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Loan Funds
Federal Stafford Loan Program
Federal Stafford Loans are available to students who demonstrate need
and are enrolled at least halftime. An undergraduate student may borrow
up to $2,625 for their first year; $3,500 for their second year and
$5,500 a year for the remainder of their undergraduate years for an
aggregate amount of up to $23,000. A graduate student may borrow up
to $8,500 a year for an aggregate total of $65,500 (including undergraduate
loans). Application forms may be obtained from a commercial lender
or from the Office of Financial Aid.
Interest rate: There is a variable interest rate which
changes annually on July 1 with a cap of 8.25%.
Fees: There is a 3% origination fee and up to 1% guarantee
fee.
Repayment: Repayment of the loan begins 6 months after
termination of education or anytime that the academic load drops below
halftime. The loan may be repaid over 10 years.
Unsubsidized Federal Stafford Loan
Progarm This loan program has the same terms and conditions
as the Federal Stafford Loans, except that the borrower is responsible
for the interest that accrues while the student is in school. The
program is open to students who may not qualify for the subsidized
Stafford Loans or may qualify for only partial subsidized Stafford
Loans. The student borrower does not have to show financial need
for this loan. Independent students may have a higher loan limit
if they show the eligibility for supplemental loan funds.
Federal Parent Loan for Undergraduate
Students (FPLUS)
FPLUS loans provide parents with additional funds for educational
expenses. These loans may be obtained from commercial lenders. The
parent who borrows through this program will be able to borrow up
to the difference between the cost of the institution and the financial
aid the student receives for the loan period. There is not an aggregate
limit. The parent must not have an adverse credit history. The student
must be a dependent and be enrolled at least halftime. FPLUS borrowers
do not have to show need to borrow under this program.
Interest rate: There is a variable interest rate which
changes annually on July 1. The FPLUS loan will not exceed 9%.
Fees: There is a 3% origination fee and a guarantee
fee up to 1%.
Repayment and Deferment: Repayment of a FPLUS begins the
date of disbursement. Borrowers should contact the lender for information
concerning deferment of principal and capitalization of interest.
Federal Perkins Loan Program
Millsaps makes these loans available to undergraduate students who
demonstrate need. Student may borrow up to $20,000 for an undergraduate
degree. Repayment and accrual of interest at the rate of 5% begin
nine months after the student drops below halftime enrollment status.
Deferment and loan forgiveness may be available for community service
work, for full-time teachers in shortage fields, and for full-time
employees of public or private nonprofit child or family service
agencies. Detailed information concerning this loan and application
forms can be secured from the Office of Financial Aid.
Other loan funds include:
W. P. Bagley Memorial Loan Fund
C.I.O.S. Foundation Loan Fund
Coulter Loan Fund
Claudine Curtis Memorial Loan Fund
William Larken Duren Loan Fund
Paul and Dee Faulkner Loan Fund
Kenneth Gilbert Endowed Loan Scholarship
Jackson Kiwanis Loan Fund
Joe B. Love Memorial Loan Fund
Graham R. McFarlane Loan Scholarship
J. D. Slay Ministerial Loan Fund
United Methodist Student Loan Fund
George R. and Rose Williams Endowed Loan Fund
George W. Wofford Loan Fund
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