Financial Aid FAQs
Am I required to register with selective service? Why? Where can I get my registration information?
- If you are a male (age 18-25) and not registered with Selective Service, you will not qualify for federal financial aid. You may select Register Me on the FAFSA and Selective Service will register you. You can also register over the Internet at https://www.sss.gov . If you believe that you are not required to register with Selective Service, you should call the Selective Service office at 1-847-688-6888 for information regarding exemptions or visit the Selective Service Web site at sss.gov .
I have a misdemeanor or felony on my record. How will that impact my FA?
- Only felony convictions impact financial aid. The only time a misdemeanor would impact FA is if the student receives a drug conviction while they are receiving federal financial aid.
My parent will not supply his/her information for my FAFSA. What can I do?
- The student must complete a 'Cessation of Parental Support" form, available from the Financial Aid Office, and have the parent sign the form. The student will only be eligible for unsubsidized Stafford Loan and no other form of aid. The student should visit the Financial Aid Office for guidance on this form.
Are we required to verify student attendance in classes before disbursing aid for an institution not required to take attendance?
- Professors are required to report non-attending students to the Registrar's Office. The Registrar requires said information to be reported after Add/drop. Generally, students are not eligible for aid for courses they did not attend.
Dependency Status
- Students who are 24 years of age of older, married or are sole support for dependents may be considered independent. Moreover, if a student selected on the FAFSA that they were one of the following: - Unaccompanied Youth by School-Unaccompanied Youth by HUD- At Risk of Homelessness- Legal Guardianship- Orphan, Ward of the Courts, or under Foster Care- Emancipated Minor, students may be considered independent. Court ordered documents are required for Verification of the status. Students may view additional requirements under missing documents in SWORDS/Campus Logic.In some special instances, the student may request professional judgement via Campus Logic from the Financial Aid Office to determine independency status.
How do I accept the Terms and Conditions?
- Click on the financial aid tab
- Click on Award
- Click on award by aid year
- Select "Academic Year"
- Select Terms and Conditions
- Click to Accept
How do I apply for financial aid?
- Complete the Free Application for Federal Student Aid (FAFSA) or the Renewal Application and list the MGA school code of 00158100. https://studentaid.gov/h/apply-for-aid/fafsa You will receive a Student Aid Report, or SAR, through the mail or the Internet. It is important that you review your report making sure all information is correct. Submit all documents as requested by your Office of Student Financial Aid (i.e. tax returns, Verification Worksheets). Your SWORDS account or Campus Logic Account will outline any additional requirements needed and how you can complete them. Follow up with the Office of Student Financial Aid by checking banner web periodically to make sure no additional information is needed and your application is processed.
How long does it take to process financial aid?
- The process typically takes several weeks, but can take longer if your forms are not accurately completed in a timely fashion. Federal Verification, delays in receiving paperwork, and corrections to your FAFSA all prolong the process.
How many hours must I take to receive financial aid?
- Your Financial Aid Award Letter should advise you as to requirements for specific awards. Pell Grant is calculated on a sliding scale according to your federally calculated family contribution and hours of enrollment. Pell Grant is normally awarded for full-time and adjusted down based according to actual hours enrolled. You must be enrolled at least half-time (six credit hours or more) at the time of Disbursement. HOPE Scholarship will only pay up to 127 credit hours. HOPE will pay for 90% of tuition only and will not pay anything toward fees or books. HOPE will not pay for learning support classes.
What is the financial aid deadline?
- Financial Aid requests are processed all year in date order of receipt; however, to ensure your award is ready for fee-payment deadlines, you should beat or meet the financial aid deadlines. Please view the academic calendar regarding priority deadlines: https://www.mga.edu/academics/calendars/. A completed financial aid file is your application (FAFSA for federal and state aid or GSFAPP for HOPE Scholarship only) and all other requirements or documents.
What will happen if I drop a class or withdraw completely?
If you completely withdraw or drop below half-time prior to receiving your aid, or prior to the beginning of classes, you are not eligible for your scheduled aid for that term. If you completely withdraw after receiving your Disbursement, you may owe money after R2T4 is performed. R2T4 stands for 'return of title IV funding' and is required upon withdrawal. If you have a student loan and drop below 6 credit hours, you will no longer be in 'in school deferment' and will begin to receive repayment notices from your lender.
When do I apply for financial aid?
You must apply each year you wish to receive federal student aid. The new year for MGA begins every fall semester.
When will I get my financial aid refund?
At the start of the semester or part-of-term session, disbursement of financial aid funds to student accounts will occur after the drop/add period has ended and no-show reporting has been finalized. Per federal regulations, refunds of remaining credit balances are released no later than 14 calendar days after posting of financial aid disbursements to student accounts. Following this period, refunds are processed weekly.
Where do I find information on professional judgment/ special circumstances for financial aid?
Students who believe they are eligible for additional financial aid because they or their family has special circumstances should visit the Financial Aid Office or request professional judgement via Campus Logic. Special circumstances may include extreme medical expenses, job loss or other catastrophic events that affect family income. Documentation is required.
Which parent's information is reported on the FAFSA in a divorce situation?
In a divorce situation (or any situation), it is the parent that the student is with 51% or more of the time. It doesn't matter who claims the students on the tax forms.
Can my financial aid transfer from institution to institution?
If you transfer from one institution to another within an academic year, you should be able to receive aid at your new institution. Due to availability, you may not receive the same amount(s) and type(s) of aid and should contact your new institution regarding your remaining eligibility. You must have your FAFSA sent to your new institution. This may be done by going to your FAFSA and making an update to add your new school's code. If you are planning to transfer, begin the process early so you are not hindered by unexpected processing delays. You must cancel any pending aid you may have with your old school before your new school may disburse aid to you.
How long does it take a FAFSA to process?
Once you complete the current-year FAFSA and list the MGA school code of 00158100, please allow several business days for it to arrive at MGA. Your FAFSA will be sent to MGA electronically. There is no need to provide a copy of the student aid report (SAR) you receive when you complete the FAFSA. This process can take from 4 to 6 weeks.
What can I do to get more funding?
If you are a dependent student, as defined on your FAFSA, your parent can apply for Parent Plus Loan at https://www.studentaid.gov . If your parent is denied the Parent Plus Loan, you can request an additional $4000 in unsubsidized loan funds ($2000 for first term and $2000 for second term) through submission of the direct loan revision form through the Office of Financial Aid.
What does EFC mean?
EFC stands for expected family contribution and is determined by the information you report on your FAFSA. EFC is used to determine eligibility for need-based financial aid awards.
What do I have to do to get my financial aid to disburse before payment deadline?
Financial Aid awards may not be disbursed any earlier than the scheduled Disbursement date, typically after the add/drop period concludes. This does not mean financial aid funds will not be authorized / pending to your account provided all requirements for the awards have been met.
When can I expect to receive my student loan funds?
If your loan process is successfully completed, i.e., Prom Note, Entrance Loan Counseling, and accepted via banner web, it will disburse to your account on the scheduled Disbursement date. After Disbursement date, Loans will disburse on a rolling basis according to completion. Funds in excess of charges will be processed as a refund by the Office of Student Accounts.
When will I get my financial aid refund?
At the start of the semester or part-of-term session, disbursement of financial aid funds to student accounts will occur after the drop/add period has ended and no-show reporting has been finalized. Per federal regulations, refunds of remaining credit balances are released no later than 14 calendar days after posting of financial aid disbursements to student accounts. Following this period, refunds are processed weekly.
How are private scholarships applied to my award?
All private scholarship funds should be sent to the attention of the Student Accounts Office. Unless otherwise specified by the donor, all private scholarship funds are awarded to the student's first term.
How do I receive the FSEOG grant
If you believe you have exceptional need, please complete the FAFSA as soon as it is available. We have a limited amount of FSEOG grant funds from year to year and all awards are given to students who have a completed financial aid file and demonstrate exceptional need. FSEOG cannot be transferred from institution to institution.
Internal Scholarships
MGA does offer scholarships for our students. Some are based on need and some are based on merit. Typically the scholarship application is due each April 1. Please remember that the Office of Financial Aid does not process internal scholarship applications. Selected students will be notified of award.
How can I check my HOPE GPA on GAfutures?
To check your HOPE GPA on GAfutures, log into https://www.gafutures.org and sign in. On the right hand side of the screen select the link that says "Your Hope GPA". As long as the student's last name, ssn, and DOB is included on their GAfutures profile, they will be able to view their HOPE GPA report. Questions regarding information listed on this report should be directed to GAfutures directly.
I am a high school senior and my financial aid awards have shown up. I'm HOPE eligible, but my HOPE Scholarship has not been awarded yet. When will I see this in my award?
Student's high school would need to send final transcript to GSFC and they are the ones who will determine HOPE scholarship eligibility below 30 hours. Once they have determined eligibility, they will notify us around late June/early July. Students deemed eligible will be awarded after the financial aid file is complete.
Do I have to be full time to receive HOPE?
Hope covers up to 15 credit hours at 90% of the tuition cost. Please remember that HOPE awards on a student's account will assume the student will take 15 credit hours. Any hours beyond 15 hours are not covered by HOPE. Any hours less than 15 will show a lesser amount when authorized and paid.
How do I apply for HOPE Scholarship?
If you think you may be HOPE eligible, apply by completing the FAFSA at https://studentaid.gov/h/apply-for-aid/fafsa each year you want to be considered for federal and state aid. If you wish to receive HOPE scholarship only, you may complete the GSFAPP at https://www.gafutures.org If you would like to be reviewed for HOPE Scholarship at MGA, please complete and submit the Hope Evaluation Request Form found on our web site.
How do I maintain eligibility for HOPE Scholarship?
All students must maintain a 3.00 HOPE GPA at their 30th, 60th, and 90th attempted hours AND at the end of each Spring semester. Attempted hours include all coursework taken regardless whether attending MGA or not. You can only regain HOPE once.
What are the eligibility criteria for HOPE Scholarship?
Students may visit http://www.gafutures.org or MGA's web site at https://www.mga.edu/financial-aid/opportunities/hope.php to see the eligibility requirements.
When will my HOPE eligibility be checked?
HOPE eligibility for all students is checked at the end of each spring semester and also when the student completes 30 hours, 60 hours and 90 hours. Students not eligible at any of the checkpoints will lose HOPE. Students eligible for HOPE at the 30 th, 60 th or 90 th attempted hour checkpoint will gain HOPE.
Will HOPE pay for Learning Support Coursework?
HOPE regulations are defined by the Georgia Student Finance Commission (GSFC). A student seeking a Degree, who enrolls in Learning Support coursework, is not eligible for HOPE Scholarship payment for such coursework. Such Learning Support credit hours must not count as Attempted-Hours or toward the Combined Paid-Hours limits except as specified in Section 105.8.e.
Are there financial aid programs available to help pay for living expenses and housing?
Yes, students are encouraged to apply for grants, Loans and scholarships by completing the Free Application for Federal Student Aid (FAFSA). Most federal aid may be used to pay for expenses beyond your tuition and required fees. HOPE Scholarship may only be applied to your tuition. Aid may be applied to most direct expenses you see on your student account. Refunds you may receive as a result of your aid being more than your charges may be used for educational expenses such as living expenses.
Can I be reimbursed for a previous term?
It depends. Usually, if you remain continually enrolled at least half-time during the academic year, you can be reimbursed for previous terms within the same academic year. Please contact the Financial Aid Office for details of what aid may be used for terms that have concluded.
How do I use Financial Aid at the bookstore?
If a student has a credit (meaning their charges have been completely covered and an overage exists) on their student account, s/he may purchase their textbooks prior to financial aid disbursing
What will financial aid pay for?
Financial aid will pay for classes that are required by the institution towards a degree. It will assist you with educational costs. Financial aid will not pay for audited classes, developmental courses not required by the school, or for any courses where you are enrolled at MGA as a transient or non-degree seeking student. It will also not pay for a class you have successfully completed and taken twice. Coursework taken that is not part of your degree requirements will not be covered by financial aid.
Will financial aid pay for classes I have taken before?
Beginning with the Fall 2011 term, the U. S. Department of Education stated that students who have taken a course twice previously and plan on taking the course for the third time may not receive financial aid for the 3rd or future retake. As an example:- If you previously took a class and made a D, C, etc. then,- Retook the same class and made a W, F, D, C, etc. if- Taken again you cannot receive financial aid for the 3rd and future retakes. You may be enrolled for 12 hours and charged for 12 hours but only receive financial aid to cover 9 hours (one of the classes is a 3rd retake). A student who withdraws from the same class twice and earns two "W's" is not subject to the federal financial aid requirements regarding repeating the same class for 3 times. Also remember, a student must be taking 6 or more hours, NOT including the retake, to receive a student loan.
Will my financial aid pay for remedial/learning support courses?
Students can receive federal aid up to 30 credit hours for learning support courses (i.e. Math 099, Reading 099, English 099). HOPE/Zell Miller Scholarship will not pay for these classes.
How do I complete a SAP appeal?
Students who are placed on financial aid / SAP suspension are given the opportunity to appeal the financial aid suspension if they had extenuating circumstances which caused the poor academic performance. Students will find these SAP requirements via Campus Logic.
What does the PACE requirement for SAP mean?
Students must maintain satisfactory academic progress standards regarding Pace or the percentage of courses successfully completed. Students must successfully complete 67% of all attempted hours. Grades of W, I and failing grades are considered in the calculation. Other SAP standards of GPA and Maximum Time Frame must also be met.
What is a SAP appeal?
SAP stands for Standards of Academic Progress. For students to receive financial aid (State, Federal, Institutional) they must be making SAP. This involves making the required GPA within a specified time frame and successfully completing 67% percent of all classes attempted, in addition to not exceeding the set maximum attempted hours set for the program. A bachelor's degree maximum is 180 attempted hours. Failure to meet all required parameters will result in a SAP failure and financial aid suspension until SAP requirements are met or the student has a granted appeal. A student may submit the SAP appeal to the Office of Financial Aid with a personal statement explaining the mitigating circumstance that caused them to not meet the standards and third party documentation to support statement.
What is the 150% rule for SAP?
Students must maintain satisfactory academic progress standards regarding maximum time frame. This means a student who has exceeded 150% of the total number of hours of attempted credit to receive a MGA degree fails SAP standards. For MGA students, this limit is 180 hours if you are seeking a bachelor's degree. Other SAP standards of GPA and PACE must also be met.
What is the GPA requirement for SAP?
Students must maintain satisfactory academic progress standards regarding grade point averages. Attempted hours (including transfer credit) are reviewed. Students must maintain a 2.0 cumulative GPA to be aid eligible. Other SAP standards of Pace and Maximum Time Frame must also be met.
I was selected for Verification. What do I need to provide?
- Students who are selected for Verification are randomly selected by the government to provide tax documentation for quality control measures. This is a federal requirement and must be completed before any financial aid can be determined by MGA.
- To complete Verification, the student should request tax return transcripts for themselves (if they filed) and for their parents (if the student is a dependent and the parents filed) as well as W2's for the appropriate tax year. This information is then uploaded to CampusLogic for processing.
- The student can log into SWORDS, click on the Financial Aid tab, and select Eligibility Requirements to see if they are selected for Verification. If so, the requirements page will list what forms we require, as well as link to upload forms.
What is DRT / IRS Data Retrieval?
DRT is a tool on your FAFSA that allows you to link your previous year's tax information directly to your FAFSA. DRT is available for most students two-to-three weeks after they and their families have completed their taxes. If you are eligible to use the DRT, you should do so to lessen your chances of being chosen for federal Verification. While most students are eligible to use DRT, some are not. If the IRS determines you are not eligible to use DRT, you should enter the financial information as reported on your taxes.
Financial Aid Eligibility
- A student is ineligible for the HOPE or Zell Miller Scholarship if he or she has:
- Received payment totaling 127 semester hours of credit; or
- Attempted 127 semester hours of college degree credit, regardless of whether or not HOPE funds were received while attempting the hours; or
- Earned a baccalaureate degree, regardless of whether or not HOPE funds were received while earning the degree, or
- Reached the seven year expiration of eligibility date.
- A student is ineligible for the Pell Grant if he or she has:
- Received Pell Grant awards for 12 full time semesters; or
- Earned a baccalaureate degree, regardless of whether or not Pell funds were received while earning the degree.
- A student is ineligible for the Direct Subsidized Loans if he or she has:
- Reached the maximum period of time (150% of published length of program); or
- Earned a baccalaureate degree.
- ALL students must meet the Standards of Academic Progress (SAP) Requirements at the end of every term to receive financial aid (State, Federal, and Institutional.)
- SAP requirements:
- Grade Point Average Standards-Students are required to maintain at least a 2.0 cumulative financial aid grade point average (GPA). Financial aid GPA includes all credit hours attempted at MGA and all other previously attended institutions, including learning support and repeat coursework. NOTE: Financial aid GPA may differ from your academic GPA.
- PACE Standards-Students enrolled at MGSC must show measurable progress toward earning a degree by successfully completing a minimum of 67% of cumulative credit hours attempted. Grades of A, B, C, D, P and count as the successful completion of a course. Grades of F, W,WF, FA, I, IP, NR and U do not count as the successful completion of a course. Transfer consortium, repeated, and learning support count as attempted hours.
- Maximum Timeframe-In addition to previously stated standards, student financial aid is available for up to 150% of the number of hours required to complete the specific program of study. Example: If a bachelor’s program requires 120 hours, a student may attempt a maximum of 180 hours before becoming ineligible for financial aid. Students who change majors or degree programs should do so early so as not to jeopardize eligibility for student financial aid.
- Failure to meet all required parameters will result in financial aid suspension until SAP requirements are met or the student has been a granted appeal. A student may submit the SAP appeal form to the Office of Financial Aid with a personal statement explaining the mitigating circumstance that caused them to not meet the standards and third party documentation to support statement.
- SAP requirements:
- Return to Title IV (R2T4) Calculation
- A student may lose financial aid eligibility if they drop or withdraw from all courses prior to mid-term. Each student who drops or withdraws from all courses is subject to be reviewed for a Return to Title IV (R2T4) Calculation to determine if their aid eligibility needs to be reduced.
- The R2T4 calculation is based on the amount of time the student completed divided by the total amount of time that was scheduled to be in the period of enrollment.
- (Days completed in the period) / (Days scheduled to complete in the period) = Percentage Completed
- Withdrawal from all classes through and including the 60 percent point in each period of enrollment requires a Return of Title IV Funds calculation. Students withdrawing from all classes after the 60 percent point are considered to have earned 100 percent of the Title IV funds disbursed. Title IV aid that the student did not "earn" must be returned to the appropriate aid programs, as soon as possible, but no later than 45 days.
Types of Financial Aid
More than 80% of MGA students receive aid. Financial aid comes in many forms and the information here will help students navigate the process and understand all the options that are available to help them pay for their education. Institutional, State or Federal Financial aid may be based on merit and/or financial need.
TYPES OF FINANCIAL AID
TYPES OF FINANCIAL AID
|
Program |
Type of Aid |
Program Details |
Annual Amount |
|
Scholarships |
Scholarship: does not have to be repaid |
Scholarship funds may be provided by various sources such as the college, community, employer, schools, and corporations |
Maximum amount is cost of attendance minus any other financial aid student receives; no minimum amount |
|
HOPE Scholarship
Caps at 127 attempted credits. |
Scholarship: does not have to be repaid |
Merit based scholarship |
2021-2022: $3,180 |
|
Zell Miller Scholarship
Caps at 127 attempted credits. |
Scholarship: does not have to be repaid |
Merit based scholarship |
2021-2022: $3,410 |
|
Federal Pell Grant
Caps at 12 semesters. |
Grant: does not have to be repaid |
Need based grant Available to undergraduates |
2021-2022: award maximum= $6495 |
|
Federal Supplemental Educational Opportunity Grant (FSEOG) |
Grant: does not have to be repaid |
For undergraduates with exceptional financial need; Federal Pell Grant recipients take priority; funds depend on availability at school |
2021-2022: award maximum-up to $800 |
|
Iraq and Afghanistan Service Grant
Caps at 6 semesters. |
Grant: does not have to be repaid |
For students whose parent or guardian died as a result of military service after 9/11; and who are not receiving Pell Grant. |
Maximum is same as Pell maximum; payment reduced for less-than-full-time study |
|
Federal Work-Study |
Money earned while attending school; does not have to be repaid |
Need based aid; jobs can be on campus or off campus; students are paid at least federal minimum wage |
Maximum amount varies |
|
Direct Subsidized Loan
Lifetime limit: $23,000 |
Loan: must be repaid with interest
Must complete Entrance Counseling and a Master Promissory Note at www.studentaid.gov |
U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods; student must be verified in attendance of at least half-time enrollment and have financial need; 4.66% rate |
$3,500–$5,500, depending on grade level Freshman amount $3,500
|
|
Direct Unsubsidized Loan
Lifetime limit: $31,000-$57,500 (less any subsidized amounts received for same period) and dependency status |
Loan: must be repaid with interest
Must complete Entrance Counseling and a Master Promissory Note at www.studentaid.gov |
Borrower is responsible for all interest; student must be verified in attendance of at least half-time enrollment; financial need is not required; 6.21% rate |
$5,500–$12,500 (less any subsidized amounts received for same period), depending on grade level and dependency status |
|
Direct PLUS Loan |
Loan: must be repaid with interest Parent must complete a Credit Check and a Master Promissory Note at www.studentaid.gov |
For parents of dependent undergraduate students; student must be verified in attendance of at least half-time enrollment; financial need is not required Borrower is responsible for all interest; 7.21% rate |
Maximum amount is cost of attendance minus any other financial aid student receives; no minimum amount |
|
Alternative Loans |
Loan: must be repaid with interest |
Credit check required; borrower is responsible for all interest; student must be verified in attendance of at least half-time enrollment; financial need is not required; variable interest rate |
Maximum amount is cost of attendance minus any other financial aid student receives; no minimum amount |