What are some important deadlines of which I should be aware?
- October – FAFSA should be completed
- August 15 – Stafford Direct Loan/Perkins Loan Entrance Counseling and Master Promissory Notes (MPN) should be completed
- First Day of Class – All financial aid processes should be completed. You must pay your bill or enroll in the tuition payment plan.
- August 30 – Purge date
What is the purge date? How can I avoid being purged?
Course schedules will be purged for students who have not completed ALL financial aid processes AND paid the balance due on their accounts before the end of the drop/add period. Students will not be able to eat in the cafeteria or grill using their meal plans after course schedules are purged. Meals can be purchased with cash from Pioneer during this time. Housing assignments will end at noon on Friday, following the purge date, for those students who have not successfully re-enrolled by that time.
A $100 re-enrollment fee will be assessed to all students whose registrations are purged and who must re-register for classes. All financial issues will have to be addressed satisfactorily before a student will be able to re-register for classes. It will be the student’s responsibility to know the purge dates each semester.
How certain can I be that I will receive some type of financial aid?
Approximately 90% of our students receive some type of financial aid, including merit and need-based scholarships, grants, loans, and employment.
When will I hear from the financial aid office?
The Student Financial Services Office begins to process financial aid awards in early December for new incoming students and February for returning stuents. Please read, complete, and return award notices as quickly as possible.
My family's financial circumstances have changed and I need more money. What do I do?
Talk to a financial aid counselor about Professional Judgment. Milligan College uses every resource and opportunity to assist students financially. Though the financial aid offer cannot be “negotiated,” special situations (such as death of a parent, loss of a job, severe illness, natural disaster, etc.) can be taken into consideration.
Do I have to reapply for financial aid every year?
Yes. Any student wishing to receive federal, state, and/or need-based Milligan aid must file the FAFSA and complete the Milligan College Financial Aid/Scholarship Renewal Application every year.
How many semesters can I receive financial aid?
You may receive federal financial aid for up to 6 years or 150% of the normal time frame it takes to complete a degree program.
Am I eligible to file as an independent student without my parents information?
According to the federal government, a student is considered independent if he/she is at least one of the following:
- 24 years old
- A veteran of the U.S. Armed Forces
- An orphan or ward of the court
- A student with legal dependents other than a spouse
- A married student
- A graduate student
If a student does not meet at least one of these criteria, he or she must be considered a dependent student, even if the student is not living with his or her parents.
How do outside scholarships affect my aid?
Outside scholarships will be counted as a resource as required by federal law, but will not affect the amount of institutional aid you receive.
What is verification?
The federal government requires some students to verify the information reported on their FAFSA. Colleges are responsible for performing this verification and must do so before federal funds can be disbursed.
What is a Direct Stafford subsidized vs. unsubsidized loan?
Federal Direct Stafford Loans are either subsidized or unsubsidized. Your total award may include subsidized and/or unsubsidized loans for the same enrollment period.
A subsidized loan is awarded on the basis of financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government “subsidizes” the interest during the periods.
An unsubsidized loan is not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate, it will be capitalized; that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.
Federal Stafford Loan annual limits are based on enrollment status