When will I receive my financial aid?
We will start applying financial aid to your account after school starts. Scholarships and grants will be applied to your account approximately five days after the last day to add classes. If you have an institutional loan, you first must sign a promissory note before the funds can be applied to your account. The promissory note will be mailed to you by the Financial Aid Office. If you have a Direct Loan you will sign a Master Promissory Note online at the Federal Student Aid website.
What should I do if I do not have enough financial aid to pay for school?
You can contact our office at 601.925.3212 to see if there are any other financial aid options available to you. You should also contact the Business Office to discuss payment plan options which may be available. Your parent can apply for a Parent Plus loan at the Federal Student Aid website.
Do I have to be a full time student to receive my financial aid?
You must be a full time student to receive institutional scholarships. To receive a Direct Loan, undergraduate students must enroll for six hours and graduate students must enroll for at least four semester hours. The amount of a Pell Grant will vary depending on the number of hours you take. You must also be a full time student to receive MTAG, MESG, SSIG, HELP, William Winter and the Critical Needs Teacher Scholarship.
What if I have been awarded a Direct Loan, but I have not received my master promissory note?
You will not be sent a paper copy of the Master Promissory Note. It is completed online.
If I move off campus will my financial aid be affected?
Moving off campus will not affect your federal or state financial aid. However, all institutional scholarships will be reduced by 50% for students who choose to live off campus unless otherwise noted. Students who are 21 years of age or younger must live in a residence hall or at home with parents. Students 21–23 years of age who elect to live off campus, and not at home with parents, will lose all institutional scholarships.
Will I be able to use my scholarships for summer school?
Institutional scholarships are not awarded for summer school.
Do I have to apply for financial aid every year?
You must reapply every year for federal or state financial aid. Institutional scholarships are automatically awarded if you meet the GPA requirement.
If I receive a bill and my financial aid is not showing on it, what should I do?
Please contact our office at 601.925.3212 to make sure you have done everything necessary in order for your funds to be applied to your account. Don’t assume that it will eventually be put on your account. The Financial Aid Counselor will be glad to review your file to make sure everything is in order.
How do I apply for the Mississippi Tuition Assistance (MTAG) and Mississippi Eminent Scholar Grant (MESG) (Mississippi residents only)?
To apply for MTAG/MESG you must submit an application to the State Student Financial Aid Office at the Institutions of Higher Learning. You must apply each year at www.ihl.state.ms.us/financialaid/default.asp. The State Student Financial Aid Office will determine your eligibility and send the award information to MC.
What does cost of attendance mean?
Coast of Attendance is also known as the budget. Federal regulation requires the financial aid office to provide cost of attendance budget for students applying for federal financial aid. The cost of attendance budget contains the tuition, fees, room, board, transportation, books and personal items. For students living on campus the tuition, fees, room, and board are the actual costs to attend Mississippi College. The other items on the list are estimated costs. The student does not actually pay for these items. These items are put in the budget, so a student may be able to receive financial aid to offset some of the costs.
What will happen to my financial aid if I decide to withdraw from the institution?
When a student withdraws from classes, he/she may be entitled to receive money back which had been paid to the University. The University may be able to refund all or a portion of the tuition, fees, etc., the student paid. If the tuition, fees, etc., were paid with Title IV financial aid, all or a portion of the student’s refund must be returned to the student aid programs from which the money was awarded. A student who receives a cash disbursement to assist with living expenses withdraws, may be required to return money to the aid programs from which the money was awarded.
Federal regulations require Mississippi College to have a fair and equitable refund policy. If a recipient of Title IV aid withdraws during a period of enrollment, Mississippi College must calculate the amount of Title IV aid the student did not earn. The percentage of aid earned is equal to the percentage of time completed. Unearned Title IV funds must be returned to the Title IV programs.
If a student withdraws on or before the 60% point of enrollment, the percentage of aid earned is equal to the percentage of time completed. If a student remains enrolled beyond the 60% point of enrollment period, 100% of the aid has been earned for that period.
All unearned Title IV funds must be returned to the Title IV programs. If Title IV aid was used to pay institutional charges first, the University will return unearned Title IV funds up to an amount that is equal to the amount disbursed to the U.S. Department of Education.
Funds are returned in the following order up to the full amount disbursed:
- Federal Unsubsidized Direct Loan,
- Federal Subsidized Direct Loan,
- Federal Perkins Loan,
- Federal PLUS Loan,
- Federal Pell Grants,
- FSEOG, and/or
- Other assistance under TITLE IV.