Yes, in General terms. If they are needing specifics, they need to log back into studentaid.gov and review the terms and conditions. So much of it is controlled by the Department of Education that is often better to tell them to go back to the source.

You are not required to submit new entrance loan counseling each year, however, if you attend a new university/college, you must complete a new entrance loan counseling for that particular school. Your loan entrance counseling requirement will be sent electronically to MGA when request for loan funds is made close to the start of the semester. Completing multiple entrance counseling sessions is not necessary.

If students are at an aggregate limit and pay a portion down, they can borrow back up to the aggregate limit, however, it may take a few weeks for all the systems to reflect the payments and everything to be updated.

Students can go to loanconsolidation.ed.gov for information about loan consolidation. Loans that are in an in-school status cannot be included in a Direct Consolidation Loan.

To accept or decline your Loans, please follow these steps:

• Go to www.mga.edu, select SWORDS, from top right menu, and log in.
  • Click on Financial Aid Tab
  • Click on Award
  • Click on Award by Aid Year. Choose the aid year. Select Academic Year
  • Click on Click on Award Overview
  • Click on Accept Award Offer after making selections and leaving comments (if applicable)
  • Accept the Loans you wish to receive and type in the amount you wish to take out. Decline any loan you do not want.
  • Submit and Log Off.

Direct Stafford Loans: If you accept any Direct Stafford Loans, and have never borrowed Direct Loans before, you must complete a Master Promissory Note (MPN) and Entrance Counseling. You can complete both the MPN and Entrance Counseling at www.studentaid.gov . If you have already received Loans at MGA, you do not need to complete another MPN or Entrance Counseling.

This is a loan offered by Georgia Student Finance Commission. Application for the Student Access Loan can be found on https://www.gafutures.org . Students are randomly chosen each year for this award. If you are approved, GSFC will send you the promissory note that must be signed before any funds can be released.You will not see any SAL payments posted to your award until MGA receives your SAL funds. SAL is different from the other student Loans, that it cannot show authorized in advance of disbursement as it must be manually processed after checking enrollment eligibility at the end of Add/drop. The funds are not disbursed until MGA has received the funds from GSFC. If you decide to not participate in the Student Access Loan program at any time, please inform the Financial Aid Office.

The FAFSA must be completed each year to determine eligibility. The student must be enrolled in at least six credit hours. New students must also complete both the MPN and an Entrance Loan Counseling at https://www.studentaid.gov.

Loan change requests are honored only if Loans have not disbursed. Loan change requests may be made by students who declined Loans and now wish to accept Loans; students who wish to adjust the loan amounts originally accepted; students who wish to request an adjusted award for one term only (limited availability generally for students who will graduate at the end of the term). Please visit the Financial Aid Office forms webpage to access the federal direct loan revision form.

PLUS Loans for dependent students are available only to parents. The definition of parent is very prescribed and listed on the FAFSA. Simply by claiming a student on their tax form does not make the student their dependent according to the Federal Department of Education. You must be defined as parent to get a PLUS loan for a dependent student

Direct Loans uses the federal government as the lender. This means your Loans are: a guaranteed source of funding for student Loans; a lower interest rate for Parent PLUS Loans; a single point of service for students during repayment; additional repayment options for students and interest rate reductions for on time payments; and the Public Service Loan Forgiveness Program.

There are annual and aggregate limits for Direct Loans. Students may learn more from Federal Student Aid with the Department of Education. https://studentaid.ed.gov/types/Loans#borrowing-limit

The Parent Plus Loan is a federal loan the parent listed on the FAFSA may apply for on behalf of his/her dependent student. This loan allows parents to take out loans for students costs. The federal government requires an approved application in addition to an MPN. The application is credit based. If a PLUS loan is denied, the student will be offered a small additional unsubsidized loan by submitting the loan revision form; generally speaking $4000 for the year. Parent should apply at https://www.studentaid.gov. Plus loan applications are only valid for 90 days, after which time, they expire and cannot be used any longer.

You may go visit the following website to learn more about this loan repayment option https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service to receive information regarding this new program. Only Direct Loans or Loans consolidated under the Direct Consolidation Loan program qualify for forgiveness under this program.

You can find information about the servicers of your federal Loans at nslds.ed.gov. You will need your PIN number from the FAFSA to access this information.

This is a federal requirement meant to assist you in understanding your rights and responsibilities as a student loan borrower. We also hope that loan counseling will assist you in understanding the processing of, as well as the management of, your student loan. Loan counseling is available on the web 24 hours a day. You may complete your Entrance Loan Counseling requirement on-line at https://www.studentaid.gov

All NEW student borrowers will need to complete a master promissory note online at https://www.studentaid.gov/ . You will need your FAFSA PIN number to sign-in.

If you meet the qualifications, you will still be able to borrow private Loans through an outside lender. You may review a list of lenders through the following link under alternative loans https://www.mga.edu/financial-aid/opportunities/loans.php