Types of Aid | UM-Rankin

Types of Financial Aid

Scholarships

Scholarships are gift programs that do not have to be repaid. They are typically awarded in recognition of significant achievement or academic talent. UM-Rankin offers numerous scholarships to help you finance your education. We urge you to apply for as many scholarships as you qualify for. Click here to see a list of scholarships.

Applying for need based financial aid

Completion of the Free Application for Federal Student Aid (FAFSA) application is required for all forms of financial aid that you might apply for.
Be sure to include the University of Mississippi school code on your FAFSA: 002440.

Federal Pell Grants

Pell Grants of up to $5,730 are available to eligible students. Eligibility is determined by the federal processor based on a formula approved by Congress. The formula uses the information that is supplied by the parent and /or student on the Free Application for Federal Student Aid (FAFSA). Award amounts are prorated based on the number of hours for which you are enrolled. Only undergraduate students who have not previously received a bachelor's degree are eligible. More information about Pell Grants is available from the Federal Student Aid's Student Aid website.

Applying for Student Loans

Educational loans are the largest financial resource available to students pursuing postsecondary education. Student loan programs 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. In addition to the principal borrowed, interest is generally charged for use of funds. It is important to remember that when you borrow money it must eventually be repaid. When signing a loan promissory note, you enter into a legal, ethical agreement. Legally, you will be required to sign the note promising to repay the loan. Ethically, you are responsible to future borrowers, since collections from old loans are major funding sources for new loans. Think about this commitment carefully when taking out a loan, and consider how much you reasonably can afford to repay.

At The University of Mississippi, eligibility for student loans requires that students apply for financial aid using the Free Application for Federal Student Aid (FAFSA). Once the application process is complete, the Office of Financial Aid sends each student a Financial Aid Award Notification.

Students accept the loan(s) awarded online via his/her MyOleMiss. The award notification page is located under the Financial Aid link of the student’s MyOleMiss.

The Master Promissory Note (MPN) is the new method for all students to apply for their Federal Direct Loans. The initial MPN application can be signed online at www.studentaid.gov.

First-time borrowers at The University of Mississippi must complete a Loan Entrance Counseling session that can be found online at www.studentaid.gov .

Parent Borrowers who wish to utilize the Federal Parent Loan for a dependent undergraduate student (PLUS) are required to have the student file a FAFSA, and must complete the online Federal Direct PLUS application at www.studentaid.gov.

Students wishing to apply for Alternative (Non Federal) Loans must complete the Ole Miss Online Alternative Loan Application. For more information, please see your financial aid advisor.

For more information on student loans, please contact the financial aid office at 1-800-891-4596 or via email at finaid@olemiss.edu .

Federal Workstudy Program

Part-time employment of 10-15 hours per week is available to students who demonstrate financial need. Jobs are provided in campus departments. Undergraduate students employed in regular work-study positions are paid bi-weekly. To apply for the work-study program a student must complete the Free Application for Federal Student Aid (FAFSA). Check with the UM-Rankin office to see if you qualify for a federal workstudy or to apply for a student worker position.