About Student Loans at The University of Mississippi

/Home/Student Loan Information by State/Mississippi Student Loans-/Mississippi Universities Financial Aid Information

While The University of Mississippi wants students to receive all of the grants and scholarships they can receive each academic year, many students will still need to take out student loans to help finance their educational goals throughout their college careers.

About Student Loans

Educational loans are the largest financial resource available to students pursuing postsecondary education, as nearly two-thirds of students attending 4-year institutions will graduate with student loan debt. Student loan programs allow students to borrow money at low interest rates, with no collateral, and generally no co-signer (with the potential exception of Private Student Loans). Additionally, 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 the 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. With that being said, student loan debt, along with mortgage debt have always been known as the best forms of debt to have, as an investment in your education is an investment in your future.

From a financial standpoint, it is wise to pursue loans in the following order:
Federal Stafford Loans
Federal Perkins Loans (need-based, if eligible)
Institutional Loans (need-based, if eligible)
Federal Parent PLUS or Graduate PLUS Loans
Private Student Loans (school-certified)

How do I choose the most adequate Stafford, PLUS, Graduate PLUS, or Private Student Loan Lender?

In an effort to assist our students and parents make informed choices, our office has designated certain lenders as "partners." A comprehensive review of Stafford, Parent PLUS, Graduate PLUS, and Private Student Loan providers is conducted annually to determine the most competitive offerings based on pricing, repayment benefits, life of loan ownership, life of loan servicing, real time processing, rates of approval, processing reliability, quality of customer service, and long-term commitment to fund loans to Ole Miss students. Upon completion of our annual review of current and potential lender partners, our office updates our online “lender partner” list.

How to Apply:

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). Students and parents of dependent students must obtain a FAFSA PIN to complete the FAFSA. Usually after about a week of completing the FAFSA, the student will receive a Student Aid Report (SAR) that will confirm the information that has been entered on the FAFSA, which is important to review for any errors. 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 by accepting their awards online. When accepting loans online through MyOleMiss, students will be prompted to select a Stafford Loan lender, e-sign their Stafford Master Promissory Note (MPN), and complete the one-time online Stafford Loan Entrance Counseling. The Stafford MPN is the method for all students to complete promissory notes for their Stafford Loans. The initial MPN application may represent the one and only time you are required to complete an MPN. It is good for up to 10 years, granted you do not change lenders, change schools, or go 12 months or longer without borrowing with that particular lender.

For Parent PLUS, Graduate PLUS and Private Student Loans, the borrower will have to complete a separate online application with the lender of their choice. The Office of Financial Aid maintains a list of lender partners for each of these various loan products, with links to apply directly online with each as well. We encourage you to explore our websites for each of these loan products to learn more and apply online.

ELM Resources

The University of Mississippi uses the ELM Resource Loan Process exclusively. ELM Resources began in 1994 and is the only not-for-profit, mutual benefit corporation serving universities, colleges, lenders and guarantors today. ELM provides a common, non-proprietary, and open information exchange and disbursement system online that seamlessly connects the diverse computing platforms of schools, lenders and guarantors while providing real-time loan inquiry to borrowers. ELM also offers a lender comparison solution for schools that allows them to have their own custom page to display their recommended lender lists and their students with the ability to compare and select the loan that best fits their need.

ELM National Disbursement Network (ELM NDN)

The University of Mississippi exclusively uses ELM’s National Disbursement Network for the Electronic Fund Transfer (EFT) of loan proceeds. The ELM NDN enables The University of Mississippi to receive all loan funds and handle fund returns through a single disbursing agent. Stafford Loans, PLUS Loans, Graduate PLUS Loans, and Private Student Loans are disbursed by EFT daily. While The University is school initiated on Stafford Loans, all other loan types disbursed through the NDN are borrower initiated with disubursement dates reliant upon when the individual lender is able to release funds.