A A A print this page

Student Alternative Loans

 

Millsaps College recognizes that even with grants, scholarships and federal loans you may need additional funding to meet your college expenses. To fill the gap between financial aid and the cost of attendance, Millsaps students may investigate alternative loan funding.

 

Loan Availability

Undergraduate and graduate students must be enrolled in an eligible program. Loan approval is subject to credit criteria set by the lender. Your credit report will be obtained from a national credit bureau. If approved, you may borrow on a yearly basis, an amount up to the student's cost of attendance, less any financial aid he/she is receiving.

 

Items to Review

Millsaps encourages you to review each loan thoroughly. Listed below are a few items that should be considered:

  • Interest Rate Options
  • Loan Fees
  • Repayment Options
  • Repayment Benefits
  • Co-signor Release Options

 

Loan Disbursement

After the loan has been approved and the lender receives the promissory note and required signatures from the borrower and cosigner, the lender will request certification from Millsaps College. Once Millsaps certifies your loan, it will be scheduled for disbursement.

If your loan funds are not ready for disbursement by the time of registration, your alternative loan will not be counted toward your costs and new payment arrangements must be made.

 

How to Apply

You must apply for a private student loan directly with the lender, either by phone or on the lender's website. Please note that each lender may have a different process for loan application. You will need to make sure you follow your lender's application process and provide all required documentation to the lender. Your lender will notify Millsaps once your application has been completed, approved and signed.

Listed below is a comprehensive, neutral list of lenders our students have used over the past few years for their alternative loan funding.

Millsaps College derives no benefit from, nor participates in any revenue sharing agreements with the lenders below. The College provides the above alphabetized list as a service to our students and Millsaps students are free to choose a lender not represented above. If you choose a lender not listed below, please inform us so that we may insure that our electronic processes are set up for that lender. You may reach us tollfree at 1-800-352-1050, call us at 601-974-1220 or contact us by email: financialaid@millsaps.edu.