma or General Education Certificate (G.E.D.)

 be enrolled or accepted for enrollment as a regular student working towards a certificate in an eligible program

 be a US citizen or an eligible non-citizen

 have a valid social security number

 make satisfactory academic progress

 sign the statement on the FAFSA certifying that you will use federal student aid only educational purposes only

 if required, have registered with the Selective Service

International students are not eligible for the federally sponsored programs. If you have any questions about your eligibility please contact the Office of Financial Aid.

Verification of Financial Aid Data

As mandated by federal regulation, each year a number of financial assistance applications are selected at random for detailed review called verification. If selected for verification you will be required to submit additional documentation to the Office of Financial Aid to finalize your offer of assistance. Because verification is a custom process, the Office of Financial Aid will contact selected students with a request for the specific documentation needed. Failure to provide the requested information may result in a rescission of all aid awarded for the academic year.

Consumer Credit Reports and Consumer Debt

Most private educational loan programs require that borrowers pass a credit check in order to approve a loan. If you plan to apply for a non-federal education loan, we strongly advise you to obtain a free copy of your credit report from www.annualcreditreport.com. Please note the preceding website is the only one that offers a free credit report. Reviewing your credit report prior to your application for private education loans will allow you to resolve any problems or errors that may appear on your credit report. Please be aware that if an education loan is denied because of derogatory credit information, IATT is unable to provide alternative funds.

While attending IATT you should be especially wary of using credit cards as a substitute for careful budgeting. The standard student budget at IATT allows for a moderate standard of living and cannot, per federal regulations, provide an allowance for credit card payments. We strongly advise you to clear all consumer debt prior to beginning your studies. Credit cards may be convenient but it is easy to overspend when using credit. Wise use of credit – both in terms of credit card use and not over- borrowing – will provide you a solid financial foundation. Creating and following a modest budget while you are in school will help your overall financial picture at graduation and beyond.

Like credit cards auto financing is not included in the cost of attendance. IATT does not provide an allowance for car payments in the standard student budget; although average transportation and commuting costs are included. While you must be able to get to class, by federal regulation financial aid is available to finance an education, not a car. We advise you to pay off any car debt prior to your enrollment or consider other forms of transportation as IATT is located in an area where walking is possible , bike lanes and public transportation are also available.

Financial Aid for International Students

US Citizenship and Immigration Service regulation require that you provide formal evidence of your ability to cover the cost of an education program. The documentation must include certification of the availability of funding for the first full year of study and reasonable assurance that funds will be available for subsequent years. The latter may be in the form of a certified bank statement or a statement from a parents’ employer confirming that your family can expect to have adequate annual income to cover your educational and living expenses. This certification must be received before we can begin to process the I-20 Form, which will enable you to obtain your visa to student at Harvard. Prospective foreign students who are unable to demonstrate financial solvency will likely have their visa applications denied.

Financial aid funds for students who are not US citizens or permanent residents are extremely limited. IATT is unable to provide more than the minimal financial assistance for international students. If you are a foreign student you should anticipate funding almost all your expenses from sources outside IATT. International students who are interested in the possibility of borrowing money to finance their studies should contact the Office of Financial Aid as soon as possible.

Satisfactory Academic Progress

To receive federal funds you will be required to make satisfactory academic progress (SAP) toward your certificate. The guidelines for SAP are established by the IATT faculty and each student will be notified of their progress during their scheduled evaluations.

Term Bill Payment

In general, one half of the annual tuition, Harvard Blue Cross/Blue Shield Student Insurance and Harvard health fees are billed each semester. Term bills for summer session and fall semester are e-mailed in June. Charges for the spring semester are billed in December. The term bill will reflect anticipated credit for any financial aid awarded through IATT’s Office of Financial Aid. Any remaining balance must be paid in full by orientation. Charges for rental housing, dental insurance, library fines and other University obligations must be paid as billed. Further information about this process accompanies the July term bill. All financial aid received must be used to pay tuition health fees and University changers before funds will be disbursed for other education or education related expenses.

Cash Advances & Refunds

A cash advance is an advance based on your anticipated funds. Loan and grant funding is not normally disbursed to the e-bill until at least mid-October of any given year. Until the funds actually disburse to your account we use anticipated credits and advance funds on any pending disbursements. Until the funds are disbursed in full, they are cash advances. There are no fees for cash advances.

A refund is the cash disbursement of an actual credit on your e-bill. It is not an “advance” on anticipated financial aid credits to your account; rather, it is a refund of monies already disbursed to your e-bill.

To be eligible for a cash advance or refund, you must be a registered Institute student for 2012-2013 and have a financial aid award. We can submit your anticipated financial aid credits to the Student Receivables Office (SRO) and use these credits to determine if you will have a projected surplus once all of your charges have been satisfied. PLEASE NOTE: You cannot have a back balance from a prior academic year. All back balances must be paid in full before a cash advance or refund is issued.

You will be required to have e-signed all of your Master Promissory Notes (MPN) before a cash advance or refund can be processed and released to you. If you are having difficulty e-signing any of your MPNs, please contact the FAO for assistance.

The amount of any cash advance or refund is calculated by the FAO. Please note that cash advances and refunds may vary from term to term, depending on other credits and charges that you incur during the academic year.

Direct deposit is the fastest way to get the excess credits from your e-bill to your U.S. bank account. It's easy to sign up and the most secure way to receive your credits. The enrollment process for direct deposit is now available by logging into your student bill and choosing Direct Deposit from the left menu. You do need to have a U.S. bank account so be sure to set one up right away if you don't already have one. Entering Students need not wait for a local bank account to enroll. Instead you should set up direct deposit to your current U.S. bank. If you choose to use a different bank once you have settled on campus, you can simply change your enrollment online. This will ensure that we will be able to get you money as quickly as possible after you register in July. Returning students, please note that this direct deposit process is different and separate from PeopleSoft payments for FWS or other work you may be doing at the University. Whether or not you have already set up direct deposit with PeopleSoft, you must separately set up direct deposit through the student billing system if you wish to receive a Summer Cash Advance.

Student Financial Services reviews all student accounts regularly and automatically issues refunds and cash advances for students whose credits (grants, loans, payments, etc.) exceed the charges on their ebill (tuition, health fees, etc.). These funds will automatically be deposited through the direct deposit process, to your U.S. bank account. If you do not have direct deposit set up with the Student Receivables office, a paper check will either be mailed to whatever address is currently on file with the Registrar's Office or picked up by the FAO. No paper checks will be available for pick up by students.

Any cash release MUST be used for education-related expenses only.

Entrance Interviews

Recipients of financial aid at the IATT are required to have an Entrance Interview with the Financial Aid Officer (FAO). During this meeting many aspects of financing a graduate education are discussed along with the implications of education debt.

Exit Interviews

Prior to graduation, withdrawing from IATT or taking a Leave of Absences an exit interview is required for students who borrowed federal or institutional funds for their studies. At the interview loan repayment schedules are arranged and your rights and responsibilities as a borrower are discussed.

Refund Policy

If you withdraw prior to the end of the semester you will be charged tuition prorated as follows:

Year One (2663 hours total) Withdrawal during summer session (486 hours total) On or prior to start date(July 5) No charge (0 hours complete) Before July 20th 33% (162 hours complete) July 21-August 3 60% (270 hours complete) After August 3 100% (486 hours complete)

Withdrawal during fall semester (849 hours total) On or prior to start date(Sept 5) No charge (0 hours complete) September 5 – October 5 33% (272 hours complete) October 6 – November 2 60% (507 hours complete) After November 2 100% (849 hours complete)

Withdrawal during spring semester (1328 hours total) On or prior to start date (January 4) No charge (0 hours complete) By February 8 33% (379 hours complete) February 9 – April 4 60% (792 hours complete) After April 4 100% (1328 hours complete)

Year Two Withdrawal during fall semester (849 hours total) On or prior to start date (Sept 6) No charge (0 hours complete) September 7- October 6 33% (272 hours complete) October 7 – November 3 60% (507 hours complete) After November 3 100% (849 hours complete)

Withdrawal during spring semester (1328 hours total) On or prior to start date (Jan 5) No charge (0 hours complete) By February 9 33% (379 hours complete) February 10 – April 5 60% (792 hours complete) After April 5 100% (1328 hours complete)

Total Program Hours First Year 2663 hours Second Year 2177 hours Program Total 4840 hours

The date on which a student’s period of enrollment shall be deemed to have ended will be the date on which the student notifies the IATT in writing of his/her withdrawal or the date on which the IATT determines that the student has withdrawn or been dropped from the rolls of the IATT, whichever is earlier. This IATT shall make any such refund as is due in accordance with federal regulations.

No refund of the Health Service Fee of the Blue Cross/Blue Shield fee will be made to students who leave during a semester. Medical insurance remains in effect for the full semester and by arrangement can be maintained while on a leave of absence.

In cases where the student has been the recipient of financial assistance in the form of loans or scholarships, withdrawal may result in a refund of all or part of the aid to the lender or granting agency. The net amount of refund which is payable to the student shall be paid directly to the student after disbursements to lender or scholarship funds have been made. A special refund rule applies to Title IV aid (Direct and Perkins Loans). This may necessitate repayment of a portion of the Direct Loan to the US Department of Education or Harvard University.

Rights and Responsibilities as a Student In accordance with federal regulations, as a student you have the right to know:

1. The location, hours and counseling procedures of the Office of Financial Aid

2. What financial aid funds are available.

3. The procedure and deadline for submitting application for each available financial aid program.

4. How the school selects financial aid recipients.

5. How your financial need was determined and what resources were considered in the calculation of your need.

6. How the school determines each type and amount of aid in your package.

7. How and when you will receive your aid.

8. An explanation of the various programs in the financial aid package.

9. The schools refund policy.

10. What portion of the financial aid awarded must be repaid and what portion is grant aid. If the aid is a loan, you have the right to know the interest rate, length of repayment and when repayment begins.

11. How the school determines whether you are making satisfactory academic progress.

Your responsibilities as a student include but are not limited to:

1. Read and carefully consider the information which the school is required to provide about financial aid policies and programs.

2. Complete all application forms accurately and submit them on time to the appropriate office with any requested documentation.

3. Provide accurate information. Misreporting information on financial aid documents may be in violation of federal law and may be considered a criminal offense.

4. Return all additional documentation, verification, corrections and/or new information to either the Office of Financial Aid or the agency to which the application has been submitted.

5. Read and understand all forms that you are asked to sign and keep copies of them for your records.

6. Accept responsibility for all agreements including promissory notes that you sign.

7. Be aware of the school’s refund policy

8. Notify the Office of Financial Aid in writing promptly of any changes in circumstance.

9. Complete an exit interview prior to graduation, withdrawal or beginning a leave of absence.

Failure to comply with any of these policies may result in the recession of all aid granted for the year.

FINANCIAL AID APPLICATIONS

Most of the student aid at IATT comes from the federal government in the form of the Direct Unsubsidized Stafford Loan and the Grad Plus Loan. The Federal Direct Stafford Loan Program requires that you submit a completed 2012/2013 Free Application for Federal Student Aid (FAFSA) available online at www.fafsa.ed.gov or for a paper application call 1.800.433.3243.

Consideration of Your Application

All applications received by February 15, 2013 will be given priority consideration. Applications received after this deadline will be awarded on a funds available basis. Once all materials have been received by the Office of Financial Aid your application will be processed and your eligibility for aid determined. You will receive written notification of your financial aid award along with information about documents required and procedures you will need to follow to obtain the various components of your award.

Application Review and Required Documents

Prior to the awarding of aid, applicants must forward all requested documents to the Office of Financial Aid. The IATT reserves the right to request further documentation from applicants. Failure to submit any requested documents may result in the withholding of aid and may ultimately cause the termination of all aid awarded.

Because all awards are based on the information the provided on your application and supporting materials, it is IATT policy to that all applications undergo a thorough review for accuracy. For this reason, the IATT reserves the right to update data on your application. All discrepant information must be resolved before financial aid funds can be disbursed. Occasionally updates will affect your eligibility causing your award to be revised. Should this occur, you will be notified in writing.

American Repertory Theatre Scholarships

Need-based scholarships are awarded by the IATT each year and do not have to be repaid. All students who submit a FAFSA are reviewed for these funds. Because funds are limited, scholarships are usually intended to supplement money provided by family, loans, earnings and student assets. The average ART Scholarship award for the 2011/2012 academic year was $2,000. The amount of this award is dependent upon, among other things, the overall need of the students and their respective estimate cost of attendance. For these reasons ART scholarships are not automatically renewable and amounts may increase or decrease from one year to the next.

Federal College Work-Study

The Federal College Work-Study Program Provides jobs for students with financial need and allows earning to help pay for education expenses while in school. The program encourages community service work and work related to your course of study. There are jobs available at the Loeb Drama Center and Zero Arrow Theatre which often take student schedules into account. The Institute Office has information on available and upcoming jobs. The total Federal Work-Study award you receive is dependent upon the timeliness of your application, your demonstrated need and the fund level available to IATT. The hourly wage range for the 2011/2012 academic year was $13-$15 an hour. There

Revised December 2011 Page 10 ART/MXAT Institute for Advanced Theatre Training Financial Aid Manual: 2012 - 2013 is no advance of funds; students are paid weekly for the hours they worked. For more information please contact the Office of Financial Aid.

Loan Programs

Direct Unsubsidized Stafford Loan Program (Stafford, Direct Loan or DL) Phone: 1-800-848-0979 Website: www.myedaccount.com

DL is a federal Title IV program that provides long-term low interest loans to students to help meet educational expenses. Under this program the US Department of Education makes loans through schools directly to students. DL simplifies the loan process by eliminating the need for a commercial lender and make repayment easier as all payments are made to the federal government. The interest rate for the 2012/2013 academic year is 6.8%. There is a 1% origination fee at the time of disbursement.

Graduate students qualify for up to $20,500 a year in the Direct Unsubsidized Stafford loan. The aggregate limit for the Stafford program is $138,500 which includes any previous borrowing in the Stafford program. These loans are not need based but require a valid completed FAFSA. Because this loan is unsubsidized, interest begins to accrue at the time of disbursement. At the option of the borrower, interest payment may be deferred while in school; however unpaid interest will be capitalized (added to the principal loan balance) upon entering repayment.

After you graduate, withdraw or drop to below part-time enrollment there is a six month grace period before repayment begins. There are currently four repayment programs available to DL borrowers. You have the right to select whichever one is best for your overall financial situation. If you do not select a payment plan, you will be put on the Standard Plan. Whichever plan you select, there are never any penalties for prepayment. The more quickly you pay off you loans, the less interest you will pay and the smaller your overall repayment will be.

Federal Repayment Plans:

1. Standard: (10 year repayment term) This is the simplest of the plans and, in general, is considered the least expensive, as the shorter the repayment term the less interest you will have to pay. In this plan your total federal educational debt is divided by 120 to determine your monthly payment. Of the payment plans the Standard usually has the highest monthly payment amounts. It is a good choice for paying off the debt quickly.

2. Extended: (10-25 year repayment term) If you have more than $30,000 in federal education loan debt you may choose the extended repayment plan. Because the monthly payment amount is lower than the Standard Plan the total cost of your loan will increase. But this is a good plan for those who need a lower monthly payment.

3. Graduated: (up to 10 year repayment term) Monthly payment start lower and are increased every two years. This plan is a good selection for those who need a lower monthly payment initially but expect to be able to pay more in the future.

4. Income Contingent Repayment or ICR: (up to 25 years) Monthly payment amounts in this plan are based on the following calculation: Your Adjusted Gross Income(AGI) minus 150% of the poverty level at your household size. Currently the monthly amount is capped at 15% of your discretionary income. If your AGI is less than 150% of the poverty level, then your monthly payment will be $0. While a monthly payment of $0 may sound good, as interest is still accruing this would make your debt grow rather than shrink. After 25 years of paying on the IBR plan, any remaining debt will be cancelled by the Secretary of Education. While you may not have to pay the entire amount you borrowed, the amount cancelled after 25 years is considered a taxable event.

Direct Grad Plus Loan (Grad Plus)

Grad Plus loans are federally backed credit based loans available to graduate and professional students as an alternative to private commercial loans. The Grad Plus is limited to the cost of attendance minus financial aid. It has a fixed interest rate of 7.9% and an origination fee of 4% which is taken at the time of disbursement. Adverse credit will cause a Grad Plus to be denied. According to the US Department of Education the following conditions constitute adverse credit:

1. Within the past five years: a bankruptcy, repossession, foreclosure, voluntary surrender, wage garnishment or a county/state/federal tax lien.

2. An unpaid collection account.

3. An account that has been “charged off”.

4. Foreclosure proceedings initiated or a deed in lieu of foreclosure.

5. A defaulted loan where a claim has been paid.

6. A lease or other contract that has been terminated by default.

Federal Perkins Loans (Perkins)

Unlike Stafford and Grad Plus loans, Perkins loan funds are very limited and so are normally only awarded to U.S. Citizens and eligible non-citizens who are facing significant unexpected need that cannot otherwise be covered by grant aid.

The Perkins program has the following features, as set by federal regulations:

 Maximum $8,000 per year (actual awarded amount depending on the situation and fund availability)

 Cumulative debt limit of $40,000  Fixed interest rate of 5.00% for the life of the loan  Subsidized loan (interest does not accrue until you enter repayment)  No loan fees  No separate application  Nine-month grace period (repayment begins in the tenth month following the last day of enrollment at HLS.)  Ten-year repayment period ($40 minimum monthly payment)  Deferment and forbearance provisions similar to Stafford Loan Program  Cancellation of loans available for graduates who work in certain professions (law enforcement such as DA, PeaceCorps, teaching)  Cancellation due to death or permanent disability

Additional Application Requirements: In order to accept the loan, the student must sign a separate electronic master promissory note.

Private Education Loans

Private loans are not guaranteed by the federal government, nor do they have the same eligibility requirements. They are financial products offered by commercial lenders. Some private loans are available to international students. Because they are products designed by different lenders, terms and conditions vary from lender to lender and change in accordance with the larger financial market. In general, private loans will charge higher fees and interest rates than federal education loans. Most loans allow for payment to be deferred until after graduation, withdrawal or dropping to below half- time status. But as the terms of these loans vary from lender to lender, you will need to contact the lender of your choice directly to ascertain the cost of a private loan for you.

2012-2013 Student Budget

The standard student budget or cost of attendance (COA) represents the average costs for most students and establishes an annual limit on financial aid available to each student. Each year the Office of Financial Aid carefully reviews the local area rental rates and student reported expenses to arrive at a reasonable budget that allows for a moderate standard of living for all students.

2012-2013 Budget First Year Second Year Tuition: 33,050 Tuition: 24,950 Health Fee: 1,034 Health Fee: 930 BC/BS Insurance: 2,412 BC/BS Insurance: 2,168 Dental Insurance (optional): 386 Dental Insurance (optional): 386 Room & Board: 14,219 Room & Board: 12,021 Travel: 1,687 Travel: 1,426 Books & Supplies: 723 Books & Supplies: 612 Revised December 2011 Page Miscellaneous/Personal: 7,471 13 Miscellaneous/Personal: 10,541 (includes req’d Total: 60,596 Showcase for Acting program) Total: 53,034 ART/MXAT Institute for Advanced Theatre Training Financial Aid Manual: 2012 - 2013

Budget Increase

Occasionally students incur unanticipated expenses that may be deemed an educationally allowable expense by the US Department of Education. Examples of these expenses are family emergencies or unreimbursed medical or dental expenses. In these special circumstances the student budget can be increased by the dollar amount of the expense. A budget increase can only be requested if your total aid is already equal to the cost of attendance. In order to request an increase in your costs, you will need to submit a letter explaining your situation with all documentation proving your spending (receipts, paid invoices, etc.) to the FAO. In some cases you may be asked to submit an itemized budget illustrating how you have spent all previously received aid or other information before your costs can be increased. Should you believe that you need to appeal to have your cost of attendance increased, please make an appointment with the FAO so that you can receive instruction on the type(s) of documentation you would need to submit.

While every attempt will be made to help secure grant funding to cover the emergency expense, most budget increases will be met/filled with either a Grad Plus or a private loan of the student’s choosing. In rare cases an institutional loan might be awarded.

Married Students/Students with Dependents

There are some basic differences in how we determine financial need for students who are married or have dependent children. For married students, it is the IATT’s policy that the full earnings of the spouse will be available to help meet both basic family living expenses and to contribute toward the cost of the student’s graduate education. For students with dependents, standard allowance for family expenses are given against all income earned by the student (and spouse) during the twelve month year from the June preceding enrollment at the IATT to the end of May. If the sum of these allowances exceeds the available income, the resulting shortfall can be added to the cost of attendance as a dependent care allowance. This adjustment would result in increased financial need. However no allowance against income will be made to cover the expenses of non-working spouse unless that spouse is caring for at least one pre-school aged child. For students with working spouses, documented daycare costs can also be added to the allowances against income thereby increasing the dependent care allowance.

The financial need for married students without dependents is evaluated much the same as for single students. Under the Higher Education Amendments of 1992, living expenses for spouses cannot be added to the standard budget. No assistance is provided by the IATT to cover living expenses of non- working spouses of students who do not have dependent children. If a student’s spouse is also enrolled full-time in an academic program, the IATT student will be evaluated as a single student for financial aid purposes.

Determination of Need & Allowances Against Income

The IATT meets full financial need for all married students and/or students with dependents as defined by our institutional need analysis parameters. However since married student and students with children have additional expenses related to supporting a family, before we assess a contribution from a student’s total marital income we first allow students with families to allocate their resources toward meeting the many costs associated with supporting a family. We do this by affording these students allowances against income. These allowances are standard amounts for specific categories of expenses. They are based on an eleven month period beginning in August of the summer before the academic year and running through the end of the following June. Students who marry or experience the birth of a child during the course of the academic year will receive the same allowance pro-rated for the number of months between August and June that apply to their circumstance.

The standard allowances give include: 1. Basic living allowance to cover expenses such as food, housing, utilities, etc. 2. Allowances for family health insurance (if purchased through Harvard University Health Services) 3. Allowance for a car needed by the spouse for work or care for children 4. Working spouse allowance to recognize the additional expenses related to having a job, such as commuting, professional wardrobe, etc.

In addition to these standard allowances given we also consider granting increase to these allowance for expenses such as a spouse’s education debt repayment (required monthly payments only), child care expenses (within reasonable limits) for spouses who work, and tuition expenses for spouses who work and go to school part-time. In these cases we require more detailed expense documentation before granting an increase to the standard allowances.

Frequently Asked Questions

Q: My financial aid awards do not cover my costs, do I have any recourse?

A: Yes, you may apply for either a grad Plus or a private loan to finance any costs your aid does not cover.

Q: Can I appeal to have my scholarship increased?

A: Assuming that all application data is correct, the aid in your package will not change as they are based solely on need and funds available. It is the IATT’s policy to offer the best award package possible to every applicant. Therefore we do not compete with aid offers at other schools. However if you financial situation has changed since you completed your application, we will reexamine your file.

Q: Can I suspend loan payments from my prior education loans while I am attending the IATT?

A: In most cases yes, however you should contact your lender(s) directly. Federal education loans can be deferred as long as you are registered at least half-time. During a deferment student are not charged interest on subsidized loans. Deferment forms with a students’ name and mailing address can be submitted to XX once the student has officially registered. Once classes have begun these forms will be completed and sent to the Clearinghouse.

Q: Since Harvard University’s endowment is so big, why are the ART scholarships smaller compared to the total cost of attendance?

A: The IATT is the youngest addition to Harvard University. While it is true that the Harvard University endowment is large, the IATT does not have unrestricted access to those funds. Each school at Harvard has its own endowment and IATT, being the smallest and youngest school at Harvard, has a relatively limited amount for scholarship assistance. While a portion of the IATT endowment goes toward financial assistance, alumni and donor contribution also help to provide aid to students.

Q: My parents are covering my health care; Do I have to pay for health insurance?

A: You may waive Blue Cross Blue Shield Student Health Insurance by providing proof of comparable health insurance. However the Harvard Health services fee cannot be waived. This fee allows you access to a health care facility in Harvard Square. To waive insurance please visit: http://hushp.harvard.edu/

Q: When does my health insurance coverage start?

A: Coverage begins August 1, 2012 and ends July 31, 2013. We understand that your term begins prior to the start date. As such there is pre-matriculating health and insurance fee of $348 (included in the 1st- year budget) to cover you health needs for the month of August. This fee cannot be waived.

Q: What happens after I accept admission and my award package?

A: Once you return a signed copy of your award letter with any required documentation, further information will be sent to you as your enrollment date approaches.

Q: I did not complete the financial aid application on time because I was accepted after the financial aid due date. Does this mean I am ineligible?

A: No. You are still eligible for financial aid. Please send all required materials as soon as possible so that your eligibility for aid can be determined.

Q: When will I receive my financial aid award notification?

A: There is an enclosed timeline in this package that will give you expected dates.

Q: I did not do my taxes this year; do I still need to complete the FAFSA?

A: Yes, everyone should complete a FAFSA. If you will file taxes but have yet to do so, complete your FAFSA with estimated tax data. Once you have filed your income tax returns, submit any necessary corrections to your FAFSA. If you are not require to file income tax, simply enter the amount of money you earned from any source(s) in tax year 2011.

Q: Is there housing near the IATT?

A: Yes. We have created a brief handout on what to expect with housing in the Cambridge area. Please see Chelsea Keating to request a copy.

Q: My parents are paying for my education. Where should they send payments?

A: All tuition payment at Harvard is online. If you would like your parents to send payment, you may designate them as Authorized Payers in the Student Billing system. Information on this is available here: http://isites.harvard.edu/icb/icb.do?keyword=k69147&pageid=icb.page336580

Paper checks or correspondence can be mailed to:

Harvard University Student Receivables Office 953 Holyoke Center 1350 Massachusette Avenue Cambridge MA 02138

Q: How do I get access to Harvard Online?

A: Once accepted, by May 2012, you will receive your Harvard University Student ID number. This number will allow you access to Harvard Online. Go to www.pin.harvard.edu for access.

Q: How do I get Harvard email?

A: Once you have a Harvard University Student ID and a PIN registered, you can get a Harvard email address by visiting www.fas.harvard.edu/computing.

Revised December 2011 Page 19