Applying for Financial Assistance
Steps to Apply for Financial Assistance
STEP 1: Apply for Admission to Holmes Community College.
STEP 2: Complete the FAFSA (Holmes’ School Code is 002408)* by clicking the link. If you do not already have one, you will need to create an FSA-ID for you and your parent (if necessary). You should receive your response (Student Aid Report – SAR) within 10 days. Please retain this SAR for your records.
STEP 3: Apply for State Aid (MTAG, MESG, etc) available through the Mississippi Office of Student Financial Aid.
STEP 4: Check your status via the MyHolmes portal. The Financial Aid Office will provide links to any additional information needed to complete your file via the verify my FAFSA link under Financial Aid/Business Office. Make sure that all documents requested by the Financial Aid Office are completed promptly. (Documents requested may include students’ and/or parents’ tax return transcripts, verification forms, other forms, or documents required by federal, state, and Holmes CC to complete your file.)
STEP 5: Review your award in the MyHolmes portal.
Once your file is complete, the Financial Aid Office will post your awards to MyHolmes. This will detail the aid that you are eligible to receive based on full-time status (12 hours or more). This information is posted immediately as requirements are completed. Students who have not completed the above steps prior to the “payment due date” given on the billing statements should contact the Business Office to arrange a fee payment plan.
Application Process
You need to complete the FAFSA application and/or appeals process prior to being awarded a student loan. You will also need to complete a loan verification form (located in your MyHolmes Portal – under Student Loan Request Information) If you have any questions, please feel free to call (662) 472-9027.
Financial aid suspension, appeals, and unsatisfactory academic progress will affect your eligibility for a student loan. In addition, all transcripts from regionally accredited colleges and universities must be on file in Admissions and Records before a loan will be awarded.
GENERAL LOAN INFORMATION
Federal law sets the maximum interest rates and fees. You maybe able to deduct some of the interest you pay on student loans on your federal individual income tax return. Federal Loan Prior to July 1, 2006, rate was variable. Effective July 1, 2006, the rate changed to fixed.
- Entrance Counseling – must be completed prior to obtaining a student loan.
- Exit Counseling – must be completed the semester of graduation. Failure to complete exit counseling will result in a hold on the student’s account.
- Master Promissory Note-must be completed prior to obtaining the student loan in which you promise to repay the loan to the federal government
- Subsidized Loans – Interest is paid by the government while you are enrolled at least half-time.
- Unsubsidized Loans – You are responsible for the interest while attending school. You do not have to pay the interest while in school (it can be capitalized – added to your principal for payment later).
FEDERAL LOAN REPAYMENT
You have a choice of federal repayment options, depending on the loan program you are applying for, so you can choose the one that best meets your individual needs. It is up to you to develop a budget for managing your educational expenses.Begins 6 months after you cease to be enrolled half time.At least $50 per month.There are charges for late payments.You receive an upfront origination fee rebate. In order to keep this incentive, you must make your first 12 loan payments on time; otherwise the amount rebated will be reversed and charge back to your total loan amount owed.
Take a look at PayBack Smarter.
SAMPLE MONTHLY REPAYMENT
When you take out a loan, you have to repay it. It’s never too soon to workout a repayment plan! There can be many repayment options, depending on the type of loan and your credit standing. The chart below will give you some idea on what your payments would be, based on the amount borrowed:*The Chart below is based on a 6.8% Fixed Interest Rate.*
- Amount Borrowed $4,350 – Monthly Payment $50.05
- Amount Borrowed $6,125 – Monthly Payment $70.48
- Amount Borrowed $11,625 – Monthly Payment $133.78
- Amount Borrowed $17,125 – Monthly Payment $197.05
- Amount Borrowed $22,625 – Monthly Payment $260.36
- Amount Borrowed $31,125 – Monthly Payment $358.18
- Amount Borrowed $39,625 – Monthly Payment $456.00
For additional information on interest rates, go to current rate. For additional information regarding interest rates, repayment plans and sample repayment amounts, go the Federal web site.
NECESSITY FOR REPAYING LOANS
You should work with your lender if you are having problems repaying your loan to avoid defaulting. Never ignore any delinquency notices you receive from your lender. The consequences of failing to make payments are serious! The entire unpaid balance and accrued interest becomes due and payable immediately. You lose deferment options. You become ineligible for further aid. Your account may be assigned to a collection agency.
The default may be reported to credit agencies. Your income tax refund may be withheld. Your employer (at the request of the Federal Government) can garnish part of your wages. The Federal Government can take legal action against you. You may incur legal expenses
There is no such thing as free money when you take out a loan! The Federal Government will expect timely repayment in full.
Even if you do not complete your education – or you do not complete your program of study within the regular/required time for program completion. Even if you are unable to obtain employment. Even if you are dissatisfied with your education.
KEEP IN TOUCH WITH YOUR SERVICE PROVIDER
To be a responsible borrower, make sure you notify your service provider immediately about any changes to your situation or concerns with your account. Clear communication between service provider and borrower can avoid many problems and ensure a smooth repayment process.
- Notify regarding changes in name, address, SSN, or phone number.
- If you cannot make payment on time.
- Contact service provider before going into default because then it is too late to fix your problem.
Your service provider can tell you …
- Your total debt
- When 1st payment is due
- Number, frequency and amount of payments
- Refinancing and consolidation options
- That you have the right to prepay loan without penalty.
- Deferment, forbearance and cancellation provisions
KNOW YOUR FINANCIAL AID HISTORY
The U.S. Department of Education keeps your financial aid history information on file in their National Student Loan Data System *(NSLDS). You can access this site at www.studentaid.gov to review your financial aid history.
Loan Code of Conduct
Holmes Community College recognizes that ensuring the integrity of the student financial aid process is critical to providing fair and affordable access to higher education. We adhere to the following guiding principles which were designed to avoid any potential conflict of interest between Holmes CC and its students in the financial aid process:
REVENUE SHARING RESTRICTIONS
Colleges are prohibited from receiving anything of value from any lending institution in exchange for any advantage sought by the lending institution. Lenders cannot pay to be included on a school’s suggested lender list.
GIFT, TRIP ENTERTAINMENT AND PRINTING RESTRICTIONS
College employees, their families or significant others, and school-affiliated organizations are prohibited from accepting anything having a monetary value of more than a de minimus amount from any lending institution. This includes gifts, trips, meals, entertainment expenses, tickets, lodging, rentals, transportation and other gratuities related to lender-sponsored activities or offered in connection with the employees’ financial aid work. Colleges may also not contract with any lending institution in the printing or distribution of college catalogs and other materials at reduced or no cost.
However, college employees are allowed 1.) Brochures, workshops or trainings using standard materials relating to loans, default aversion or financial literacy; 2.) food, training, or informational material provided as part of a training session designed to improve the service of a lender, guarantor or servicer if the training contributes to the professional development of the institution’s employee; 3.) favorable terms and benefits on an education loan provided to a student employed by the institution if those terms and benefits are comparable to those provided to all students at the institution; 4.) Entrance and exit counseling as long as the institution’s staff are in control of the counseling and the counseling does not promote the services of a specific lender; 5.) Philanthropic contributions from a lender, guarantor, or servicer that is unrelated to education loans or any contribution that is not made in exchange for advantage related to education loans, and; 6.) State education grants, scholarships or financial aid funds administered by or on behalf of a State.
ADVISORY BOARD COMPENSATION RULES
An employee of an institution’s financial aid office who serves on an advisory board, commission, or group established by a lender or guarantor is prohibited from receiving anything of value from the lender, guarantor, or group, except for reimbursement for reasonable expenses incurred by the employee for serving on the board.
CONTRACTING ARRANGEMENT BAN
No officer or employee of an institution’s financial aid office may accept from a lender, or an affiliate of any lender, any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.
SUGGESTED LENDER GUIDELINES AND DISCLOSURE
Suggested lender lists must be based solely on the best interests of the students or parents who may use the list without regard to financial interests of the college. The college must clearly and fully disclose the criteria and process used to select suggested lenders. Students and parents must also be told that they have the right and ability to select the lender of their choice regardless of the lenders suggested on the list. A college is prohibited against steering borrowers to particular lenders. For any first-time borrower, an institution may not assign, through the award packaging or other methods, the borrower’s loan to a particular lender. In addition, the institution may not refuse to certify or delay the certification of any loan based on the borrower’s selection of a particular lender or guaranty agency.
PRIVATE LOAN FUND PROHIBITION
An institution may not request or accept from any lender any offer of funds for private loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for a specific number of Title IV loans made, insured, or guaranteed, a specified loan volume, or a preferred lender arrangement. An “opportunity pool loan” is defined as a private education loan made by a lender to a student (or the student’s family) that involves a payment by the institution to the lender for extending credit to the student.
LOAN RESALE DISCLOSURE
No lender may appear on a suggested lender list if the lender has a pre-existing agreement to sell its loans to another lender without proper disclosure of the sale to the student or parent.
CALL CENTER AND STAFFING RESTRICTIONS
A college or school-affiliated organization may not permit employees or agents of lenders to identify themselves as employees of the college. No employee or agent of a lender may be employed by or provide staffing to a college financial aid office except that a lender may provide professional development training, educational counseling materials (as long as the materials identify the lender that assisted in preparing the materials), or staffing services on a short-term, nonrecurring basis during emergencies or disasters.
TRAINING RESTRICTIONS
Lenders and guaranty agencies may participate in college financial literacy outreach activities, but are prohibited from conducting in-person, school-required entrance counseling.
Title IV Cash Management Policy/Procedures
CFR 688.164 states:
An institution must provide a way for a Federal Pell Grant eligible student to obtain or purchase, by the seventh day of a payment period, the books and supplies required for the payment period. The policy further states that the institution must have a policy under which a Federal Pell Grant eligible student may opt out of the way the institution provides for the student to obtain or purchase books and supplies under this paragraph. If a student wishes to not have Title IV aid pay for their e-book, they may opt out by emailing a request to businessoffice@holmescc.edu.
