Understanding Your Undergraduate Financial Aid Award

Understanding Your Undergraduate Financial Aid Award The financial assistance administered by the M Center is governed by regulations from federal and...
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Understanding Your Undergraduate Financial Aid Award The financial assistance administered by the M Center is governed by regulations from federal and state agencies, guidelines established by the College, and various donors who make this aid available. This guide is intended to assist you with questions you may have regarding your financial aid award and/or financial aid policies and procedures. If you have additional questions, please contact the M Center. The M Center is a centralized administrative student service center handling registration and records, financial aid, and student accounts. It is located on the first floor of Carnegie Hall. You may contact the M Center by phone at 510.430.2000, or you may email financial aid at [email protected].

Table of Contents What information is included in my online financial aid award? ............................................................. 2 What do I do next? .................................................................................................................................... 3 What are these financial aid awards? ........................................................................................................ 3 Grants and Scholarships ........................................................................................................................ 3 1. Federal Pell Grants ...................................................................................................................... 3 2. Federal Supplemental Educational Opportunity Grants .............................................................. 4 3. Cal Grants (available to California residents only) ....................................................................... 4 4. Mills Merit Scholarships .............................................................................................................. 5 5. Mills Need-Based Scholarships .................................................................................................... 5 Self Help Programs ................................................................................................................................ 5 1. Federal Direct Subsidized Stafford Loans .................................................................................... 5 2. Federal Direct Unsubsidized Stafford Loans ............................................................................... 6 3. Federal Perkins Loans ................................................................................................................. 8 4. Mills College Loans ..................................................................................................................... 8 5. Work-Study ................................................................................................................................. 8 Other Sources of Aid ............................................................................................................................. 9 1. Federal Direct Parent Loan for Undergraduate Students (Federal Direct PLUS Loan) ................ 9 2. Private Loans ............................................................................................................................ 10 3. Outside Scholarships ................................................................................................................. 10 How are the financial aid awards paid to me? ........................................................................................ 10 What is the Mills Financial Aid Satisfactory Academic Progress Policy? ............................................. 11 1. Course Load and Credit Completion ........................................................................................... 11 2. Grade Point Average ................................................................................................................... 12 3. Enrollment Status ....................................................................................................................... 12 4. Duration of Student Aid Eligibility .............................................................................................. 12 5. Financial Aid Warning, Probation, and Disqualification .............................................................. 13 What happens to my financial aid if I withdraw or take a leave of absence? ......................................... 13 What happens to my financial aid if my enrollment status changes from full-time to part-time? ......... 14 What happens to my financial aid if I change my residency status? ...................................................... 14 What happens to my financial aid if I participate in an international visit, domestic visit, international exchange, or domestic exchange program? ............................................................................................ 14 What is federal verification and how will I know if I have been selected for federal verification? ....... 14 How do I reapply for financial aid for 2012-2013? ................................................................................ 15 Where can I find more information about financial aid? ........................................................................ 15

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What information is included in my financial aid award? Your financial aid award lists the amounts and sources of aid for which you qualify based on the information provided on your FAFSA and other supplemental documentation. If you or your parents used estimated financial data to complete your FAFSA, you must correct your FAFSA with actual figures from your 2010 federal income tax return(s). These corrections may result in a change in your financial aid award. If you do not understand the terms and conditions of your financial aid award as indicated in the “Terms and Conditions of Your Mills College Undergraduate Financial Aid Award” document, please contact the M Center to speak with a financial aid counselor. If there are discrepancies with your student information, you must advise our office in writing of the discrepancies. To view the components of your financial aid award in myMILLS, click on “Financial Aid Information.” 1.

My Cost of Attendance This component of your financial aid award provides a breakdown of the estimated cost of attendance for your enrollment and housing statuses. This is not your bill. Your Mills College bill will not reflect all of these costs. For example, you will not pay Mills directly for books and supplies, personal allowance, etc. In addition, there may be charges on your student bill that will not be included in your estimated cost of attendance. For instance, the Student Health Plan charge has not been included as a cost for dependent students since most dependent undergraduates who have proof of comparable insurance coverage waive this insurance by completing the Student Health Plan Waiver online. The Student Health Plan charge for 2010-2011 is $2,318.00.

2. Student Requirements This component of your financial aid award provides you with a list of documents which must be submitted and requirements which must be completed before we can process your financial aid. You are responsible for submitting these documents and completing these requirements to ensure the timely disbursement of your aid. Failure to complete these requirements in a timely manner may result in delayed notification of changes to your financial aid award and/or a delay in your ability to obtain access to on-campus housing. Failure to complete all requirements by September 30, 2011 will result in cancellation of some or all of your financial aid awards. 3.

My Award Information The Award Overview page outlines your financial aid awards for each term and the total for the academic year. This page also reflects your housing and enrollment statuses. If your housing or enrollment status is not correct, you must notify the M Center, in writing, of the discrepancy. Your financial aid award will be revised upon notification of the change in status. Note: All financial aid awards, unless otherwise noted, are based on full-time enrollment. The Award Overview page also provides “Cumulative Loan Information” for students as reported in the National Student Loan Data System (NSLDS), the U.S. Department of Education’s central database for student financial aid records, as of a particular date. Please note that federal loans not reported to the Department of Education by this date and/or loans borrowed after this date will not appear in this detail. Also, institutional loans, i.e. Mills College Loans, and private loans borrowed by students will not appear as part of this loan detail.

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What do I do next? 1. Read the “Terms and Conditions of Your Mills College Undergraduate Financial Aid Award” document. The link to this document is included in the email notification of your award. This document is also located on the Financial Aid page of the Mills College website. Before accepting your awards in myMILLS, you must click on the “Resources/Additional Information” tab and acknowledge that you have read, understand, and will comply with the terms, conditions, and requirements indicated in this document. 2. Read all of the information in this guide. Also review the information provided on the “Cost of Attendance” page, the “Student Requirements” page, and the “Award Overview” page under “Financial Aid Information” in your myMILLS account. 3. Accept or decline your individual financial aid awards in myMILLS as instructed in the “Accepting Your Mills College Financial Aid Award” document. Before accepting your awards in myMILLS, you must click on the “Resources/Additional Information” tab and acknowledge that you have read, understand, and will comply with the terms, conditions, and requirements indicated in this document. 4. Submit all required documents listed on the “Student Requirements” page under “Financial Aid Information” in your myMILLS account. 5. Notify the M Center in writing of any aid/resource, i.e. outside scholarships, employer tuition benefits, veterans benefits, vocational rehabilitation benefits, etc. you will be receiving during the 2011-2012 academic year. Please note that tuition benefits, such as employer tuition benefits, in combination with tuition awards, such as Mills merit scholarships or Cal Grants, cannot exceed a student’s tuition amount. If this additional aid changes your eligibility, Mills College will adjust your financial aid award accordingly. 6. 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, financial aid award information, student loan documents, etc. You will also need to refer to this information when completing future applications. 7. You will need to plan carefully in advance of each semester to ensure that you bring sufficient cash for basic start-up expenses i.e., books and supplies, to begin the semester. If you will be living off campus, you should be prepared to pay, at a minimum, your first month’s rent and security deposit even if you are expecting a refund once all of your aid is paid to your student account. 8. Remember, you will need to reapply for financial aid each year. In Spring 2012, the M Center will publicize the requirements and deadlines for continuing students for the 2012-2013 academic year.

What are these financial aid awards? Grants and Scholarships 1. Federal Pell Grants Federal Pell Grants are awarded to students with exceptional financial need. A student’s eligibility for a Pell Grant is determined by the information provided on the student’s FAFSA each year. Amounts range from $555 to $5,550 and are based on the student’s expected family contribution. Federal Pell Grant amounts are estimated and are subject to changes in federal legislation.

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2. Federal Supplemental Educational Opportunity Grants Federal Supplemental Educational Opportunity Grants are awarded to students with exceptional financial need i.e., those with the lowest expected family contribution. Funds are limited, so it is important that students apply for financial aid each year by the deadline to ensure that they will be considered for this award. 3. Cal Grants (available to California residents only) California residents are expected to apply for these grants each year by completing the FAFSA. Applicants who are not currently receiving a Cal Grant must also complete the state’s “Cal Grant GPA Verification Form.” These forms must be postmarked by March 2 prior to the academic year for which the aid applicant is seeking Cal Grant consideration. The Cal Grant is awarded based on a complex formula of merit and need, and the award amount is determined by the state of California. The Cal Grant amount indicated on a student’s award letter is estimated. The final amount for 2011-2012 will be determined upon approval of the State budget. After submitting the FAFSA and Cal Grant GPA Verification Form, new applicants can check the status of their Cal Grant application by logging on to WebGrants for Students at www.webgrants4students.org. This secure site also allows students to view payment history and to submit school changes online. New Cal Grant recipients will be sent a California Aid Report (CAR) from the California Student Aid Commission. Students who filed a FAFSA and a Cal Grant GPA Verification Form but are not awarded a Cal Grant will receive a Cal Grant Disqualification letter listing the reason(s) for ineligibility. IT IS IMPORTANT THAT NEW CAL GRANT APPLICANTS SEND TO THE M CENTER A COPY OF THEIR CAL GRANT NOTIFICATION LETTER FROM THE STATE AS SOON AS IT IS RECEIVED IF THE CAL GRANT INFORMATION ON THIS LETTER IS DIFFERENT FROM THAT WHICH 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. In this case, the student’s financial aid award may be revised to reflect this additional resource, and the applicant’s Mills Scholarship amount will be reduced. Conversely, if the Mills Award Letter includes a Cal Grant A and the applicant was sent a Cal Grant Disqualification letter, the applicant should send our office a copy of the disqualification letter. 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. Effective January 1, 2005 the California Domestic Partner Rights and Responsibilities Act of 2003 became law. If you or your parents were in a Registered Domestic Partnership at the time you filed your 2011-2012 FAFSA, you should contact the California Student Aid Commission by phone at 888.224.7268 or by email [email protected] within 30 days of receipt of your notification letter. The Commission will send you a G-37 Cal Grant Registered Domestic Partner Reporting Form to complete and send back to them along with a copy of your Declaration of Domestic Partnership (LP/SF DP-1). Your Cal Grant eligibility will be re-evaluated upon receipt of these forms. You should also notify the M Center if you or your parents are in a Registered Domestic Partnership. Please note that eligibility for financial aid may increase or decrease as a result of compliance under this act. For students who have a Cal Grant B award, the tuition and/or “access” portion of this award will be credited directly to the student’s account unless the student notifies the M Center in writing that she would like a paper check for the “access” portion of the award. Students who would like a -4-

paper check for the “access” portion of their Cal Grant B award must complete the “Cal Grant B Payment Authorization Form” available in the M Center. This form may be submitted at any time and authorizes Mills to issue a paper check for the “access” portion of a Cal Grant award effective for subsequent disbursements. The authorization cannot be applied retroactively and will apply only to disbursements scheduled on or after the date of the authorization. Students may rescind this authorization at any time by providing notification to the M Center in writing. Financial aid applicants currently receiving a Cal Grant need to file a 2011-2012 FAFSA, maintain a minimum 2.0 GPA, and complete a sufficient number of 2010-2011 academic credits as set forth in the “Mills Financial Aid Satisfactory Academic Progress Policy” (see p. 10). 4. Mills Merit Scholarships The Trustee, Presidential, Provost, Faculty, Eucalyptus, Dean’s, Arthur Vining Davis, Scheffler, Vera M. Long, Barbara Hazelton Floyd, Caroll Donner, Phi Theta Kappa, and Alpha Gamma Sigma scholarships are merit awards and are renewable within the guidelines of Mills Financial Aid Satisfactory Academic Progress Policy (see section titled “What is the Mills Financial Aid Satisfactory Academic Progress Policy?” on p. 10). 5. Mills Need-Based Scholarships Priority for awarding need-based scholarships is given to students who have demonstrated financial need and who meet the published financial aid deadlines. Unfortunately, Mills College cannot meet 100% of each student’s need. Continuing undergraduates must file a complete financial aid application by the College’s published deadline each year for need-based 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 ensure that an application is filed by the deadline each year. For the 2012-2013 award year, the FAFSA and the Cal Grant GPA Verification Form filing deadline is March 2, 2012, for continuing undergraduates. In addition, parents of dependent students and continuing undergraduates who are independent student aid applicants will be required to submit a copy of their 2011 federal tax return to the M Center by April 20, 2012. 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 Federal Direct Subsidized Stafford Loans, Federal Direct Unsubsidized Stafford Loans, Federal Perkins Loans, Mills College Loans, and workstudy programs. 1. Federal Direct Subsidized Stafford Loans 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%. -5-

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, 2011 and before July 1, 2012 is fixed at 3.4%. In late May, new students who have been awarded a Federal Direct Subsidized Stafford Loan will receive additional information regarding requirements for receipt of the loan funds. “First-time” Federal Direct Subsidized Stafford Loan borrowers at Mills must complete online Direct Loan Entrance Counseling at www.studentloans.gov. Entrance Loan Counseling provides students with important information regarding student loans such as borrower rights and responsibilities, interest rates, repayment options, consequences of default, etc. so that they can make informed decisions regarding borrowing. Students must also complete a Federal Direct Stafford Loan Master Promissory Note (MPN) at www.studentloans.gov. Loan processing takes three to six weeks depending on the time of year. Students who will be using the proceeds of their student loan(s) to pay their college bill must complete all Federal Direct Stafford Loan requirements by July 1 for the fall semester and by December 15 for the spring semester. Federal Direct Subsidized Stafford Loan funds for students who applied by the deadline are typically available to be posted to student accounts within the first 30 days of classes for each semester. Students who decide to borrow through the Federal Direct Stafford Loan program after initially declining their loans must complete all Federal Direct Stafford Loan requirements no later than November 15 for the fall semester and no later than April 15 for the spring semester. Upon leaving Mills College, borrowers must complete Exit Loan Counseling. Exit Loan Counseling provides students with important information regarding their loans, including estimated repayment schedules, repayment and deferment options, information on consolidation, etc. 2. Federal Direct Unsubsidized Stafford Loans 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. -6-

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%. No repayment of the principal is required when the student is in school at least halftime, 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 Dependent sophomores Dependent juniors and seniors Independent first year students Independent sophomores Independent juniors and seniors

$ 5,500 $ 6,500 $ 7,500 $ 9,500 $ 10,500 $ 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 additional information regarding requirements for receipt of the loan funds. “Firsttime” Federal Direct Unsubsidized Stafford Loan borrowers at Mills must complete online Direct Loan Entrance Counseling at www.studentloans.gov. Entrance Loan Counseling provides students with important information regarding student loans such as borrower rights and responsibilities, interest rates, repayment options, consequences of default, etc. so that they can make informed decisions regarding borrowing. Students must also complete a Federal Direct Stafford Loan Master Promissory Note (MPN) at www.studentloans.gov. 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. Loan processing takes three to six weeks depending on the time of year. Students who will be using the proceeds of their student loan(s) to pay their college bill must complete all Federal Direct Stafford Loan requirements by July 1 for the fall semester and by December 15 for the spring semester. Federal Direct Unsubsidized Stafford Loan funds for students who applied by the deadline are typically available to be posted to student accounts within the first 30 days of classes for each semester. Students who decide to borrow through the Federal Direct Stafford Loan program after initially declining their loans must complete all Federal Direct Stafford Loan requirements no later than November 15 for the fall semester and no later than April 15 for the spring semester. Upon leaving Mills College, borrowers must complete Exit Loan Counseling. Exit Loan Counseling provides students with important information regarding their loans, including -7-

estimated repayment schedules, repayment and deferment options, information on consolidation, etc. 3. Federal Perkins Loans This long-term federal loan program is funded jointly by the federal government and Mills College. Funds are limited and are awarded to students with exceptional financial need. The student’s award letter will indicate the Federal Perkins Loan amount, if any, the student is eligible to borrow. Federal guidelines limit borrowing on this program to $5,500 annually. No interest accumulates on this loan as long as the student is enrolled at least half-time in a degree program. 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, repayment may extend up to ten years. 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, 2011 will result in cancellation of the loan offer. Upon leaving Mills College, borrowers must complete Exit Loan Counseling. Exit Loan Counseling provides students with important information regarding their loans, including estimated repayment schedules, repayment and deferment options, information on consolidation, etc. 4. Mills College Loans 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 be in good financial standing with the College. The student’s award letter will indicate the Mills College Loan amount, if any, the student is eligible to borrow. No interest accumulates on this loan as long as the borrower is enrolled fulltime 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. Mills College Loan borrowers must complete a Mills College Loan Master Promissory Note, a Mills College Loan Request Statement, and an Applicant Self-Certification Form. Failure to complete all requirements within 30 days will result in cancellation of the loan offer. Upon leaving Mills College, borrowers must complete exit loan counseling requirements. 5. Work-Study 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 -8-

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. Other Sources of Aid 1. Federal Direct Parent Loan for Undergraduate Students (Federal Direct PLUS Loan) 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%. 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 www.studentloans.gov.

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2. Private Loans Private loans may assist with college expenses that may not be covered by federal loan programs or other financial aid. Private loans are offered by a number of lenders but typically are credit-based and have higher interest rates and fees than federal loans. Private loans which are approved for a student’s first year of attendance will not necessarily be approved for all years of attendance. Private loans which must be certified by the College can be certified for a maximum of the student’s estimated cost of attendance, as indicated on the student’s financial aid award letter, minus other aid the student will be receiving for the academic year. Important Note: The process of applying for a private loan can take several weeks. Students who plan to use private loan funds to assist with the balance due on their student account or to assist with living expenses should start the application process in June. 3. Outside Scholarships 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 100% of the outside scholarship to meet any unmet need. Once there is no unmet need, 50% of the private outside award (not used to meet unmet need) will be used 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 supplement their Mills College financial aid awards and to reduce their reliance on student loans or job earnings during the academic year. If the applicant’s financial aid award lists an "Outside Organization Scholarship,” it is because the applicant 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. Mills is not able to provide additional funding to students whose “Outside Organization Scholarship” does not actualize.

How are the financial aid awards paid to me? All of the federal, state and institutional scholarships/grants/loans are paid directly to a student’s account upon completion of all required paperwork. The aid is applied against Mills College charges first. If there is a credit balance after Mills charges have been paid, the student will receive a refund. Exception: If the disbursement of a Federal PLUS Loan results in a credit balance on a student’s account, the refund will be sent to the parent borrower unless the parent borrower authorizes Mills to hold the funds or release them to the student. Work-study earnings are paid to students bi-monthly upon submission of signed timesheets. Outside scholarship checks and private student loan checks may require endorsement by the borrower and/or Mills. In most cases, these funds will be applied to the student’s account but may be released to the student if the student’s account balance is paid in full.

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What is the Mills Financial Aid Satisfactory Academic Progress Policy? In keeping with government regulations and Mills policy, financial aid recipients must make satisfactory academic progress toward a degree or certificate in order to receive institutional, federal and/or state aid. Progress is monitored each semester in accordance with the policy outlined below. 1. Course Load and Credit Completion The normal undergraduate course load at Mills College is 4.25 credits per semester. Accordingly, students are expected to complete:    

8.5 credits by the end of the first year; 17 credits by the end of the second year; 25.5 credits by the end of the third year; and 34 credits by the end of the fourth year.

A financial aid recipient can enroll for less than 4.25 credits for a given semester without jeopardizing aid eligibility as long as the student enrolls for a minimum of 3.5 credits. An aid recipient enrolling in fewer than 3.5 credits will jeopardize eligibility for federal and state grants, Mills scholarship funds and possibly loan funds; therefore, students giving any consideration to enrolling in fewer than 3.5 credits must submit a written explanation of their circumstances to the M Center and should meet with a financial aid staff member to ensure that they understand how their aid eligibility would be affected. To be making satisfactory academic progress for financial aid purposes, a student must have completed a minimum number of credits by the end of each semester. For transfer students, the total number of credits includes transfer credits accepted by Mills. Accordingly, students must meet the following credit benchmarks to remain in good academic standing for financial aid purposes. Semester Total number of credits a student must have completed by the end of each semester

1

2

3

4

5

6

7

8

3.50

8.00

12.00

16.25

20.50

25.00

29.25

34.00

Dropped, failed, and incomplete courses do not count as completed credits. Students who are planning to take a reduced course load due to disability will need to submit an academic plan (forms available in the Division of Student Life) to the M Center before the end of the second week of classes for the semester, complete the number of credits indicated on the academic plan, and maintain a minimum 2.0 semester and cumulative GPA to maintain satisfactory academic progress. Any changes to the academic plan should be submitted before the end of the second week of classes, as changes made to the academic plan after the second week of classes will not be considered in determining the number of credits which must be completed by the end of the semester. Other issues, such as leaves of absence during a semester, will be reviewed by the Financial Aid Appeals Committee upon receipt of a petition from the student.

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2. Grade Point Average To be making satisfactory academic progress for financial aid purposes, a student must maintain a minimum semester and cumulative GPA of 2.0. Exception: Students in the Nursing Program must maintain a minimum semester and cumulative GPA of 2.85. 3. Enrollment Status Mills College scholarship assistance is awarded only to full-time students pursuing a first baccalaureate degree. All part-time students are expected to complete all credits for which they are enrolled and to maintain a minimum 2.0 semester and cumulative GPA. 4. Duration of Student Aid Eligibility Entering first-year students pursuing a bachelor’s degree at Mills are expected to graduate after completing the equivalent of eight semesters of course work. Changes in anticipated degree date do not automatically extend a student’s financial aid eligibility. For transfer students, the number of semesters of aid eligibility is established by the initial graduation date defined by the M Center upon entrance to Mills. The M Center reviews each transfer student’s previous college course work and establishes an anticipated degree date for the student. A transfer student is eligible for financial aid for only the number of semesters remaining to the original anticipated degree date for a first baccalaureate degree. Changes in anticipated degree date do not automatically extend a student’s financial aid eligibility. Note: All transfer students are strongly advised to meet with their faculty advisors and visit the M Center during their first semester of enrollment to confirm any change in their anticipated degree date. Students in the Nursing Program are eligible for financial aid for a maximum of four semesters while attending Mills College. For transfer students, the number of semesters of eligibility is established by the initial expected completion date defined by the M Center upon entrance to Mills. Financial aid received at Mills College is not transferable for attendance at Samuel Merritt University. Upon enrollment at Samuel Merritt University, students are subject to the tuition, fees, and financial aid policies of Samuel Merritt University. Financial aid eligibility for all undergraduate students continues only to the original expected date of graduation for a first baccalaureate degree. For example, a request to extend a graduation date in order to complete a second major or to participate in an international visiting (study abroad), domestic visiting, international exchange, or domestic exchange program is not a basis for extending financial aid eligibility an additional semester(s).

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5. Financial Aid Warning, Probation, and Disqualification An aid recipient who fails to meet the financial aid credit or GPA benchmarks during a given semester will be placed on “Financial Aid Warning” status for the upcoming semester. A student may continue to receive financial aid during the semester in which she is placed on “Financial Aid Warning” status but will lose her eligibility for financial aid if she has not restored herself to the financial aid credit and GPA benchmarks by the end of that semester. Exception: Students who fail to complete a given semester and/or fail to receive at least one passing grade in a given semester will be disqualified from financial aid eligibility for subsequent semesters without first being placed on “Financial Aid Warning” status. A student denied financial aid due to lack of satisfactory academic progress will not be considered for reinstatement until minimum GPA and/or credit completion standards have been met. The student must also meet satisfactory progress standards during semesters in which she does not receive aid. Appeals regarding decisions made according to the Financial Aid Satisfactory Academic Progress Policy should be addressed to the Financial Aid Appeals Committee and submitted to the M Center. Circumstances which may warrant an exception to the satisfactory academic progress standards include serious illness, injury, or death of a family member. The deadline to appeal decisions made according to the Financial Aid Satisfactory Academic Progress Policy is the end of the second week of the semester. The deadline for the Fall 2011 semester is September 7, 2011. For the Spring 2012 semester, the deadline is February 1, 2012. Students for whom an appeal has been approved will be placed on “Financial Aid Probation” status. A student may continue to receive financial aid during the semester in which she is placed on “Financial Aid Probation” status but will lose her eligibility for financial aid if she has not restored herself to the financial aid credit and GPA benchmarks outlined in the terms of her probation.

What happens to my financial aid if I withdraw or take a leave of absence? A student who intends to take a leave of absence or withdraw from Mills must file the Undergraduate Petition for Leave of Absence or Withdrawal form with the Division of Student Life, Cowell Building. Once a student has completed this procedure for leave of absence/withdrawal from Mills, the College is required to use the leave of absence/withdrawal date to determine the financial aid ramifications of the student’s leave of absence/withdrawal, including the possibility of a balance due on the student’s account. If a student withdraws before 60% of the enrollment period (semester) has passed, federal regulations require that Title IV funds be returned to the programs according to a prorated schedule. Title IV funds include Stafford Loans, Perkins Loans, PLUS Loans, Pell Grants, Supplemental Educational Opportunity Grants (SEOG), Federal Academic Competitiveness Grants, and National SMART Grants. However, if a student leaves without beginning the Mills official withdrawal process or providing notification of her intent to withdraw, the withdrawal date will be the 50 percent point in the semester unless Mills determines the last date of an academically related activity of the student. Refer to the current college catalog for the complete Return of Federal, State, and Institutional Financial Aid policy. Students who have a balance due after the adjustments have been made to their student accounts are responsible for making payment arrangements for their outstanding balance with the College. All college services, including transcripts and readmission, will be withheld until the student account is paid in full.

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What happens to my financial aid if my enrollment status changes from full-time to part-time? When a student changes her enrollment status from full-time to part-time in any given semester, her financial aid awards may be reduced. The change in enrollment also may impact the student’s ability to meet the satisfactory academic progress requirements to maintain financial aid eligibility for future semesters. Note: Dropping to part-time may also result in an adjustment to tuition charges as outlined in the college catalog. Students should consult with a financial aid counselor before dropping to part-time.

What happens to my financial aid if I change my residency status? Students who are considering changing from resident status to non-resident status in the middle of an academic year should be aware that the residence agreement is a binding contract for the entire academic year. Request for release from the agreement must be made in writing to Housing Management and Dining Services. Only exceptional cases are approved. A student’s financial aid award may be reduced due to a change in residency status. Students should make an appointment to see a financial aid counselor to discuss the impact on their financial aid award.

What happens to my financial aid if I participate in an international visit, domestic visit, international exchange, or domestic exchange program approved by Mills? Students participating in an international visit, domestic visit, international exchange, or domestic exchange program approved by Mills may be eligible to receive federal and state financial aid for participation in the program under certain conditions but may not be eligible to receive institutional grants, institutional scholarships, i.e. Mills College scholarships, or institutional loans. Mills policy regarding the availability of financial aid for these programs is subject to change on an annual basis.

What is federal verification and how will I know if I have been selected for 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 2010 federal tax return (and parents’ 2010 federal tax returns if the student is dependent and provided parent data on the FAFSA). Students must also complete either a dependent or independent (based on their FAFSA determined status) verification worksheet, which is available on the Mills College website. 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 by September 30, 2011 will result in the withdrawal of the student’s financial aid award for the academic year. The student will be notified in writing by mail or email if her financial aid award changes as a result of the verification process.

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How do I reapply for financial aid for 2012-2013? Continuing undergraduates must file a complete 2012-2013 FAFSA and a 2012-2013 Cal Grant GPA Verification Form (only for California residents who do not have a current Cal Grant award) by March 2, 2012. Parents of dependent students are required to submit a signed copy of their 2011 federal tax return to the M Center by April 20, 2012. Independent students are required to submit a signed copy of their and/or their spouse’s 2011 federal tax return to the M Center by April 20, 2012. Students selected by the federal government for the verification process will need to submit the appropriate verification form available on the Mills College website.

Where can I find more information about financial aid? This guide is intended to highlight important information regarding your financial aid but does not include all of the federal, state, and institutional regulations that govern the administration of financial aid. Other policies governing the student aid program at Mills College can be found in the Mills College Undergraduate Catalog, Student Handbook, the Mills College website and Mills financial aid application materials. Please refer to these documents for further information. For more information regarding federal financial aid rules and regulations, you can contact the U.S. Department of Education at 800.4.FED.AID or visit their website at www.studentaid.ed.gov. For more information regarding California student aid, including Cal Grants, contact the California Student Aid Commission at 888.224.7268 or visit their website at www.csac.ca.gov. For more information regarding Federal Direct Loans, visit www.studentloans.gov.

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