Graduate and Professional Studies
Non-Milligan Assistance (NMA) and Outside Scholarships
These are scholarships awarded to the student by an outside source. These scholarships are credited directly to the student's account. Receipt of any outside scholarship may reduce the total award package per federal regulations. You are required to report outside scholarship awards to Student Financial Services. Report the annual amount of the scholarship on your award letter. If you are searching for private scholarships, be sure to use a reputable source (you should never have to pay for scholarship information — beware of scams). Reputable sources we recommend include www.fastweb.com and www.ecampustours.com.
TECTA Financial Assistance Program - Early Childhood Ed & M.Ed. only
Federal Pell Grant (undergraduates only)
This is gift aid and does not have to be repaid. Eligibility for this grant is determined by a formula consistently applied to all applicants which takes into account the cost of attending the institution and the student's part or full-time enrollment status. It is based on results of information submitted on the FAFSA. Annual awards currently range from $555 to $5,550 (subject to change, per Department of Education). One-half of your annual Federal Pell Grant award will be credited to your student account each semester.
Federal SEOG Grant (Federal Supplemental Educational Opportunity Grant) (undergraduates only)
This is gift aid and does not have to be repaid. This federal grant is available to students with exceptional financial need. Priority is given to Pell Grant recipients. Grants range from $250 to $1,000 annually. One-half of your annual Federal SEOG award will be credited to your student account each semester.
Tennessee Student Assistance Award (TSAA) (undergraduates only)
This is gift aid and does not require repayment. Only Pell-eligible Tennessee residents may receive this grant. If you are not a Tennessee resident, you may check with the Higher Education Agency in your state to see if your state's tuition grant can be transferred to Tennessee. TSAA Grant funds will be received by the college through electronic funds transfer (EFT) each semester, and the grant will be credited to your student account in two equal disbursements during the academic year.
Teacher Education Assistance for College and Higher Education (TEACH) Grant Program (M.Ed. only)
The TEACH Grant program provides grants of up to $4,000 per year ($8,000 maximum for Graduate students) to students who intend to teach in a high-need field in a low-income elementary or secondary school. In exchange for accepting this grant, the student must agree to serve as a full-time teacher in a high-need field (defined in the law) in a low-income public or private elementary or secondary school for at least four academic years within eight calendar years of completing degree or withdrawing from the program. If the student fails to comply with these requirements, the grant is converted to a Federal Direct Unsubsidized Loan with interest accruing from the date each grant was disbursed.
The student must meet the following conditions to apply for a TEACH grant:The student must meet the following conditions upon graduation to retain the grant: Additional information regarding the TEACH Grant is available at www.teach-ats.ed.gov.
Military Veterans can obtain Troops to Teacher benefits information from: Mike Schroeder, Director, 710 James Robertson Pkwy., Fourth Floor, Andrew Johnson Tower, Nashville, TN 37243; 1-800-286-5301; 615-532-4869; Mike.Schroeder@state.tn.us; http://www.state.tn.us/education/lic/troop.shtml.
Federal Perkins Loan (MBA not eligible)
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. This loan requires that Entrance Loan Counseling be completed for all borrowers and Exit Loan Counseling for all borrowers who are graduating or not returning to Milligan. 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.
Federal Direct Stafford Loans: Subsidized and Unsubsidized
Federal Subsidized and Unsubsidized Stafford Loans must be repaid. Subsidized loans (available for undergraduate students only after July 1, 2012) 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 and a Master Promissory Note (MPN) 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. Your loan funds will be received by the college via electronic funds transfer (EFT). Stafford loans are disbursed in two equal disbursements for the academic year. You will receive a notification indicating the amount of loan that has been credited to your account and a notice giving you the opportunity to reduce and/or cancel the loan in writing within 14 days of receiving your notification. Please refer to information regarding loan terms, interest, repayment and deferments listed in another section of this booklet.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
and Graduate Students (MBA not eligible)
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 7.9% 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. If you borrow through the PLUS Loan Program, your loan funds will be received by the college, via electronic funds transfer (EFT) and the proceeds will be disbursed directly to the student's account in two equal disbursements for the academic year.