Undergraduate McKinstry Loan
The George C. and Laura B. McKinstry Loan Fund at The University of Mississippi was established in 1973 by Dr. McKinstry in memory of his mother and father to provide low-interest loans to young men and women of character who have successfully completed at least one semester of college work. Additional preference is given to residents of Jones and Jasper counties in Mississippi. The University of Mississippi is responsible for administering the loan program on our campus. Students repay directly to The University.
McKinstry Loans are need-based aid. Eligibility is based on financial need as determined by federal guidelines. Interest does not accrue on the loan for the student during:
Your McKinstry Loan eligibility is determined by the Office of Financial Aid and is based on information you provided in the Free Application for Federal Student Aid (FAFSA).
Loans are usually issued for a single academic year, and both eligibility and amount are redetermined annually throughout your academic career.
Limited McKinstry funds are available each year, so you must submit the FAFSA by the Office of Financial Aid's recommended priority deadline to ensure consideration for a McKinstry Loan.
Private Loan Regulations (Title X of the Higher Education Opportunity Act)
As of February 14, 2010, both private lenders and institutions offering private loans to students must comply with a new set of regulations per the Federal Reserve Board.
Under the new laws, an institution offering private loans for postsecondary educational expenses (i.e. McKinstry Loans, Health Profession Student Loans, etc.) must first provide a disclosure about loan terms and features at the time of application and must disclose information about federal student loan programs that may offer less costly alternatives. If the initial application reaches an approval status, a second loan disclosure statement must be provided to the student at that time. If a student accepts the loan terms provided in the second disclosure statement, a third final disclosure must be provided when the loan is consummated.
An additional piece of the new private loan regulations requires an applicant to complete a â€śself-certification formâ€ť and return it to the institution before the loan may be approved. The â€śself-certification formâ€ť may be found here, then return the completed form to the institution. If you need assistance completing the form, please visit the Office of Financial Aid at Ole Miss. Â
Last, an institution must provide the student with a 3 day rescission or â€śright-to-cancelâ€ť period after the final loan disclosure form is sent to the student. The 3 day rescission period means that once the school has certified your loan and it is ready to be disbursed, there is a mandatory 3 business day waiting period before the institution may disburse the loan funds
Below is an example of what to expect if you apply for a private loan:
If you have any questions related to the new regulations, please visit our office.
McKinstry Loans are available for up to $2000 during the academic year. Loans may also be available in the summer based on the level of remaining funds.
The interest rate is computed at the rate of 5% per annum simple interest on the unpaid balance.
The Office of Financial Aid will make determinations of eligibility. Although you cannot apply specifically for a McKinstry Loan, you will be automatically considered if you do the following:
1. Complete a Free Application for Federal Student Aid (FAFSA) application online at the Department of Education's website http://fafsa.ed.gov. Be sure to file by the priority deadline each year (March 15). The University of Mississippi's school code is 002440. 2. Students (and parents of dependent students) complete the FAFSA and submit it to the address included in the FAFSA instructions or submit over the web.
3. Once your FAFSA is processed, you will receive a Student Aid Report (SAR) documenting your financial resources and expected family contribution towards educational costs. An electronic copy will be sent to the Office of Financial Aid of the school listed on your application.
4. Check your SAR for accuracy. If there are errors, follow the correction process indicated on the SAR or as instructed by the Office of Financial Aid.
5. From the information obtained in the SAR and other supporting documents, we will generate an online Financial Aid Award Notification documenting the financial aid available to you including McKinstry Loan eligibility.
If your aid includes a McKinstry Loan, processing will include the following steps.
The loan proceeds will be processed through the Office of Financial Aid. Funds will credit first to your Bursar bill and any excess funds will be mailed to your permanent address or directly deposited to your personal account.