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FINANCIAL INFORMATION Monterey College of Law is an independent, non-profit educational institution which receives no support from taxes or other public funds. The primary source of revenue comes directly from student tuition. Currently, Monterey College of Law students are unable to qualify for either federal or state insured educational loans. However, admitted MCL students are eligible for a guaranteed student loan for all four years (see below). Also, through The Education Resources Institute, Sallie Mae, Wachovia Educational Finance and other programs, student loans are available to students based on their personal credit or that of a co-signer. Students are urged to plan their budgets carefully before entering law school. Tuition and Fees See the Schedule of Fees for current tuition and fees. Tuition and fees are payable prior to commencement of the term. Although the College makes every effort to accommodate students in financing their education, failure to make payment of tuition, fees or other amounts owed the law school will result in the denial of the ability to sit for examinations and/or to register for the subsequent semester, and the withholding of grades, transcripts and degrees. Fees are subject to change at the discretion of the Board of Trustees. Guaranteed Student Loans Students who are unable to pay the entire tuition amount at the time of registration may apply for a guaranteed student loan through the TIP plan. These loans are available for all four years of the program, as long as the student remains in good standing at Monterey College of Law. The rate for the 2009 -2010 academic year is 6%. All tuition for each semester must be paid in full prior to the beginning of the exam period. Student Loan Fee When the student obtains a loan from a third party, we must certify certain information on each loan application. Applicants pay a non-refundable loan processing fee to Monterey College of Law for this certification, even if the loan is not ultimately approved. When a loan check is received, MCL will promptly notify the applicant and draw a check payable to the applicant. At that time all current tuition owed must be paid. Tuition Refunds To be eligible for a refund, a student must notify the Registrar of his/her intention to withdraw from studies. The amount of refund is determined as of the date of receipt of a written notice of withdrawal and is calculated by a formula under which the amount of the refund decreases as the semester progresses. See Tuition Refund Policy Please note that fees are non-refundable. |
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