Waive and Cosign (or is it Wave and Cosine)?
Hey all! Several items of update.
First off, I am back in Cambridge, having arrived during an eventful Wednesday evening thunderstorm. It was great to be in Aspen, but it is even greater to be home. The presentation in Aspen was a great success, and I even did a live demo of the blog highlighting some of your comments. I'll be doing another presentation on the blog to a different audience in the beginning of July (I'll post an update on that as we get closer).
So, to the message.
- Waive: I have been receiving many questions about when you can start to provide health insurance waivers for the Fall. I called over to MIT Medical and was informed that the online waiver process will begin no later than July 11. As you all are aware, I'm sure, MITPAY statements will be produced by July 8 (the last workday before the 10th of the month), so you will all see health insurance charges listed on your bill. Once you waive the charges (by filling out the online waiver), you should deduct the amount of the health insurance from the bill you owe by August 1. Remember that you only need to waive the health insurance annually (based on what you choose), so once you have done this for the Fall, you should be able to see the credit on your account (using WEBSIS) and not need to submit a waiver for the Spring.
- Cosign: In the next several days we will begin processing self-help forms for domestic freshmen and all upperclass students. As part of the process this year, we will be awarding (depending upon your eligibility for these programs) one or more of the following loans (in this priority order): Federal Subsidized Perkins Loan, Federal Subsidized Stafford Loan, Federal Unsubsidized Stafford Loan, and/or a subsidized MIT Technology Loan. If you request work funds, we will award (again in the following order and based upon your eligibility) one or both of these programs: Federal Work Study, MIT Work Study. The MIT Technology Loan does require a cosigner and the terms have been changed since the publication of Making MIT Affordable. The MIT Technology Loan now features a 7% subsidized interest rate for the life of the repayment period, and standard deferment and forbearance provisions (all of which will be in the promissory note you receive when you sign for the loan). You and your cosigner will need to sign an application for the MIT Technology loan (they are not available at the present time). We will send you an application in a separate mailing.
Well, it is nice to be back. Much more news to come in the next few days.