Grants & Loans
Applying for need based financial aid:
- Completion of the Free Application for Federal Student Aid (FAFSA) is required for all forms of financial aid that you might apply for.
- Be sure to include the University of Mississippi school code on your FAFSA: 002440.
Federal Pell Grants:
Pell Grants of up to $5,550 per year are available to eligible students. Eligibility is determined by the federal processor based on a formula approved by Congress. The formula uses the information that is supplied by the parent and /or student on the Free Application for Federal Student Aid (FAFSA). Award amounts are prorated based on the number of hours for which you are enrolled. Only undergraduate students who have not previously received a bachelor's degree are eligible. More information about Pell Grants is available from the Department of Education: http://www2.ed.gov/programs/fpg/index.html
Mississippi Resident Tuition Assistance Grant (MTAG)
Provided for full-time students who are residents of the state of Mississippi. Applicants must have a minimum college GPA of 2.5, must be a Mississippi resident for one year prior to enrollment, must be accepted for full-time enrollment at one of the eligible Mississippi institutions. Students must submit and complete a FAFSA and all supporting documentation. Students who receive maximum Pell Grants are not eligible for MTAG.
The award is up to $500 per year for freshmen and sophomores and up to $1,000 per year for juniors and seniors. Students must apply with the Mississippi Office of Student Financial Aid by September 15th of each year. Contact The Mississippi Office of Student Financial Aid at at www.ihl.state.ms.us for further information.
Applying for Student Loans:
Educational loans are the largest financial resource available to students pursuing post secondary education. Student loan programs allow students to borrow money at low interest rates, with no collateral, and generally no co-signer. Most student loans do not need to be repaid until the student graduates or drops to less-than-half-time status.
Students are reminded that borrowing money for college is a serious financial obligation. In addition to the principal borrowed, interest is generally charged for use of funds. It is important to remember that when you borrow money it must eventually be repaid. When signing a loan promissory note, you enter into a legal, ethical agreement. Legally, you will be required to sign the note promising to repay the loan. Ethically, you are responsible to future borrowers, since collections from old loans are major funding sources for new loans. Think about this commitment carefully when taking out a loan, and consider how much you reasonably can afford to repay.
At The University of Mississippi, eligibility for student loans requires that students apply for financial aid using the Free Application for Federal Student Aid (FAFSA) and that all documents associated with FAFSA be processed completely. There is no separate application for Federal Direct student loans. Once the application process is complete, the Office of Financial Aid sends each student a Financial Aid Award Notification.
Students accept the loan(s) awarded by signing in to their myOleMiss account, clicking on the Financial Aid tab, then clicking in Award Notifications. The student will be prompted to complete loan entrance counseling as well as sign a Master Promissory NOte (MPN). The MPN is completed and signed using your 4-digit pin number, the same one used to sign the FAFSA.
First-time borrowers at The University of Mississippi must complete a Loan Entrance Counseling session that can be found online at http://www.olemiss.edu/depts/financial_aid/
Parent Borrowers who wish to utilize the Federal Parent Loan for a dependent undergraduate student (PLUS) are required to have the student file a FAFSA, and must complete the Ole Miss Online PLUS Loan Application.
Students wishing to apply for Alternative (Non Federal) Loans must complete the Ole Miss Online Alternative Loan Application.
For more information on student loans, please contact the financial aid office at 1-800-891-4596, online at http://www.olemiss.edu/depts/financial_aid/ you can email your questions to: firstname.lastname@example.org.