Loan Information

Electronic Loan Application Process

William D. Ford Direct Loan Program
A student must be enrolled in six (6) or more semester hours to receive loan funds.
A student must complete Loan Entrance Counseling and a Master Promissory Note to receive Loan Funds.
(Please click the above link to complete this information.)
A parent must complete a Master Promissory Note and submit a credit check to receive PLUS Loan Funds.
(Please click the above link to complete this information.)

How to accept your William D. Ford Direct Loan.

STUDENT INSTRUCTIONS FOR ACCEPTING SUBSIDIZED OR UNSUBSIDIZED LOANS:

1. Log into .
1. Click on “Financial Aid”
2. Click on “Award”
3. Click on “Award for Aid Year”. Choose the aid year.
4. Click on “Accept Award Offer”
5. Accept the Loans you wish to receive and type in the amount you wish to take out. Decline any loan you do not want.
6. Submit.
7. Log Off
2. Go to www.studentloans.gov.
1. Sign In (Student Information)
2. In the middle of the page, choose “Complete Entrance Counseling”
3. Choose “Complete Entrance Counseling” again.
4. On the Counseling Type page, choose the option for Undergraduate Students.
5. Click “Continue” on the next page.
6. Under US Schools, Choose Georgia, then choose Middle Georgia College
7. Click “Continue.”
8. Answer all questions. This will take you approximately 30 minutes.
9. You must review “Borrower Rights” on the last page of the counseling.
10. Click “Submit.”
11. Print for your records.
12. On the left side menu bar, under Master Promissory Note, click “Complete MPN.”
13. Choose “Subsidized/Unsubsidized”
14. Enter in all the required information. Click “Continue.”
15. Input your reference information. Click “Continue.”
16. Read/Review all sections on this page.
17. Under Section G – check the box that you have read and reviewed all information. Click “Continue.”
18. Sign the MPN by typing in your name. Click “Sign.”
19. Review Your MPN. (It will open up in a new window)…. YOU ARE NOT FINISHED. Close out of the new screen.
20. Click “Submit.”
21. View and Print your PDF version of your MPN.

PARENT INSTRUCTIONS FOR ACCEPTING PARENT PLUS LOANS:

1. Have the student log into .
1. Click on “Financial Aid”
2. Click on “Award”
3. Click on “Award for Aid Year”. Choose the aid year.
4. Click on “Accept Award Offer”
5. Accept the PLUS loan and type in the amount you wish to take out.
6. Submit.
2. Go to www.studentloans.gov.
1. Sign In (Parent Information)
2. In the middle of the page, choose “Request a PLUS Loan”
3. Choose “Parent PLUS”
4. Enter in all Personal Information. This will be the borrower’s information, not the student’s. Click “Continue.”
5. Under Award Year, choose the correct year for which you are applying.
6. Enter in the student’s information.
7. Choose the deferment option and credit balance.
8. Choose school information. Under US Schools, Choose Georgia, then choose Middle Georgia College
9. Enter in loan amount or choose borrow maximum.
10. Click “Continue.”
11. Review all information for accuracy. Click “Continue.”
12. Because PLUS loans are credit based, you will need to check the box authorizing DOE to run your credit. Click “Continue.”
13. If you receive a denial, print it out. If you receive an approval continue with the MPN (next steps).
14. Below your approved status for the PLUS choose from the student(s) listed to complete an MPN.
15. Enter in all the required information. Click “Continue.”
16. Input your reference information. Click “Continue.”
17. Read/Review all sections on this page.
18. Under Section G – check the box that you have read and reviewed all information. Click “Continue.”
19. Sign the MPN by typing in your name. Click “Sign.”
20. Review Your MPN. (It will open up in a new window)…. YOU ARE NOT FINISHED. Close out of the new screen.
21. Click “Submit.”
22. View and Print your PDF version of your MPN.

Exit Counseling

http://www.nslds.ed.gov/nslds_SA

Private Loans

About Private Loans
Private education loans are a secondary option for financing your education once you have exhausted all other state, federal, and grant financial aid possibilities. Private education loans are credit-based consumer loans that can be used to pay any post-secondary education related expenses, including tuition and fees, books, transportation, flight costs, etc. Always consider your lowest-cost options first, including grants, scholarships, and federal student loans. Information on Federal Loans can be found at the links listed above.
After exhausting all available federal loan opportunities, some students will consider private loan programs as an additional source of funding.  Middle Georgia College maintains a list of private loan lenders who we believe offer strong customer service, competitive loan terms and simple loan processing.
Lender Selection Process
Middle Georgia College submits a “Request for Information” also known as an RFI to multiple lenders. The lenders complete the form and submit back to our office. The Office of Financial Aid then selects the lenders with the incentives that will best meet our student body population’s needs.
We (Middle Georgia College Financial Aid Office) choose lenders based on a number of criteria including, but not limited to:

• Repayment Options
• Default Prevention Tools
• Customer Service
• Deferment Option
• Lender Fees

Middle Georgia College Preferred Private Lender List
As a private borrower looking to fund your education, you are not required to borrow from any lender on this list. You may choose any lender. MGC will process a loan from any eligible lender you select.
The terms and conditions of these lenders vary. We strongly encourage you to compare the loan information with each lender before choosing.
Lenders are listed alphabetically with no preference given to any one lender.

• Site: Associated Credit Union, Disclosure: Disclosure Statement

• Site: Chase Select Private Student Loans, Disclosure: Disclosure Statement

• Site: Discover Private Student Loans, Disclosure: Disclosure Statement

• Site: Sallie Mae Private Student Loans, Disclosure: Disclosure Statement

• Site: Wells Fargo/Wachovia Private Student Loans, Disclosure: Disclosure Statement

MGC Student Loan Code of Conduct
Middle Georgia College (MGC) participates in the William D. Ford Federal Direct Loan Program which include the Direct Subsidized and Direct Unsubsidized Student Loans and the Direct Parent PLUS Loans. To a lesser extent, private loans are also processed for students on an as needed basis. To comply with the Higher Education Act (HEA) of 1965, as amended to the Higher Education Opportunity Act in 2008, (HEOA, enacted August 14, 2008), Middle Georgia College adopts the following Student Loan Code of Conduct to Serve as the formal guiding principles in insuring the integrity of the student aid process and ethical conduct of Middle Georgia College employees in regard to student loan practices.
1. Revenue Sharing
Middle Georgia College and its employees will not enter into any type of revenue-sharing arrangement with any lender, guarantor or servicer. The term “revenue-sharing arrangement” means an arrangement between an institution and a lender which – (i) a lender provides or issues a loan that is made, insured, or guaranteed to the students under the Higher Education Act attending the institution or to the families of such students; and (ii) the institution recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the institution, an officer or employee of the institution. Middle Georgia College provides its students with a preferred lender list from which to select a lender for a private student loan. This list is compiled based on results from responses to the “Request of Information” or RFI which is designed to meet the needs of the MGC student body population. All loans (private or federal) received by Middle Georgia College are processed without regard to lender or mode of transmission. MGC will neither recommend a private loan lender nor accept material benefits including revenue or profit sharing to the institution, an officer, or an employee of the institution or agent.
2. Gifts
Employees of the Office of Financial Aid and the Office of Student Accounts are prohibited from soliciting or accepting any gift from a lender, guarantor, or loan servicer of education loans. Gifts include any gratuity, favor, discount, entertainment, hospitality, loan or other item to any MGC employee. This includes gifts of self-service, transportation, lodging or meals, whether provided in kind, by purchase of ticket, payment in advance, or reimbursement after the expense has incurred. Gifts to the family members of an MGC employee are considered to be a gift to the employee if the gift is given with the knowledge and acquiescence of the employee and there is reason to believe the gift was given because of the official position of that employee.
3. Contracting Arrangements
Employees of the Office of Financial Aid and the Office of Student Accounts shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including opportunity to purchase stock) as compensation for any consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
4. Preferred Lender Status
Middle Georgia College participates in the William D. Ford Federal Direct Loan Program which provides student and parent loans through the U.S. Department of Education. Lenders in the private student loan industry will not be given a preferred status. Middle Georgia College has established a preferred lender list which has been carefully selected by the Office of Financial Aid to better meet the MGC student body population. Students have the option and are encouraged to compare private lender borrower benefits from various alternate resources before choosing a private loan lender. However, Middle Georgia College will inform students interested in private loans of William D. Ford Federal Student Loans as a low-interest option before certifying alternative and private loan applications.
5. Interaction with Borrowers
Middle Georgia College will not assign a borrower’s private student loan to a particular lender; all decisions will be made by the borrower in his/her independent review of borrower benefits and lender services. Further, MGC will not refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guaranty agency.
6. Opportunity Pool Loan
Middle Georgia College will not request or accept from any lender any offer of funds to be used for private education loans (defined in section 140 of the Truth in Lending Act) including funds for an opportunity pool loan in exchange for Middle Georgia College providing concessions or promises regarding providing the lender with a specified number of loans made, insured or guaranteed; a specific loan volume of such loans; or a preferred lender arrangement for such loans.
7. Staffing Assistance
Middle Georgia College will not request or accept from any lender, guarantor, or servicer of student loans any assistance with call center staffing or financial aid office staffing.
8. Advisory Board Compensation
Employees of the Office of Student Financial Aid who serve on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, are prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group.