While Millsaps students often receive enough grants and scholarships to afford their investment, many still qualify for student loans to help meet their financial need. We offer the following loan programs:
Federal Direct Loans
Federal Direct Subsidized (need-based) and Unsubsidized Stafford (not need-based) Loans are long-term, low-interest loans from the U.S. Department of Education.
To receive a Federal Loan, you must file the annual FAFSA. If approved, your award package may include a combination of Subsidized and Unsubsidized loans.
Only borrow what you need. Make a budget for yourself to keep your debt within manageable limits.
For more information about student loan amounts and limits, interest rates, fees, requirements and repayment, please visit Federal Student Aid.
Federal Direct Parent Loans
The Federal Direct PLUS loan is an optional federal loan program for parent(s) who wish to access additional resources beyond what a student is eligible to receive. This credit-based parent loan option may cover up to the total Cost of Attendance (COA) as defined by Millsaps College, minus student aid. Direct PLUS loans have fixed interest rates as well as a federal origination fee, both of which are subject to change on a yearly basis. For more information about Direct PLUS Loans or to apply, go to the Federal Direct PLUS Loan page.
Student Alternative Loans
We recognize 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.
Items to Review
Before applying for an alternate loan, 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
- Cosigner Release Options
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 received.