Entrance Loan Counseling
If you are a new borrower or transfer student and your financial aid package includes a 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, you can print your confirmation that you have completed the counseling for Milligan University.
There are separate Entrance Loan Counseling for Federal Stafford 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All student borrowers who have graduated, withdrawn or dropped below half-time enrollment status are asked to complete online Exit Counseling. 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, you can print your confirmation that you have completed the counseling for Milligan University.
After you have accepted and submitted your Financial Aid Offer, you will need to complete your Master Promissory Note. All students accepting a Direct Stafford Loan award must complete a MPN before receiving their first Stafford Loan at Milligan University.
Federal Direct Stafford Loan funds will not be disbursed unless a valid MPN is on file and Milligan University has originated your loan with the Department of Education. Even if your package includes both types of Stafford (sub and unsub) loans, only one MPN is necessary. It is valid for 10 years.
- PLUS (Parent Loan for Undergraduate Students) and Graduate Students
- A Federal Direct 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 8.05% Direct PLUS Loan interest rate.
For new student loan borrowers: 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 are a parent borrower, you may apply for the Federal Direct PLUS Loan. The student must file the FAFSA.
In addition, you must complete the PLUS Loan Request Process and Master Promissory Note (MPN) for the Federal PLUS Loan. The Department of Education will notify the Student Financial Services Office that you have completed the PLUS Request Process and the MPN. The acknowledgement that the PLUS Loan has been approved must be received no later than Registration day.