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

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). 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 and returning the Reply Copy of the Financial Aid Award Notification. For Stafford loans, the student will also indicate their lender of choice. The Office of Financial Aid maintains a list of Lender Partners recommended by the University.

The Master Promissory Note (MPN) is the new method for all students to apply for their Stafford Loans. The initial MPN application, which replaces the Common Stafford Application, may represent the one and only time you are required to complete a loan application.

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: studentloans@olemiss.edu.

Federal Workstudy Program:

Part-time employment of 10-15 hours per week is available to students who demonstrate financial need. Jobs are provided in campus departments. Undergraduate students employed in regular work-study positions are paid bi-weekly. To apply for the work-study program a student must complete the Free Application for Federal Student Aid (FAFSA). Check with the UM-DeSoto office to see if you qualify for a federal workstudy or to apply for a student worker position.

For More Information Contact:

University of Mississippi-DeSoto Center
5197 W. E. Ross Parkway
Southaven, MS 38671
662-342-4765