Loans are the largest financial resource available to students. Loans allow students to borrow money at low interest rates, with no collateral, and generally no co-signer. Most student loans do not need to be repaid until the student graduates or drops to less than half-time status.
Students are reminded that borrowing money for college is a serious financial obligation. When signing a loan promissory note, you enter into a legal agreement. Consider this commitment carefully when taking out a loan.
Types of Loans
Undergraduate Students
Graduate Students
How to Apply
To apply for a student loan:
- Submit the Free Application for Federal Student Aid (FAFSA).
- Wait to receive your Financial Aid Award Notification from the Office of Financial Aid.
- Accept the loan by signing and returning the Loan Acceptance Form or accepting on Banner Web.
First-time borrowers at Mississippi College must complete a Loan Entrance Counseling session.
Parent Borrowers who wish to utilize the Federal Parent Loan for a dependent undergraduate student (PLUS) are required to file a FAFSA.
Responsible Borrowing
Making the decision to borrow money to finance your education represents a serious investment in your future. We strongly encourage both undergraduate and graduate students to borrow only the amount needed to ensure a smooth transition to loan repayment in the future.
Such a commitment requires careful considering the future implications of your current financial decisions. You may need to commit a significant portion of your future salary to achieve your current educational objectives. Handling this long-term financial obligation can be made easier by using sound debt-management practices—both while you are in school and after you graduate. We encourage you to calculate how much you will need to earn in order to cover your student loan debt.
