Federal Student Aid Programs include
grants, loans and part-time employment.
Eligibility for most of these programs
is based upon the “financial need" of
the student applicant and the
applicant's family. However, financial
need is not an eligibility criterion for
the federal Stafford Unsubsidized
Student Loan or the federal Parent PLUS
loan. Therefore, most federal student
aid applicants will be eligible for some
form of financial assistance through the
federal student aid programs regardless
of financial need. In order to determine
eligibility, all federal student aid
applicants must file a Free Application
for Federal Student Aid (FAFSA) each
year using the previous year’s income
tax information.
Federal Pell Grant
The Federal Pell Grant is a basic "need
based" grant awarded to needy
undergraduate students working on a
first bachelor's degree. Eligibility is
determined through a standard formula
established by Congress, which is used
to evaluate the information reported on
the Free Application for Student
Financial Aid (FAFSA). Pell Grant awards
range from $200 to $5,350 per year,
effective 2009-10 and are expected to
increase to $5500 in 2010-11. A
student may not receive Pell Grant funds
from more than one school at a time. The
Pell Grant award will be shown on your
Award Notification. You must be enrolled
in at least 3 hours in order to
receive a Pell Grant. The award letter
will show the full-time award amount but
the actual award disbursement will be prorated* according
to actual enrollment at the beginning of
each semester. Term 2 classes will not
be counted until those classes begin so
a second disbursement may be made for
those hours.
* Note: Award amounts are prorated if
not full-time.
Federal Supplemental Educational
Opportunity Grant (FSEOG)
The Federal Supplemental Educational
Opportunity Grant (FSEOG) is a "need
based" grant awarded to undergraduate
students enrolled in a first bachelor’s
degree program. FSEOG funds are limited
and are awarded to eligible students
until the funds are depleted. The FSEOG
award will be shown on your Award
Notification and will usually range from
$300 to $600 per year.
Federal Teach Grant
Federal Teach
Grant-----Through the College Cost
Reduction and Access Act of 2007,
Congress created the Teacher Education
Assistance for College and Higher
Education (TEACH) Grant Program that
provides grants of up to $4,000 per year
to students who intend to teach in a
high need subjects at a public or
private elementary or secondary school
that serves students from low-income
families. MUW awards TEACH Grants to
students who are admitted to Teacher Ed
and have concentrations in high need
fields. If you are awarded, you will
need to complete the Agreement to Serve
and complete "entrance counseling.
Click here for more information.
Teach Grant Agreement to Serve-click
here
Teach Entrance Counseling.
Click here
Leveraging Educational Assistance
Partnership Grant
The Leveraging Educational Assistance
Partnership (LEAP) grant is a jointly
funded (federal and state) "need based"
grant awarded to undergraduate students,
enrolled in a first bachelors degree
program, who are Mississippi residents,
enrolled full time, and are eligible for
a Pell Grant. LEAP funds are very
limited and are awarded to eligible
students until depleted.
Federal Work-Study Program
Federal Work-Study Program (FWS) is a
"need based" part-time work program
which allows students to earn money to
help pay educational expenses. FWS will
not be available at registration for the
payment of fees. FWS student employees
will be paid based upon the current
minimum wage bi-weekly. The maximum
award allows student employees to work
up to 20 hours per week.
Federal Perkins Loan
Federal Perkins Loan is “need based”
aid. This award is a loan and must be
repaid by the borrower. The federal
government pays the interest while the
student is in school at least half-time,
during a nine-month grace period, and
during periods of deferment. Students
who are awarded the Perkins Loan must
sign a promissory note with our Perkins
representative in the Comptrollers
Office.
Federal Family Education Loan Programs
Federal Family Education Loan Program (FFELP)
offers low interest loans that
undergraduates, graduates and parents of
dependent undergraduates may obtain from
a lending institution such as a bank.
They include the Federal Subsidized
Stafford Loan, the Federal Unsubsidized
Stafford Loan and the Federal PLUS Loan.
These loan programs were created by
Congress to help all eligible students
and parents, with and without financial
need, pay for the student's educational
expenses.
·
Federal Stafford Loan - Only eligible
students may borrow through the Federal
Stafford Loan Program. The Federal
Stafford Loan can be subsidized or
unsubsidized depending primarily on the
student's demonstrated need. Loan
amounts vary by class year
·
Federal PLUS Loan - Only eligible
parents of eligible dependent
undergraduates may borrow through the
Federal PLUS Loan Program. The amount
parents may borrow is the student's Cost
of Attendance minus the Estimated
Financial Aid to be received during the
loan period. Parents must begin repaying
both principal and interest within sixty
days after the loan is disbursed. The
lender charges interest on the loan from
the date the first disbursement is made
until the loan is paid in full.
Alternative Loan
Students who do not qualify for federal
financial aid, or who need additional
funds beyond what federal financial aid
can provide, have an option of applying
for an alternative (private or
non-federal) educational loan.
Alternative loans are generally more
expensive, therefore should only be
considered if absolutely necessary. In
most cases, the student applicant's
credit and/or co-signer's credit must be
approved by the lender. The eligible
loan amount can be no greater than the
Cost of Attendance minus all other
Estimated Financial Aid. Check out the
Alternative Loan possibilities now.
State Student Financial Aid (Mississippi
Residents Only)
Several student financial aid programs
are offered by the state of Mississippi
through the Mississippi Office of
Student Financial Aid in Jackson, MS.
Some of these programs are offered
specifically for teacher education
majors, nursing majors, medical students
and dental students. Two of the larger
programs offered are the Mississippi
Tuition Assistance Grant/Mississippi
Eminent Scholars Grant (MTAG/MESG).
These two programs do not require a
specific academic major, and are
available to all resident students who
meet the eligibility criteria.
Apply here.
Mississippi Eminent Scholars Grant (MESG)
Grants of $2,500 year are available to
Mississippi residents as entering
freshmen who are designated as National
Merit/Achievement
Finalists/Semifinalists OR who achieve
an ACT score of 29 or better (or
comparable SAT score) and a 3.5 high
school grade point average. Full-time
enrollment is required. Applications
are available through the state
website. All requirements
must be completed by the deadlines
established by the MESG program each
year.
Mississippi Tuition Assistance Grant (MTAG)
Grants of $500 per year for freshmen
and sophomores and $1,000 per year for
juniors and seniors are available to
Mississippi residents. Full-time
enrollment is required. Applications
are available through the state
website. All requirements must be
completed by the deadlines established
by the MTAG program each year.
For information or to receive an
application for MTAG/MESG or to learn
about other state aid programs such as
William Winter Teacher Scholarship,
Higher Education Legislative Plan (HELP)
or the Critical Needs Teacher Program
contact:
Mississippi Office of Student Financial
Aid
3825 Ridgewood Road
Jackson, MS 39211
Phone Number: 1-800-327-2980
E-mail: sfa@ihl.state.ms.us
Web Site:
http://www.ihl.state.ms.us/
Mississippi's Pre-Paid College Tuition
Program
Parents and grandparents have
opportunities to save for college and
those savings are used to pay tuition at
Mississippi colleges and universities.
Check to see how to access those funds
or set up plans for your younger
children.
College Savings
Mississippi
