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Policies and Procedures Applicable to Aid Recipients Disbursement of Financial Aid | Federal Student Aid/Grants | California State Grants | Federal Loan Programs | Mills College Loan Program | On Campus Employment | Parent Loans | Contribution from Student Income | Federal Verification | Outside Aid Policy | Renewal of Aid | Tax Information | Helpful Hints | Financial Aid Advising and InformationFinancial 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. Financial aid for a given semester (check myMILLS or your award letter for amounts) can be disbursed if all of the conditions governing each aid source have been met. These criteria include: 1) returning your signed award letter to the M Center or accepting your awards online; 2) submitting any other documentation required in order to finalize your aid offer, e.g., federal tax forms, federal verification form, etc. to the M Center; 3) full-time course registration unless financial aid has been awarded for less than full-time enrollment; 4) maintaining satisfactory academic progress as outlined in the College's "Financial Aid Satisfactory Academic Progress Policy." 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 Direct Subsidized Stafford Loan and/or Federal Direct Unsubsidized Stafford Loan In late May, new students who have been awarded a Federal Direct Stafford Loan will receive a packet containing additional forms required for receipt of the loan funds. “First-time” Federal Direct Stafford Loan borrowers at Mills must complete online Direct Loan Entrance Counseling and a Federal Direct Stafford Loan Master Promissory Note (MPN) at www.studentloans.gov. New students must also submit to the M Center at Mills a Federal Direct Stafford Loan Request Statement. Continuing student borrowers can no longer obtain Federal Stafford Loans from banks, credit unions, or other private lenders. Federal Stafford Loans can now be made only through the Federal Direct Loan program. In the Federal Direct Loan program, the lender is the U.S. Department of Education. All continuing students who plan to apply for a Federal Stafford Loan must complete a new Federal Direct Stafford Loan Master Promissory Note (MPN) at www.studentloans.gov. Continuing students must also submit to the M Center at Mills a Federal Direct Stafford Loan Request Statement. Federal Direct Stafford Loan funds are disbursed directly to a student's account once all requirements for disbursement have been met. Federal Perkins Loan In late May, new students who have been awarded a Federal Perkins Loan or Mills College Loan will receive a packet containing additional forms required for receipt of the loan funds. “First-time” Federal Perkins Loan borrowers at Mills must complete online Federal Perkins Loan entrance counseling, a Federal Perkins Loan Master Promissory Note, and a Federal Perkins Loan Request Statement. Continuing students who have been awarded a Federal Perkins Loan and who have completed a Federal Perkins Loan Master Promissory Note previously at Mills need only complete the Federal Perkins Loan Request Statement. Failure to complete all requirements by September 30, 2010 will result in cancellation of the loan offer. Upon leaving Mills College, borrowers must complete exit loan counseling requirements. Federal Perkins Loan funds are disbursed directly to a student's account once all requirements for disbursement have been met.
Students who are eligible to work on campus are paid for hours actually worked. The student payroll is run bi-monthly. Career Services, located in Cowell, maintains on-campus job listings. 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 provide you with a Student Aid Report (SAR). 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 2009 federal tax return data.
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 New Cal Grant recipients will be sent a 2010-2011 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 15, 2010, she should contact the California Student Aid Commission at 888.224.7268 to determine her Cal Grant eligibility status. Continuing Cal Grant Recipients 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 Direct Subsidized Stafford Loan, Federal Direct Unsubsidized Stafford Loan, Federal Perkins Loan, Mills College Loan and on-campus work eligibility programs. Federal Direct Subsidized Stafford Loan Federal Direct Subsidized Stafford Loans, also referred to as Federal Direct Subsidized Loans, are low-interest loans available to college students with demonstrated financial need. 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. These loans are not credit-based, and the funds come directly from the federal government rather than from a bank or other financial institution. The loan is disbursed in two separate payments, and the second disbursement can be made no earlier than the midpoint of the loan period i.e., if a student is attending fall and spring, one disbursement in fall and one disbursement in spring. The Federal Direct Stafford Loan origination fee is 1.0%. The up-front interest rebate is .5%. This means that a fee of .5% will be deducted proportionately from each loan disbursement. To retain the rebate, students must make the first 12 monthly payments on time once they enter repayment. 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 Direct Subsidized 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 in a degree program. Repayment begins six months after the borrower graduates or is no longer enrolled at least half-time. The interest rate for loans disbursed on or after July 1, 2010 and before July 1, 2011 is fixed at 4.5%. In late May, new students who have been awarded a Federal Direct Subsidized Stafford Loan will receive a packet containing additional forms required for receipt of the loan funds. “First-time” Federal Direct Subsidized Stafford Loan borrowers at Mills must complete online Direct Loan Entrance Counseling and a Federal Direct Stafford Loan Master Promissory Note (MPN) at www.studentloans.gov. New students must also submit to the M Center at Mills a Federal Direct Stafford Loan Request Statement. Continuing student borrowers can no longer obtain Federal Stafford Loans from banks, credit unions, or other private lenders. Federal Stafford Loans can now be made only through the Federal Direct Loan program. In the Federal Direct Loan program, the lender is the U.S. Department of Education. All continuing students who plan to apply for a Federal Stafford Loan must complete a new Federal Direct Stafford Loan Master Promissory Note (MPN) at www.studentloans.gov. Continuing students must also submit to the M Center at Mills a Federal Direct Stafford Loan Request Statement. Federal Direct Unsubsidized Stafford Loan Federal Direct Unsubsidized Stafford Loans, also referred to as Federal Direct Unsubsidized Loans, are available to students who do not qualify for the Federal Direct Subsidized Stafford Loan or to students who want an additional loan to supplement the Federal Direct Subsidized Stafford Loan. The borrower must be a U.S. citizen or an eligible non-citizen. A student does not have to demonstrate financial need for a Federal Direct Unsubsidized Stafford Loan except to the extent that total financial aid (including the unsubsidized loan) cannot exceed the student’s cost of attendance for the given academic year. Federal Direct Unsubsidized Stafford Loans are not credit-based, and the funds come directly from the federal government rather than from a bank or other financial institution. Unlike a Federal Direct Subsidized Stafford Loan, interest is charged throughout the life of the loan. The borrower is responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full. The borrower may choose to pay the interest charged on the loan or allow it to accrue (accumulate) and be capitalized (added to the loan principal) when the loan enters repayment. Capitalizing the interest will increase the amount the borrower must repay. The loan is disbursed in two separate payments, and the second disbursement can be made no earlier than the midpoint of the loan period i.e., if a student is attending fall and spring, one disbursement in fall and one disbursement in spring. The Federal Direct Stafford Loan origination fee is 1.0%. The up-front interest rebate is .5%. This means that a fee of .5% will be deducted proportionately from each loan disbursement. To retain the rebate, students must make the first 12 monthly payments on time once they enter repayment. No repayment of the principal is required when the student is in school at least half-time, or during grace or deferment periods, and regular monthly payments begin six months after the student graduates or is no longer enrolled at least half-time. The interest rate for loans disbursed on or after July 1, 2006 is fixed at 6.8%. Undergraduate annual borrowing limits for this program, including any Federal Subsidized Stafford Loan amounts, are as follows: Dependent first year students $ 5,500 Dependent sophomores $ 6,500 Dependent juniors and seniors $ 7,500 Independent first year students $ 9,500 Independent sophomores $ 10,500 Independent juniors and seniors $ 12,500 The aggregate borrowing limit is $31,000 for dependent undergraduates (including Federal Subsidized Stafford Loan amounts) and $57,500 for independent undergraduates (including Federal Subsidized Stafford Loan amounts). In late May, new students who have been awarded a Federal Direct Unsubsidized Stafford Loan will receive a packet containing additional forms required for receipt of the loan funds. “First-time” Federal Direct Unsubsidized Stafford Loan borrowers at Mills must complete online Direct Loan Entrance Counseling and a Federal Direct Stafford Loan Master Promissory Note (MPN) at www.studentloans.gov. New students must also submit to the M Center at Mills a Federal Direct Stafford Loan Request Statement. Continuing student borrowers can no longer obtain Federal Stafford Loans from banks, credit unions, or other private lenders. Federal Stafford Loans can now be made only through the Federal Direct Loan program. In the Federal Direct Loan program, the lender is the U.S. Department of Education. All continuing students who plan to apply for a Federal Stafford Loan must complete a new Federal Direct Stafford Loan Master Promissory Note (MPN) at www.studentloans.gov. Continuing students must also submit to the M Center at Mills a Federal Direct Stafford Loan Request Statement. Federal Perkins Loan In late May, new students who have been awarded a Federal Perkins Loan will receive a packet containing additional forms required for receipt of the loan funds. “First-time” Federal Perkins Loan borrowers at Mills must complete online Federal Perkins Loan entrance counseling, a Federal Perkins Loan Master Promissory Note, and a Federal Perkins Loan Request Statement. Continuing students who have been awarded a Federal Perkins Loan and who have completed a Federal Perkins Loan Master Promissory Note previously at Mills need only complete the Federal Perkins Loan Request Statement. Failure to complete all requirements by September 30, 2010 will result in cancellation of the loan offer. Upon leaving Mills College, borrowers must complete exit loan counseling requirements.
back to top Mills College Loan borrowers must complete Mills College Loan entrance counseling, a Mills College Loan Master Promissory Note, and a Mills College Loan Request Statement. Failure to complete all requirements by September 30, 2010 will result in cancellation of the loan offer. Upon leaving Mills College, borrowers must complete exit loan counseling requirements.
All undergraduate student employment at Mills College is considered work-study. A work-study award does not guarantee employment but enables students to apply for an on-campus job through listings available at Career Services in the Division of Student Life. Students who have been offered work-study 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. Students who obtain on-campus employment are paid for hours actually worked. Additional information regarding the process of applying for a work-study position will be provided during the new student orientation program at the start of the fall semester. All student employees must complete or have on file an I-9 (Employment Eligibility Verification) form and a current W-4 form. These forms will be provided with the Student Employment Agreement. The I-9 form is completed only once, and students are required to provide documents that establish both identity and employment eligibility. New students who have a work-study award and who plan to apply for an on-campus job should plan to bring the originals of these documents to Employee Services at the start of the semester.
Federal Direct PLUS Loans are available to parent borrowers who have “no adverse credit history.” The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. Parents may borrow up to the estimated cost of attendance, as indicated on the student’s financial aid award letter, minus other financial aid. The Federal Direct PLUS Loan origination fee is 4.0%. The up-front interest rebate is 1.5%. This means that a fee of 2.5% will be deducted proportionately from each loan disbursement. To retain the rebate, parents must make the first 12 monthly payments on time once they enter repayment. For Federal Direct PLUS Loans disbursed after July 1, 2006, the interest rate is fixed at 7.9%, and interest is charged on the PLUS Loan from the date of the first disbursement until the loan is paid in full. The loan is disbursed in at least two installments, i.e. one disbursement in fall and one disbursement in spring, and no installment will be greater than half of the loan amount. For Federal Direct PLUS Loans disbursed on or after July 1, 2008, the borrower has the option of beginning repayment on the Federal Direct PLUS Loan either 60 days after the loan is fully disbursed or waiting until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis. To be eligible to borrow a Federal Direct PLUS Loan, the parent must meet the general eligibility requirements for federal student aid. For example, the Federal Direct PLUS Loan applicant must be a U.S. citizen or eligible noncitizen, must not be in default on a federal student loan, and must not owe a refund on a federal education grant, etc. The student must be enrolled at least half-time in an eligible degree program and must be making satisfactory academic progress for financial aid. A credit check will be conducted, and a parent borrower must not have an adverse credit history. Parents who do not pass the credit check may still be able to obtain a Federal Direct PLUS Loan if they are able to obtain an endorser who does not have an adverse credit history. An endorser is an individual who agrees to repay the loan if the borrower fails to do so. In some cases, a parent may also be able to obtain a Federal Direct PLUS Loan if they are able to document to the Department’s satisfaction that there are extenuating circumstances related to the adverse credit history. Parents who plan to borrow through the Federal Direct PLUS Loan program must complete the PLUS Application Process and a Federal Direct PLUS Loan Master Promissory Note at www.studentloans.gov. They must also submit to the M Center at Mills a Federal Direct PLUS Loan Request Statement. General information about the Federal Direct PLUS Loan program also is available at http://www.studentloans.gov.gov. back to top Your personal contribution toward your college education is considered an important part of your resources, and aid recipients are required to contribute toward their college costs from their income. You will need to plan carefully in advance of each semester to assure that you bring sufficient cash for basic "start-up" expenses e.g., books and supplies, to begin the semester.
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.
Financial Aid Advising And Information The M Center is able to respond to phone and email inquiries on weekdays from 9 am – 4 pm. 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: M CenterMills College Oakland CA 94613 or finaid@mills.edu
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Overview Terms and Conditions of Your Award Direct Stafford/PLUS Loan Information Applying for a Direct Stafford Loan Applying for a Direct PLUS Loan Graduate Students Terms and Conditions of Your Award Federal Stafford/Grad PLUS Loan Information Satisfactory Academic Progress HoursMonday–Friday 9:00 am – 4:00 pm Contact Information M Center Carnegie Hall P: 510.430.2000 F: 510.430.2003 E: finaid@mills.edu |
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