Grants, Loans & Work-Study

$3,500 available for the first year of study, and a total of $23,000 available for the undergraduate program. Repayment begins six months after the student completes study or drops below half-time status.

The federal government pays the interest on the loan during: (1) your enrollment in school on at least a half-time basis, (2) a deferment, which is a temporary, authorized time when your payments may be postponed.

Valued the same as a Subsidized Loan, this program expands borrowing privileges to students who do not meet the income criteria for those loans.

“Unsubsidized” means the federal government does not pay the interest on your behalf. You are responsible for paying all interest on the loan. Interest is charged beginning the day the loan is paid to you until the day the loan is repaid in full. You may choose either to pay the accumulated interest while you are in school, or to have the unpaid interest capitalized, i.e., added to the principal balance of the loan. Note: If your loan interest is capitalized, it will increase the amount you have to repay.

The amount in Direct Loan funds that you are eligible to borrow each academic year is limited by (1) your grade level (2) whether you are a dependent or an independent student, (3) your financial need and (4) your cost of attendance. You cannot borrow more than your financial need or the cost of attendance (your budget).

Undergraduate dependent students can borrow a maximum total of $31,000 (of which no more than $23,000 can be subsidized loans).

Undergraduate independent students can borrow a maximum total of $57,500 (of which no more than $23,000 can be subsidized loans).

Graduate/Professional Students can borrow a maximum total of $138,500 (of which no more than $65,500 can be subsidized loans). These graduate loan limits include all loans borrowed as an undergraduate.

Interest rates for Federal Direct Subsidized and Unsubsidized Loans are fixed rates for the life of the loan. Interest rates on federal student loans are set by federal law and are subject to change each year. For current interest rate information, go to https://studentaid.gov/understand-aid/types/loans/interest-rates.

Most federal student loans have loan origination fees that are a percentage of the total loan amount. The loan fee is deducted from each loan disbursement the student receives while in school. Therefore, the money you receive will be less than the amount you actually borrow. You are responsible for repaying the entire amount you borrowed and not just the amount you received. Loan origination fees are subject to change each year. For current origination fee information, go to https://studentaid.gov/understand-aid/types/loans/interest-rates.

Entrance loan counseling is required for first-time federal loan borrowers. Counseling can be completed online and will help you understand your rights and obligations as a student loan borrower. Loan counseling must be completed before you can receive loan funds.

As a Federal Direct Loan borrower, you must sign a Master Promissory Note (MPN) before your loan can be disbursed. The Federal Direct Loan MPN is valid for 10 years. You have to sign a loan MPN only once while you are enrolled at Millsaps College.

All students who wish to borrow Federal Direct Subsidized and Unsubsidized Loans will be required to complete a Federal Direct Loan Master Promissory Note. Complete a Direct Loan Master Promissory Note.

You will need the FSA ID you used to file your FAFSA. If you do not have your FSA ID, see here for more information. The FSA ID for Millsaps College is 002414.

More information about federal student loans and repayment options is located at https://studentaid.gov/manage-loans/repayment/plans.

The Federal Direct PLUS loan is an optional federal loan program for parents 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, including current interest rates and loan origination fee percentages, go to https://studentaid.ed.gov/sa/.

A credit check is required to access this loan program.

Repayment on the PLUS loan begins 60 days after the loan is fully disbursed for an academic year. An in-school deferment will delay repayment on the PLUS loan until six months after the dependent student, on whose behalf the parent borrowed, ceases to be enrolled at least half time. An in-school deferment can be requested on the Direct Loan PLUS Application, located at https://studentaid.gov/. Interest will continue to accrue on this loan during the deferment period. Therefore, we recommend that you make your interest payments during this deferment period if at all possible.

Apply for a Direct PLUS loan in two easy steps:

1. The student must complete a Free Application for Federal Student Aid (FAFSA), if not already completed, each academic year.
2. The parent can then complete the Federal PLUS Loan process at https://studentaid.gov/plus-app/parent/landing after logging in with their FSA ID information. Parent borrower applications can be submitted after April 30 of each year, for the following academic year.

Note: If parents are determined ineligible to borrow through the Federal Direct PLUS program, Millsaps may award additional Unsubsidized Federal Direct Loan eligibility to the student. First- and second-year students are eligible for up to an additional $4,000 per year, while third- through fifth-year students are eligible for up to an additional $5,000 per year. If a student does not wish to accept all or part of their Unsubsidized Direct Loan, the student should contact the Office of Financial Aid.

You may access your prior loan information on the National Student Loan Data System (NSLDS) website. This site contains all of your federal Title IV aid history.

Millsaps College recognizes 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.

Loan Availability
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 he/she is receiving.

Items to Review
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
• Loan Disbursement

After the loan has been approved and the lender receives the promissory note and required signatures from the borrower and cosigner, the lender will request certification from Millsaps College. Once Millsaps certifies your loan, it will be scheduled for disbursement.

If your loan funds are not ready for disbursement by the time of registration, your alternative loan will not be counted toward your costs and new payment arrangements must be made.

How to Apply
You must apply for a private student loan directly with the lender, either by phone or on the lender’s website. Please note that each lender may have a different process for loan application. You will need to make sure you follow your lender’s application process and provide all required documentation to the lender. Your lender will notify Millsaps once your application has been completed, approved and signed.

Listed below is a neutral list of lenders our students have used over the past few years for their alternative loan funding.

• Citizens Bank Student Loans
• College Ave Student Loans
• Discover Student Loans
• Sallie Mae

Millsaps College derives no benefit from, nor participates in any revenue sharing agreements with the lenders listed. The college provides the above list as a service to our students who are free to choose a lender not represented above. If you choose a lender not listed above, please inform us so that we may ensure that our electronic processes are set up for that lender. You may reach us toll-free at 1-800-0352-1050, call us at 601-974-1220, or contact us by email at [email protected].

For renewal of merit-based institutional financial aid:

• You must make satisfactory academic progress.
• You must maintain a minimum academic course load of at least 12 hours per semester.*
• You must remain continually enrolled at Millsaps (excluding summer terms).
• You must reside on campus; off-campus residency will result in a scholarship reduction of 35% or removal of any housing grant funds.
• Scholarships for entering freshmen are renewable for up to 3 years, for a total of 8 semesters of eligibility (fall and spring semesters).

For renewal of need-based institutional financial aid (Millsaps Major Grant), you must also complete a FAFSA at https://studentaid.gov each year and have demonstrated need per the results of your FAFSA. Any significant changes in your family’s financial situation (e.g., loss of job, death of a parent, catastrophic illness) should be reported to the Office of Financial Aid.

Cost of attendance is subject to change each academic year. Millsaps merit scholarship amounts remain constant over the 4 years of eligibility. Millsaps need-based financial aid remains constant over the 4 years of eligibility as long as there is demonstrated need as determined by the results of the FAFSA each academic year.

You are required to report to the Office of Financial Aid any scholarships, awards or other funding received from outside sources to be used at Millsaps. Your financial aid award will be revised to include outside aid after notification is received.

*For students enrolled in the M PLUS program during their eighth semester and enrolled in a combination of undergraduate and graduate coursework totaling less than 12 hours, the 12-hour-per-semester condition will be waived for the eighth semester. Students will be billed at full-time undergraduate tuition and fees and will have the full amount of their Millsaps scholarship/grant aid applied to their semester charges.

NOTE: This exception applies to Millsaps scholarship/grant eligibility only. Federal and state financial aid funds are regulated by federal and state regulations.

Verification is a process required by the Department of Education (DOE) to confirm the accuracy of the information listed on a student’s free application for Federal Student Aid (FAFSA). A student’s FAFSA may be selected by either the Department of Education or by the institution. Through the collection and review of additional documents, this process ensures fair and accurate distribution of federal funds and need-based institutional funds when financial aid is awarded.

After completion of the FAFSA, a student will receive a FAFSA Submission Summary (FSS) from the Department of Education. If selected for verification, the FSS will contain a comment notifying the student of the selection. The Office of Financial Aid at Millsaps College has contracted with KHEAA Verify to process student FAFSA verifications for Millsaps. KHEAA uses a secure portal to collect verification documentation from students. KHEAA will communicate with students directly to complete the verification process.

Schools are required to correct any inaccurate information discovered through the verification process and use the verified FAFSA results when determining eligibility for financial aid. Corrections to your FAFSA may result in a change in your eligibility and result in revisions to aid offered prior to the completion of verification. If corrections to a student’s FAFSA are required as a result of the verification process, they will be sent electronically to the Department of Education. Once verification is completed, any resulting changes in a student’s financial aid award will be communicated by a revised financial aid offer letter.

No federal or need-based institutional awards can be disbursed to a student’s account until verification is completed. All required documentation should be submitted as soon as possible to finalize an accurate financial aid award. However, to receive federal funds or need-based institutional funds, verification must be completed by October 31. If a student has not completed the verification process by that date, federal and need-based institutional aid will be removed from the student’s financial aid award and the student will be responsible for covering the resulting balance on their student account in the Business Office by other means.

Additionally, if a student requests consideration of extenuating circumstances not reflected on the FAFSA, Millsaps College will complete verification of the student’s FAFSA prior to determining if any adjustments can be made to the FAFSA as a result of the extenuating circumstances.

The Department of Education requires schools to refer any credible information indicating that an applicant for federal student aid may have engaged in fraud or other criminal misconduct in connection with his or her application to the Department’s Office of Inspector General (OIG). Fraud is the intent to deceive as opposed to a mistake. Millsaps College, in compliance with the department’s guidance, will refer suspected cases of fraud to the OIG for further review.

In compliance with the Student Loan Code of Conduct requirements in the Higher Education Opportunity Act of 2008, the Millsaps College Office of Financial Aid prohibits all of the following:

• Revenue sharing agreements with lenders
• Conflicts of interest
• Accepting gifts above a nominal value from lenders and guarantors
• Accepting private loans conditioned on the use of lender’s Title IV loans
• Contracting arrangements with a lender that provides compensation to school staff
• Assigning a lender to a borrower or refusing to certify a loan for a borrower’s choice of lender or guarantor
• Accepting from lenders any staffing assistance for call center or financial aid office
• Accepting compensation for service on an advisory board, except reasonable expenses associated with that service that may be reimbursed by the lender or guarantor

For the following purposes, it is not considered a “gift” to the school for a lender or guarantor to provide:

• Standard materials, activities or programs on issues related to a loan, default aversion, default prevention or financial literacy (e.g., brochures, workshops, training)
• Food, refreshments, training or informational material that is designed to improve the service of a lender, guarantor or servicer if the training contributes to the professional development of the school staff
• Favorable terms, conditions and borrower benefits as long as these are provided to all students at the school
• Entrance and exit counseling services as long as the school controls the counseling and does not promote the products and services of the lender
• Philanthropic contributions not tied to loan volume

Submit the Free Application for Federal Student Aid (FAFSA) at https://studentaid.gov/apply-for-aid/fafsa. Millsaps School Code: 002414

The student and parent must each request an FSA ID at https://studentaid.gov/fsa-id/create-account/launch for an electronic signature on the FAFSA.

• Submit the 2024 – 2025 FAFSA to apply for aid for academic terms from fall 2024 through summer 2025.

The priority deadline for financial aid is March 1. Most of the information required on the FAFSA will come from the prior-prior year’s tax return. The FAFSA can be submitted after October 1 of each year.

Effective July 1, 2011

In order to receive and maintain federal financial assistance, students are required to progress satisfactorily toward completion of their course of study. Federal financial assistance includes grants, loans and employment. The satisfactory academic progress of students will be monitored at the end of each spring semester.

Satisfactory academic progress is measured in three ways:

• Students must progress qualitatively by earning the required number of grade points.
• Students must progress quantitatively by completing the required minimum number of credits each year (PACE).
• Students must complete their program of study within a reasonable time period.

1. Qualitative Measure

The Office of Financial Aid strictly adheres to the academic standards established by Millsaps College and printed in the college catalog. Students who have attempted up to a total of 28 hours must earn a 1.5 cumulative grade point average. Students who have attempted more than 28 hours and fewer than 60 hours must earn a 1.8 cumulative grade point average. Students who have attempted 60 or more hours must earn and maintain a 2.00 cumulative grade point average. Total hours attempted will include credit taken at Millsaps College and any credit transferred from another institution. Grade point averages are based solely upon credits earned while enrolled at Millsaps College.

Minimum acceptable academic standards are represented in the following table:

Transfer Students
Students transferring into Millsaps College shall be assumed to be maintaining satisfactory academic progress. Hours transferred from previously attended schools will be considered when establishing total hours attempted for GPA requirements, as well as determining the maximum number of hours allowed for financial aid eligibility.

2. Quantitative Measure (PACE)

Students receiving financial aid must also satisfactorily complete 66% of financial aid hours (hours in which a student is enrolled the last day to add a class) at the end of each spring term.

Passing grades include A, A-, B+, B, B-,C+, C, C-, D+, and D. Grades of I, W, NR, IP and AU will not be accepted as passing grades.

Withdrawals
Courses with a grade of W will affect the quantitative measure of academic progress in determining eligibility and maintaining financial aid.

Audit Courses
Courses taken for audit do not count for credit or graduation and, therefore, are not counted in determining eligibility for receiving or maintaining financial aid.

Credit/No Credit Grades

For courses taken as Credit/No Credit grades:

• CR course work will count as both attempted and completed hours.
• NC course work will count as attempted hours but will not count as completed hours.
  

Repeat Courses

Repeat courses are counted for credit and will affect cumulative grade point averages in determining eligibility and maintaining financial aid as well as determining the maximum number of hours allowed for financial aid eligibility.

3. Maximum Hours to Complete Course of Study

Students must complete degree requirements within a normal time frame. To remain eligible to receive financial aid, students must complete their degree requirements within 150% of the published length of their academic program. In most cases students will be eligible to receive financial aid during the first 192 attempted hours as an undergraduate, whether or not they received financial aid or whether or not the course work was successfully completed. This includes both college and transfer hours. A student will be placed on financial aid suspension if his/her course work is in excess of 192 attempted hours or if at any time it becomes clear that the student will not meet the quantitative standards by graduation date.

Second-Degree Undergraduate Students

Students who have already earned a baccalaureate degree and are currently seeking a second undergraduate degree will be reviewed for financial aid eligibility on an individual basis.

Graduate Students

Graduate students will be eligible for financial aid until they have completed six years of study at the graduate level.

Financial Aid Suspension

Students who fail to meet the minimum satisfactory academic progress requirements will be placed on financial aid suspension. Students on financial aid suspension are NOT eligible to receive federal or institutional financial aid. The mere passage of time will not restore eligibility to a student who has lost eligibility for failure to make satisfactory academic progress. The student may appeal the financial aid suspension if unusual circumstances beyond their control prevented them from meeting satisfactory academic progress (see Appeal Process).

Regaining Financial Aid Eligibility

Financial aid eligibility can be reestablished after the student improves their academic record to meet the minimum standards required by the SAP Policy, without the assistance of financial aid funds. Similarly, financial aid eligibility can be reestablished by successfully appealing your suspension.

Appeal Process
A student may appeal the loss of financial aid eligibility if extenuating circumstances interfered with the ability to meet satisfactory academic progress standards. In order to appeal the loss of financial aid eligibility, the student must submit a detailed appeal letter explaining the extenuating circumstances that resulted in the lack of academic progress and documentation to support extenuating circumstances. To complete the appeal process, the student may be required to submit an academic plan provided by the director of academic advising.

Circumstances must meet one of the following criteria:

• Prolonged illness, medical condition, or injury to student or immediate family member
• Death of an immediate family member
• Extenuating circumstances beyond the student’s control

Appeal must include the following information:

• A detailed appeal letter
• Circumstances and how the circumstances affected academic performance
• Dates and time periods involved
• Explanation of how your situation has changed and the steps you are taking to resolve the circumstances

Documentation may include:

• Physician’s letters and hospital records (must include dates of illness and recovery time)
• Death certificate or obituary
• Court or police documents
• Letters from third-party professionals on his/her letterhead
• Students who have exceeded the maximum time frame must include additional information:
• Explanation of why you were unable to complete your program within the time frame allowed for your degree
• Number of hours needed to complete current degree and intended graduation date
• Copy of your academic degree plan listing all remaining classes needed to graduate

ATTENTION: No appeal will be accepted without supporting documentation. The appeal may not be based upon the need for financial aid assistance or the lack of knowledge that the financial aid assistance was in jeopardy.

Appeals may be mailed to:

The Financial Aid Appeals Committee
Millsaps College
Box 151150
Jackson, MS 39210
or
Fax to 601-974-1224

Appeal Decisions

• Requires approximately 3 weeks
• Notification will be mailed to the student’s financial aid address currently on file and emailed to the student’s Millsaps email account
• If approved, financial aid will be awarded on a probationary period for one semester

Approved Appeals and Satisfactory Academic Progress Probation

For approved appeals, the student will be placed on satisfactory academic progress probation. (Financial Aid SAP Probation is for financial aid purposes only and is separate from academic probation.) While on satisfactory academic progress probation, certain conditions for academic performance will be set and monitored.

Students placed on “Probation” regain eligibility for financial aid if:

• The student meets ALL of the standards of satisfactory academic progress by the end of one subsequent period of enrollment; or
• The student is placed on an academic plan leading to graduation that, if followed, ensures that the student is able to meet ALL of the standards of satisfactory academic progress by a specific point in time. Student progress will be monitored at the end of each semester while on an academic plan.

Students who meet all of the standards of satisfactory academic progress while on probation will be placed in “Financial Aid Good Standing” at the conclusion of the period of enrollment or academic plan period. Progress in an academic plan is measured at the end of each period of enrollment. Students who do not meet all of the standards of satisfactory academic progress or academic plan requirements while on probation will be placed on suspension without the option for a second appeal.

This policy is subject to change without notice in order to remain compliant with federal regulations.