Policies and Procedures Applicable to Aid Recipients

Financial assistance administered by the M Center is governed by regulations and guidelines established by the College, various donors and government agencies which make this aid available.

Disbursement Of Financial Aid

Financial aid for a given semester (check myMILLS or your award letter for amounts) can be disbursed if all the conditions governing each aid source have been met. These criteria include:

Scholarship/Grants

Amounts for a given semester (see your online student record or award letter for amounts) will be credited to your "Student Account" if all conditions of your financial aid have been met, including those outlined above.

Student Loans

The disbursement process depends on the type of loan (see below for each specific loan).

Federal Subsidized Stafford Loan and/or Federal Unsubsidized Stafford Loan
The Federal Stafford Loan Master Promissory note and Stafford Loan Request Statement are enclosed with your original award letter. Exception: these forms will be mailed in late May to new students who will be enrolling at Mills. These forms are to be completed and returned to the M Center before July 1st if the loan proceeds are to be used for fall semester expenses. Once the above conditions are met, the M Center can certify your Federal Stafford Loan application and forward it to your lender for processing. Your Federal Stafford Loan funds will be received electronically from your lender and credited to your student account at Mills.

Federal Perkins Loan or Mills College Loan
Information regarding required forms and entrance loan counseling will be mailed prior to the start of the fall semester (or spring semester if your loan is for the spring semester only). The loan proceeds will be credited to your student account once all requirements for disbursements have been met.

Student Employment
Students who are eligible to work on campus are paid for hours actually worked. The student payroll is run bi-monthly. Checks for work performed are issued by the Controller's Office. Student Career Services (SCS) maintains on-campus job listings in print and through Monstertrak, and online job listing service. Please visit the SCS website for job placement procedures.

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Federal Student Aid

Students apply for federal student aid each year by completing the Free Application for Federal Student Aid (FAFSA).  After you file the FAFSA, the processor will email or send to your home address a "Student Aid Report". Read the instructions printed on the SAR carefully and make sure that all the information is correct, e.g. SAR data matches parent and student 2007 federal tax return data.

1. If no corrections are necessary, keep this information as part of your financial aid history file.
2. Should corrections be required, you must make the corrections online using your PIN or report them on your SAR and mail the signed corrected SAR to the Federal Student Aid Programs (see address listed on the SAR). DO NOT mail your SAR to the M Center. A revised SAR will be sent by email or mailed to your home address.  The Mills M Center will receive the corrections electronically. Once you receive the revised SAR, follow the instructions in #1 above.

California State Grants - California Residents

California residents are expected to apply for these grants each year by completing the required items on the FAFSA. Applicants who are not currently receiving a Cal Grant must also complete the state’s "GPA Verification Form." These forms must be postmarked by March 2nd prior to the academic year for which the aid applicant is seeking Cal Grant consideration. Mills cannot guarantee making up for a student's failure to obtain a Cal Grant, particularly when the state rejects the application due to incomplete responses on the FAFSA or the application deadline is not met.

New Cal Grant Recipients
As long as certain financial and GPA criteria are met, Mills will presume Cal Grant eligibility. These are "estimated" Cal Grant awards until Mills receives state notification that such an award has been made. Please be advised that Mills may not be able to replace an estimated Cal Grant which does not actualize; however, an attempt would be made to do so to the extent of available funding.

New Cal Grant recipients will be sent a 2008-2009 California Aid Report (CAR) from the California Student Aid Commission (or a notification of denial). It is important that new Cal Grant applicants send our office a copy of their Cal Grant notification letter from the state as soon as it is received if that information is different from what appears on the applicant's Mills Financial Aid Award Letter. For example, if the Mills Financial Aid Award Letter does not include a Cal Grant A, but the applicant receives a CAR showing a Cal Grant A award, the applicant should send our office a copy of the CAR. Conversely, if the Mills Award Letter includes a Cal Grant A and the applicant was sent a letter of denial from the state, the applicant should send our office a copy of the denial letter.

If Mills has estimated a Cal Grant as part of an applicant’s award letter, but the applicant has not received a state notification by April 1, 2008, she should contact the California Student Aid Commission at 888.224.7268 to determine her Cal Grant eligibility status.

Continuing Cal Grant Recipients
Financial aid applicants currently receiving a Cal Grant must file a 2008-2009 FAFSA, maintain a minimum 2.0 GPA and complete a sufficient number of 2007-2008 academic credits as set forth in the "Mills Financial Aid Satisfactory Academic Progress Policy."

Self-Help Programs

Most students who receive financial aid from Mills College also borrow and work to meet a portion of their college costs. These "self-help" forms of aid include the Federal Subsidized Stafford Loan, Federal Unsubsidized Stafford Loan, Federal Perkins Loan, Mills College Loan and on-campus work eligibility programs.

Federal Subsidized Stafford Loan

This government student loan program is designed to enable students with demonstrated financial need to borrow from private lenders, e.g., banks, to help pay for college expenses. The federal government will pay the interest for students to their lender as long as they are enrolled at least half-time in a degree program.

Federal Subsidized Stafford Loans are made by individual lending institutions, e.g. banks. The annual borrowing limit is $3,500 for first year students, $4,500 for sophomores, and $5,500 for juniors and seniors. The aggregate borrowing limit for undergraduates is $23,000 and $65,500 for undergraduate/graduate loans combined. The lending institution may deduct origination or default fees of up to 2% from the amount of the loan before it is disbursed. The loan will be disbursed in two separate payments, and the second disbursement can be made no earlier than the mid-point of the loan period.

This loan program has a deferment provision so that no repayment of the loan is required while the student is enrolled at least half-time at an eligible post-secondary institution. As long as a student demonstrates "financial need" for a Federal Stafford Loan which the College must determine using Federal Methodology, the loan is "subsidized" by the federal government; this means that the federal government will pay the in-school interest which accrues on this loan as long as the borrower is enrolled at least half-time. Repayment begins six months after the borrower graduates or is no longer enrolled at least half-time. For Subsidized Stafford Loans disbursed on or after July 1, 2006, the interest rate is fixed at 6.8%.  Starting July 1, 2008, for new Subsidized Stafford Loans taken out for undergraduate study, the rate will drop to 6% and continue to gradually drop for new loans each year until 2012 when the rate will return to 6.8%.  

Loan processing takes three to six weeks depending on the time of year. If you will be using the proceeds of your student loan(s) to clear your college bill, your Federal Stafford Loan Master Promissory Note and/or Stafford Loan Request Statement should be submitted to the M Center by July 1 for the Fall semester and by December 15 for the Spring semester. Stafford Loan proceeds for students who applied by the deadline are typically available within the first 30 days of classes for each semester.

"First-time" Federal Subsidized Stafford Loan borrowers (at Mills) must complete online Stafford Loan entrance counseling prior to the certification of their loans.  Instructions for completing online Stafford Loan entrance counseling will be mailed with the loan application materials. 

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The aggregate borrowing limit is $23,000 for dependent undergraduates (including Federal Subsidized Stafford Loan amounts) and $46,000 for independent undergraduates (including Federal Subsidized Stafford Loan amounts).

Loan processing takes approximately three to six weeks depending on the time of year. If you will be using the proceeds of your student loan(s) to clear your college bill, your loan application should be submitted to the M Center by July 1 for the Fall semester and by December 15 for the Spring semester. Stafford Loan proceeds for students who applied by the deadline are typically available within the first 30 days of classes for each semester.

"First-time" Federal Unsubsidized Stafford Loan borrowers (at Mills) must complete online Stafford Loan entrance counseling prior to the certification of their loans.  Instructions for completing online Stafford Loan entrance counseling will be mailed with the loan application materials.   

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Federal Perkins Loan

This long-term federal loan program is funded by the federal government with a percent matching requirement by Mills College. Funds are very limited and are awarded to the neediest students. Your award letter indicates the amount, if any, Federal Perkins Loan you may borrow. Federal guidelines limit borrowing on this program to $4,000 annually and up to a $20,000 maximum for all undergraduate study. No interest accumulates for this loan as long as you are enrolled in a degree program at least half-time. Repayment, with a 5% interest rate, begins nine months after the recipient ceases to be enrolled at least half-time. Depending on the amount of the loan, borrowers have up to ten years for repayment. The required minimum monthly payment amount is $40.

All "first-time" Federal Perkins Loan borrowers at Mills must sign a Federal Perkins Loan Master Promissory Note and must complete the Perkins Loan Entrance Counseling requirement prior to disbursement of loan proceeds. Information regarding the required forms and entrance loan counseling will be mailed prior to the start of the fall semester (or spring semester if your loan is for the spring semester only). Failure to complete these requirements will result in cancellation of the loan offer, and the funds will be awarded to another student.

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Mills College Loan Program

This long-term student loan program, funded by Mills College, is designed for students with financial need who have exhausted their borrowing eligibility through government student loan programs. Borrowers must be registered full-time and have a positive credit record with the College. Your award letter indicates the Mills College Loan amount, if any, you are eligible to borrow. No interest accumulates on this loan as long as the borrower is enrolled full-time at Mills or, subsequently, in a degree program at another institution of higher education.

Repayment with an 8.5% interest rate begins nine months after the borrower ceases to be enrolled full-time. The annual borrowing limit is $2,500. Depending on the amount of the loan, repayment may extend up to five years. The required minimum monthly repayment is $50.

All Mills College Loan borrowers must sign a promissory note.  "First-time" Mills College Loan borrowers are required to complete the Mills College Loan entrance counseling requirement prior to disbursement of loan proceeds.  Information regarding the required forms and entrance loan counseling will be mailed prior to the start of the fall semester (or spring semester if your loan is for the spring semester only). Failure to complete these requirements will result in cancellation of the loan offer, and the funds will be awarded to another student.

  

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On-Campus Employment

Because the number of on-campus jobs is limited, on-campus work eligibility is prioritized to financial aid recipients living on campus. Students who have been offered job eligibility to work on the Mills College campus as part of their financial aid package can come to the M Center any time during the semester (not before) to pick up their Student Employment Agreement.  This work authorization form is required to work on-campus and must be completed by the student and her employer and filed with Employee Services before the student begins working. A separate Student Employment Agreement is required for each job.

Career Services posts all on-campus jobs. When school begins, students can check the Monstertrak website for available positions and then contact the employer for further information. The current hourly wage range for student jobs is $8.00 to $9.00 per hour.

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Parent Loans

Federal Parent Loan for Undergraduate Students (PLUS)
Federal Parent Loans for Undergraduate Students (PLUS) are designed for parents of dependent students, who have no adverse credit history, to supplement the Federal Stafford Loan program. Parents who find the expected family contribution to be unrealistic or who seek loan funds to cover a student's need (which may not have been met) may borrow up to the full cost of attendance minus other financial aid.  The lending institution may deduct origination or federal default fees of up to 4% from the amount of the loan before it is disbursed.  Repayment begins immediately and is made in equal installments over a period of up to 10 years. For PLUS loans disbursed on or after July 1, 2006, the interest rate will be fixed at 8.5%.

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Other Policies and Procedures

The following are important policies highlighted for your information. Other policies governing the student aid program at Mills College can be found in the Mills College Catalog, Student Handbook, "Financial Aid Satisfactory Academic Progress Policy," and Mills financial aid application materials. Please refer to these documents for further information.

Federal Verification

Federal verification is a process mandated by the federal government in which students and/or parents are required to provide secondary documentation to support data reported on the FAFSA. Approximately 30% of students are selected by the federal government for this verification review and are notified of their selection on their Student Aid Reports.

Students selected for federal verification are required to submit to Mills a signed copy of the student’s 2007 federal tax return (and parents’ 2007 federal tax returns if the student is dependent and provided parent data on the FAFSA). In addition, Mills will mail a Federal Verification Worksheet to the student. The tax forms and the Federal Verification Worksheet should be submitted to the M Center within 30 days of the request date. Failure to submit the requested documentation will result in the withdrawal of the student’s financial aid award for the academic year. A revised award letter will be mailed to a student if her financial aid award changes as a result of the verification process.

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Outside Aid Policy

Students receiving financial aid of any kind in addition to the resources identified on the enclosed financial aid award letter are expected to notify the M Center immediately in writing. Note: In many instances, an adjustment will be made to an applicant’s financial aid award (in keeping with government regulations) to reflect the improvement of the applicant’s resources. Although private, outside scholarships may result in a dollar for dollar reduction in the aid offer, it is the policy of Mills to allow 50% of the private outside award to reduce self-help (loan or job) sources and 50% to reduce Mills scholarship. For this reason, private outside awards can be a good source for students to reduce their reliance on student loans or job earnings during the academic year. If the applicant’s financial aid award letter lists an "Outside Organizational Scholarship", it is because the applicant or an organization has advised us that the applicant is a potential recipient of such funds. An applicant should notify the M Center in writing if she knows that she will not be awarded these monies so that her award may be revised.

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Renewal of Need-Based Financial Aid

Continuing undergraduates must file a complete financial aid application by the College’s published deadline each year for aid consideration during the following academic year. The application forms and deadlines (subject to change each year) for continuing undergraduates are available in the M Center each January. It is the applicant’s responsibility to insure that an aid application is filed by the deadline each year.  For the 2008-2009 award year, the FAFSA and the Cal Grant GPA Verification Form filing deadline is March 2, 2008 for continuing undergraduates. In addition, parents of dependent students, and continuing undergraduates who are independent student aid applicants are required to submit a copy of their 2007 federal tax return by April 21, 2008 directly to the M Center.

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Tax Information

The taxation of financial aid is governed by the federal Internal Revenue Code. Under the law, scholarships are taxable except to the extent that they covered tuition and fees and except for the costs of books, supplies, fees and equipment required for the course of study. It is, therefore, important that students save all receipts for their educational expenses as documentation for tax purposes.

The Taxpayer Relief Act of 1997 resulted in many changes to the federal tax code, including student loan interest deduction, Education IRA’s and two new tax credits: 1) the Hope Scholarship Tax Credit; and 2) the Lifetime Learning Tax Credit.

More information about the provisions of the Taxpayer Relief Act of 1997 may be obtained by calling the Internal Revenue Service (IRS) help line at 800.829.1040 or by visiting the U.S. Treasury Department’s website. Please note that Mills staff members are not in a position to provide individual tax advising; specific questions regarding how tax law applies to personal situations should be directed to a professional tax advisor or the IRS.

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Helpful Hints

1. Financial aid information will be sent to you throughout your attendance at Mills. It is important that you create a permanent file in which you retain all materials pertinent to your aid e.g., copies of your financial aid applications, federal tax returns, award letters, student loan documents, etc. You will also need to refer to this information when completing future applications.
2. M Center: The M Center at Mills College is a department which offers students centralized services for financial aid, registration, academic records, and student accounts/billing. The M Center is located on the 1st floor of Carnegie Hall.

Financial Aid Advising And Information

The M Center is able to respond to phone and email inquiries on weekdays from 9 am – 4 pm with extended hours to 6 pm on Tuesdays when school is in session. Those who seek information on financial aid are encouraged to call during these hours at 510.430.2000. Students may also make individual appointments with a financial aid advisor. Requests for revisions of aid packages must normally be made in writing to: