Milligan College: Graduate&Adult Students

A. Federal Perkins Loan
Federal Perkins Loans are need-based and must be repaid. This low interest (5%) loan requires you to begin repayment 9 months after you cease half-time enrollment status. No interest or repayment is required while the student is enrolled in at least half-time enrollment status. After signing a Federal Perkins Loan Master Promissory Note, one-half of your annual Federal Perkins Loan award will be credited to your student account each semester.

Applying:
If you previously borrowed Perkins during 2006-07 or later at Milligan College, your Master Promissory Note (MPN) is already on file and you are authorizing Milligan to disburse these funds by accepting your Perkins award on your Award Letter.

All new Federal Perkins Loan borrowers (students who have not borrowed a Federal Perkins Loan at Milligan College) must complete Federal Perkins Entrance Loan Counseling. Once Milligan receives your signed award letter and electronic notification that you have completed your online Perkins Entrance Loan Counseling, the college will send you the Perkins Master Promissory Note (MPN) for signing. In order to disburse your Perkins loan funds, the signed MPN must be received by Student Financial Services.

B. Federal Stafford Loans: Subsidized and Unsubsidized
Federal Subsidized and Unsubsidized Stafford Loans must be repaid. The Subsidized loans are need-based and the government pays the interest while the student is in college. The Unsubsidized loan is available to all students and the interest accrues while the student is in college. These loans require Entrance Loan Counseling for all first time borrowers and Exit Loan Counseling for all borrowers who are graduating, not returning to Milligan, or have dropped below at least a half-time enrollment status.

Preferred Lender List:
Milligan recommends the following lenders: Citibank, Edamerica, First Tennessee Bank, Regions Bank, SunTrust Bank, Wachovia. Students and parents are encouraged to borrow from any lender that participates in the Federal Education Loan Programs and are not required to choose from the lenders listed below. If your lender is not listed, please contact the SFS Office for further instructions regarding the loan process.

Applying:
After you have accepted your loan awards by signing and returning your Award Letter, you may select a lender and complete your Master Promissory Note (MPN) online. All new and transfer students accepting a Stafford Loan award must complete a MPN for their first Stafford Loan at Milligan College. Click here to access our online lender list. Evaluate the benefits and interest rates of each lender; select a lender (ensure that it is the same lender you write in on your award letter); complete and submit the online MPN.

When you complete the MPN, you let the lender know you want the loan. Federal Stafford Loan funds will not be disbursed by the lender unless a valid MPN is on file and Milligan College has certified your loan. Even if your package includes both types of Stafford (sub and unsub) loans, only one MPN is necessary. It is valid for 10 years.

C. Federal Parent Loan for Undergraduate Students (PLUS) and Graduate Students
A Federal PLUS Loan is a credit-based loan for parents of undergraduate students and for graduate students. It must be repaid. Graduate students may benefit from using the PLUS loan as opposed to an alternative loan because students may not qualify for an alternative loan based on credit history, or the interest rate may be higher than the 8.5% PLUS Loan interest rate. The Graduate PLUS Loan requires Entrance Counseling for all first-time borrowers and Exit Loan Counseling for all borrowers who are graduating, not returning to Milligan, or who have dropped below at least half-time enrollment status. If you need assistance in determining the amount to borrow, please contact Student Financial Services.

Preferred Lender List:
Milligan recommends the following lenders: Citibank, Edamerica, First Tennessee Bank, Regions Bank, SunTrust Bank, Wachovia. Students and parents are encouraged to borrow from any lender that participates in the Federal Education Loan Programs and are not required to choose from the lenders listed below. If your lender is not listed, please contact the SFS Office for further instructions regarding the loan process.

Applying:
If you are a parent borrower, you may apply for the Federal PLUS Loan. The student must file the FAFSA, and the borrower must complete and submit a Federal PLUS Loan Request Form to Student Financial Services, as well as the online Master Promissory Note (MPN) for the Federal PLUS Loan. Evaluate each lender's benefits and interest rates; select a lender (ensure that it is the same one selected on the Federal PLUS Loan Request Form); complete and submit your MPN online.

D. Alternative Loans
Alternative Loans supplement federal and institutional financial assistance. Repayment is deferred until the student leaves school, and the interest rate is based on the student's credit rating or the credit rating of the co-borrower. A credit worthy co-borrower is recommended to obtain the best rate of interest. When choosing a lender, you may want to consider whether your lender offers combined billing with your Stafford Loan. You do not have to choose the alternative loan product associated with your Stafford lender. To apply, you must submit an Alternative Loan Request Form to Student Financial Services, and complete the application on our online Alternative Loan lender list.

Entrance Loan Counseling
If you are a new borrower or transfer student and your financial aid package includes a Federal Perkins Loan, Federal Stafford Loan, or NEW Graduate PLUS Loan, you are required to complete Entrance Loan Counseling before funds can be disbursed. The session allows you to review loan information and answer questions which demonstrate that you understand your rights and responsibilities as a borrower. At the end of the interview, you can print your confirmation that you have completed the interview for Milligan College.

There are separate Entrance Loan Counseling Interviews for Federal Stafford, Perkins and Graduate PLUS Loans. Since each loan has different requirements, you must complete the session associated with your loan award, or both sessions if your financial aid package includes both.

Exit Loan Counseling
All student borrowers who have graduated, withdrawn or dropped below half-time enrollment status are asked to complete an online Exit Counseling Interview. There are separate Exit Loan Counseling Interviews for Federal Stafford, Perkins and Graduate PLUS Loans. You must complete each session separately if you have all types of loans. The interview allows you to review loan information and answer questions which demonstrate that you understand your rights and responsibilities as a borrower. At the end of the interview, you can print your confirmation that you have completed the interview for Milligan College.

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Nationwide, nearly half of all undergraduate students or their parents had their taxes reduced by an average of $600 by claiming education tax benefits under the Hope and/or Lifetime Learning tax credits.