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Student Loans

Application Process

You need to complete the FAFSA application, verification, and/or appeals process prior to being awarded a student loan.  If you have any questions, please feel free to call (662) 472-9177.

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 to review your financial aid history.