Types of Financial Aid

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 $400 to $4,050 per year. 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 as indicated on the FAFSA, in order to receive the amount of the Pell Grant award. Pell funds are prorated according to enrollment.

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.

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.

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.

·                        Federal PLUS Loan – Parents who do not meet credit requirements established by the lender will not qualify for a Plus loan. However, the student may receive a supplemental Unsubsidized Stafford Loan without a credit check. 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.

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.

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.

College Savings Mississippi

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