Office of the Bursar
Tel.: 800-891-4596 Fax: 662-915-5097

Types of Loans

 

Federal Perkins Loan

Eligibility for a Perkins Loan is determined by the Office of Financial Aid. The program is designed to offer low-interest, long-term loans to help undergraduate and graduate students.

Perkins loans have a 5% interest rate. Repayment can be made for a period of up to ten years with a minimum payment of $40. The loans have an initial grace period of nine months after a student ceases enrollment or enrollment drops below half-time. More information on the Perkins loan is available here.

Cancellation/Deferment options:

Perkins loans may be cancelled by:

Deferment options

Guide to Defaulted Student Loans

McKinstry Institutional Loan

Eligibility for a McKinstry Loan is determined by the Office of Financial Aid. The program is designed to offer low-interest, long-term loans to help undergraduate and graduate students.

McKinstry loans have a 5% interest rate. Repayment can be made for a period of up to ten years with a minimum payment of $40. The loans have an initial grace period of nine months after a student ceases enrollment or enrollment drops below half-time.

Cancellation:

Death of the borrower.

McKinstry loans may be deferred if one of the following conditions is met:

  • The student is enrolled at least half-time at an eligible school..
  • The student is enrolled in a course of study that is part of a graduate fellowship program.
  • The student is on full-time active duty as a member of the Armed Forces of the United States.

If you do not qualify for a deferment or cancellation, you may be eligible for a forbearance. A forbearance is given to a borrower if the annual McKinstry loan repayment obligation equals or exceeds 20% of gross annual income or if the University determines that a borrower qualifies for other reasons.

Health Professional Student Loan (HPSL)

Eligibility for a Health Professional Student Loan (HPSL) is determined by the Office of Financial Aid. The program is designed to offer low-interest, long-term loans to help undergraduate and graduate students studying in health profession fields such as medicine, dentistry, osteopathy, optometry, pharmacy, podiatry, and veterinary medicine.

HPSL loans have a 5% interest rate. Repayment can be made for a period of ten years with a minimum payment of $40. The loans have an initial grace period of twelve months after a student ceases enrollment or enrollment drops below full-time.

Cancellation options:

HPSL loans may be cancelled by:

  • Death
  • Total and permanent Disability

HPSL loans may be deferred if one of the following conditions is met:

  • Full-time enrollment
  • Peace Corps
  • On full-time active duty as a member of the U. S. Armed Forces
  • Internship and residency or advanced professional training
  • Fellowships
  • Leave of absence to pursue related educational activity

Guide to Defaulted Student Loans

J. R. Scribner, Jr., Loan

Eligibility for a J. R. Scribner Loan is determined by the Office of Financial Aid. The program is designed to offer low-interest loans to help undergraduate students seeking their first bachelor's degree.

Scribner loans have a 1% interest rate. Repayment can be made for a period of up to five years. The loans have an initial grace period of six months at the end of the student's enrollment.

Cancellation options:

To qualify for cancellation, the borrower must graduate from the University of Mississippi and submit to the institution proof of residency and employment in Mississippi before the six-month initial grace period expires and every six months thereafter until the required period of twenty-four consecutive months is met. Failure to provide this documentation will result in the borrower entering repayment immediately. Once a borrower enters repayment, loan cancellation provisions no longer apply.

Scribner Cancellation Form

Luckyday Loan

Luckyday loans have a 1% interest rate. Repayment can be made for a period of up to ten years. These loans are no longer being awarded.

Luckyday Loan Cancellation Form

J. R. Johnson Civil Engineering Loan

The J. R. Johnson Loan is designated for Engineering students. Eligibility for this institutional loan is determined by the Office of Financial Aid.

J. R. Johnson loans have a 4% interest rate. Repayment can be made for a period of up to ten years with a minimum payment of $40. The loans have an initial grace period of nine months after a student ceases enrollment or enrollment drops below half-time.

 

Mississippi Excellence in Teaching Program (METP)

The Mississippi Excellence in Teaching Program is designed as a loan forgiveness scholarship program with a service agreement.  If you fulfill the five-year teaching commitment as an English, mathematics or elementary school teacher in a Mississippi public school, you will never have to pay any money for tuition or fees. However, legally you must sign loan documentation to acknowledge that if you don’t fulfill the service agreement, you agree to repay only the funds you have used as noted in the agreement with a 3% interest rate on the loan.

http://metp.olemiss.edu/about/

Cancellation options:

  • Service cancellation benefit
  • Death of the borrower

Deferment options:

  • The student is enrolled at least half-time at an eligible school.
  • The student is enrolled in a course of study that is part of a graduate fellowship program.
  • The student is enrolled in graduate or post-graduate fellowship supported study outside the US.
  • The student is enrolled and attending a rehabilitation training program for disabled individuals.
  • The student is seeking but unable to find full-time employment for a period not to exceed 3 years.
  • The student is experiencing an economic hardship as defined by the institution.

Robert Noyce Teachers for a New Tomorrow Forgivable Loan Program

The University of Mississippi/Robert Noyce Teachers for a New Tomorrow (UM/Noyce TNT) Forgivable Loan Program seeks to encourage talented science, technology, engineering, and mathematics (STEM) majors and professionals to become secondary mathematics and science teachers. The UM/Noyce TNT Forgivable Loan Program supports both undergraduate and graduate students who commit to teaching in any public school in Mississippi (or in a high-need school district in any other state) upon completion of their teacher education program.
 

Advantages of the Noyce Loan

  • The interest rate is 3%.
  • It carries no origination and guarantee fees.
  • Repayment of the loan does not begin until you graduate or drop below half-time status.
  • In cases of economic hardship, payments may be deferred, extended, or reduced.
  • The loan can be forgiven if the student graduates from The University of Mississippi and, within the six month initial grace period, is employed  in a Mississippi public school (or in a high-need school district in any other state).  Students must complete two years of services as a full-time science or mathematics teacher in any public school in Mississippi or in a high-needs school district in any other state for each year awarded.
  • You may be allowed up to 10 years to repay the Noyce Loan.

Noyce Loans are up to $20,000 per academic year not to exceed the students cost of attendance as determined by the Office of Financial Aid.

http://finaid.olemiss.edu/robert-noyce-teachers-for-a-new-tomorrow-forgivable-loan-program/

Cancellation options:

  • Service cancellation benefit
  • Death of the borrower

Deferment options:

  • The student is enrolled at least half-time at an eligible school.
  • The student is enrolled in a course of study that is part of a graduate fellowship program.
  • The student is enrolled in graduate or post-graduate fellowship supported study outside the US.
  • The student is enrolled and attending a rehabilitation training program for disabled individuals.
  • The student is seeking but unable to find full-time employment for a period not to exceed 3 years.
  • The student is experiencing an economic hardship as defined by the institution.