This is a need based loan. The interest rate is fixed at
6.8% on all loans disbursed after July 1, 2006 and is paid
by the government while the student is enrolled at least
half time (six hours for undergraduates, six hours for graduate
students). Principal and interest are deferred until repayment
begins. There is a six-month grace period after the students
last date of at least half-time enrollment before repayment
begins on the loan.
Unsubsidized Stafford Loan:
This is a non-need based loan similar to the Subsidized Stafford Loan
with one major exception: the student is responsible for the interest
while enrolled. Principal is deferred and interest accrues until repayment
begins. Lenders may permit the student to pay interest in monthly or quarterly
payments before repayment begins. Please contact your lender regarding
interest payments.
Maximum Annual Stafford Loan Limits
Actual loan amount is based on individual eligibility.
Dependent Students
Independent Students
Total Subsidized and Unsubsidized
Base Amount Subsidized and Unsubsidized
Additional Unsubsidized Only
Total Amount
1st year
$3,500
$3,500
$4,000
$7,500
2nd year
$4,500
$4,500
$4,000
$8,500
3rd and 4th year
$5,500
$5,500
$5,000
$10,500
Graduate/Professional
N/A
$8,500
$12,000
$20,500
Processing Fee
All Federal Stafford Loans are subject
up to a 2% 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 frequently used by our students 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 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.
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.
