 |
|
|
| |
|
|
Federal Stafford Loans
The type of Federal Stafford Loan a student may borrow is based mainly on the student's demonstrated need. Demonstrated need is the student's cost of attendance minus the expected family contribution, which is calculated from the information submitted on the Fee Application for Federal Student Aid (FAFSA), minus other aid. The subsidized Federal Stafford Loan is awarded to students with demonstrated need and the federal government pays the interest while the student is in school, during the grace period and during periods of deferment. The unsubsidized Federal Stafford Loan is awarded to students without demonstrated need and the student borrower pays the interest while in school and during the grace period; however, the student may defer the interest payment until the end of the grace period. Students may receive a combination of both loans depending on their eligibility of need versus no-need and their dependency status. Some independent students are eligible to borrow additional unsubsidized Federal Stafford Loan funds despite their demonstrated need.
Maximum Annual Stafford Loan Limits
Actual loan amount is based on individual eligibility.
| Dependent Students (Except Students Whose Parents Cannot Borrow PLUS) |
Base Amount |
Additional Unsubsidized Loan Amount |
| Freshman |
$3,500 |
$2,000 |
| Sophomore |
$4,500 |
$2,000 |
| Junior or Senior |
$5,500 |
$2,000 |
| Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow a PLUS Loan) |
Base Amount |
Additional Unsubsidized Loan Amount |
| Freshman |
$3,500 |
$6,000 |
| Sophomore |
$4,500 |
$6,000 |
| Junior or Senior |
$5,500 |
$7,000 |
| Graduate and Professional Students |
Base Amount |
Additional Unsubsidized Loan Amount |
| |
$8,500 |
$12,000 |
Processing Fee
All Federal Stafford Loans are subject
up to a .5% origination fee and up to a 1% default fee.
These fees will be
deducted
from the loan proceeds prior to disbursement. The student
is responsible for repaying these fees as part of the
loan.
Choosing a Lender
Listed below are lenders our students have used over the past few years for their Federal Stafford Loans. These lenders traditionally provide excellent service to our students, using state-of-the-art online and electronic processes. Additionally, they disburse funds electronically to Millsaps, which is a more efficient manner of delivery.
Millsaps College derives no benefit from, nor participates in any revenue-sharing agreements with, the lenders below. The College provides this alphabetized list as a service to our students, and Millsaps' students are free to choose a lender not represented below. 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.
Promissory Note
After selecting a lender, the student must complete a Federal Stafford
Loan Promissory Note (MPN). MPN's are available at Millsaps Office of
Financial Aid or your lender. Please mail the completed MPN to: Office
of Financial Aid, Millsaps College, P.O. Box 151150, Jackson, MS 39210.
Entrance Counseling
Prior to disbursement of the student's loan funds, all first-time Stafford
Loan borrowers must complete federal entrance counseling requirements.
At Millsaps, this requirement must be completed online by clicking here.
|
|
|
|
|
