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Financial Aid FAQ

Questions, Answers and Myths About Financial Aid

 

Below you'll find several common misconceptions, myths and questions about financial aid, along with the relevant facts about each issue. Families are encouraged to contact us with any questions, concerns or comments about financial aid. You may reach us tollfree at 1-800-352-1050, call us at 601-974-1220 or contact us by email: financialaid@millsaps.edu.

 

We aren't applying for financial aid because we know we won't qualify.

We suggest all students apply for financial aid at least one time using the Free Application for Federal Student Aid (FAFSA).  More than 90% of last year's entering class received assistance from Millsaps.

Financial aid is nothing but loan programs.

A substantial part of financial aid is gift aid (scholarships or grants) awarded by the College. Typically, at least half of all Millsaps aid packages are gift aid.

Our neighbor didn't receive any financial aid, so neither will we.

Every family has different circumstances. Don't assume similar situations without completing an aid application for yourself.

We make over $75,000 annually, so there's no chance for us to get any help.

Family income is only one part of the federal methodology to determine your eligibility for aid. It is hard to look only at your salary to predict your aid status.

The financial aid forms are so complicated that it's not worth the time to fill them out.

Instructions on the FAFSA (Free Applications for Federal Student Aid) are long, but clear. The Millsaps Office of Financial Aid is happy to help you complete the forms. Filling out the forms is the only way to receive need-based aid. The records that you will need to complete the federal application (FAFSA) include parents' and student's federal tax returns, bank statements, and records of untaxed income, stocks, bonds, and investments.

You always pay less at a lower-priced college.

Your family contribution stays the same regardless of the college you choose. Your financial aid may increase as the cost of the college rises above your contribution. Not all colleges may be able to meet your full eligibility, but a higher-cost college may offer you more aid than a lower-cost college, giving you the choice of college.

It takes a genius to get a scholarship from Millsaps.

Millsaps' scholarship programs are designed to recognize a wide variety of kinds of students who have many different talents to offer the college community. Anyone who feels he has something to contribute should apply for a scholarship, as we look at the total record of accomplishment and potential, not just test scores and GPA.

Two years ago my older child didn't get aid at another school, so why should we try here?

Until you apply for aid at Millsaps, you won't know whether or not you are eligible for receiving financial assistance. Formulas for determining aid may differ from college to college, as will availability of funds and college budgets. All of these factors effect eligibility.

If I want an academic scholarship, I can't apply for need-based aid, too.

We encourage all families who are concerned about costs to pursue all avenues of possible assistance. There is no problem with applying for an academic scholarship as well as for need-based aid.

Millsaps is too expensive - there's no way we can afford it.

The only way you can be certain that you will not receive any assistance is to decide not to apply. Rather than focusing on cost, think of the value of a Millsaps education as seen in our small class sizes, personal attention, and the success of our graduates. Our strong scholarship and financial aid programs help make Millsaps financially feasible for many students who are seeking a quality liberal arts education.