What prospective college student isn’t? It’s an important consideration, and at UM-DeSoto we take that challenge as seriously as you do. The Office of Financial Aid is ready to assist you in making your University of Mississippi education a reality.
UM-DeSoto and The UM Office of Financial Aid administers a variety of financial assistance programs designed to help students and their families meet the costs of attending The University. The four basic types of student financial assistance are scholarships, grants, loans, and part-time employment.
Scholarships are gift programs that do not have to be repaid. They are typically awarded in recognition of significant achievement or academic talent. UM-DeSoto offers numerous scholarships to help you finance your education. We urge you to apply for as many scholarships as you qualify for.
Grants are gift aid that does not have to be repaid. Grants usually require a demonstration of financial need.
Loans are funds that have to be repaid with interest.
Part-time employment, on The UM-DeSoto campus, provides opportunities for students to earn money to apply toward their educational expenses.
December: Obtain a copy of the Free Application for Federal Student Aid (FAFSA) from your guidance counselor or financial aid office. If you plan to complete this application online, you will not need to mail a paper copy. This application will allow you to participate in all federal funding programs for which you are eligible.
January 1: First date to complete the FAFSA or Renewal FAFSA. Do not sign or submit prior to this date. If you complete on the web, do not submit a paper application.
March 15: This is the first date to file the MTAG/MESG application with the State of Mississippi.
March 31: Students who plan to attend summer school should begin checking to see when the summer application will be available on the web. All students who desire financial aid of any type for summer school must complete a summer application. This is also the deadline for submitting William Winter Teacher Applications and Critical Needs Teacher Applications.
May 1: Deadline for submission of UM-DeSoto 2+2 and transfer student scholarships.
September 15: Final deadline for MTAG/MESG applications with the State of Mississippi. Remember that continuing students must also file a renewal application each year.
Pell Grants of up to $4,050 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 Federal Guide to Student Aid: http://www.ed.gov/prog_info/SFA/StudentGuide/2002-3/pell.html
Educational loans are the largest financial resource available to students pursuing postsecondary 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.
Part-time employment of 10-15 hours per week is available to students who demonstrate financial need. Jobs are provided in campus departments and at approved off-campus sites for the Family Literacy Project. The Family Literacy Project program is designed to place college students in elementary schools to tutor children in reading and math. Undergraduate students employed in regular work-study positions are paid bi-weekly at a rate of $6.00 per hour. Family Literacy Project tutors are paid $8.00 per hour. 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 Centerwww.olemiss.edu/southaven or http://www.olemiss.edu/depts/financial_aid/
5197 W. E. Ross Parkway
Southaven, MS 38671
662-342-4765
