Mississippi Student Loans, Scholarships, and Grants
If you live in Mississippi and plan on attending an in-state college or university, you’ll likely spend around $4,624 per year on tuition, according to College Tuition Compare, which is lower than the national average.
However, although Mississippi is considered one of the most affordable states when it comes to higher education, it’s also home to some of the highest average student loan debt balances at graduation, with the average borrower having $30,268.
One way to lower the amount of debt you have at graduation is to find the best financial aid programs, including scholarships, grants, and more affordable student loans.
As a Mississippi resident, the following financial aid options may be good for you.
On this page:
Getting Financial Aid for School
To increase the likelihood that you can find, apply for, and get approved for the financial assistance you need, there are a few things you’ll need to do:
- Complete the Free Application for Federal Student Aid (FAFSA). The FAFSA will determine your Expected Family Contribution (EFC) and the federal loans and grants for which you may qualify.
- Determine the overall cost of your expected education by gathering important financial information like the cost of tuition, fees, books, and in some cases, room and board. Then subtract the total amount of money you and your family can contribute out of pocket. The remaining balance will indicate how much financial aid you’ll need.
- Search for grants and scholarships for which you may be eligible and review all application requirements, making a note of all submission due dates.
State-Based Student Loans in Mississippi
Student loans are often a required piece of the college puzzle and that means sifting through a variety of federal, state, and private student loan options.
In years past, Mississippi helped students fulfill their financial needs through a variety of state-based forgivable loans; however, due to budget constraints, the Mississippi Office of Student Financial aid has stopped funding these loans for the 2018-19 school year.
However, you may want to keep the following loans on your list in the event funding resumes.
- William Winter Alternate Route (WWAR) Teacher Forgivable Loan
- William Winter Teacher Forgivable Loan (WWTS)
- Nursing Education Forgivable Loan, BSN (NELB)
- Nursing Education Forgivable Loan, RN to BSN (NELR)
- Teacher Education Scholars Forgivable Loan (TES)
Until these state-based loan programs resume, you might consider the following student loans from lenders in your area.
Wells Fargo Collegiate Loan
Amount: Up to $120,000
Rates & Terms:
- Variable rates between 5.04% and 10.93%
- Fixed rates between 5.94% and 11.26%
- Repayment terms up to 15 years
- No origination fees or prepayment penalties
Eligibility: Applicants must be enrolled in an undergraduate program at an eligible school and seeking a degree, certificate, or license. In addition, you must meet credit, employment, and debt-to-income requirements as defined by Wells Fargo; however, those who do not meet the criteria can add a cosigner to their application.
Benefits: One perk associated with this loan is a 0.25% discount for borrowers who opt into auto payments. In addition, the Collegiate Student Loan also offers a six-month grace period after graduation and allows students to make early payment while in school.
Smart Option Student Loan for Trustmark by Sallie Mae
Amount: Up to the full cost of attendance
Rates & Terms:
- Variable rates between 4.26% and 11.47%
- Fixed rates between 5.74% and 11.85%
- Repayment terms from 5 to 15 years
- No origination fees or prepayment penalties
Eligibility: Applicants must be enrolled in a qualified college or university and meet basic financial requirements. Eligibility is also based on other factors, including credit history and debt-to-income ratio; however, if you do not meet the requirements on your own, you can add a cosigner.
Benefits: Sallie Mae offers a variety of benefits to student borrowers, including access to financial planning and quarterly FICO credit score. Additionally, the lender offers an interest rate reduction of one full point to borrowers who choose to make payments while enrolled in school.
Mississippi College Scholarships
One of the best ways to decrease your overall student debt load is to apply for scholarships. Scholarship money does not have to be repaid and you may be eligible for one based on your academic merit, athletic or artistic abilities, heritage or ethnic background, financial need, or even your location.
Eligible students living in the state may want to consider the following Mississippi scholarships:
Nissan Scholarship
- Scholarship amount: Varies based on the total cost of tuition, fees, and books
- Eligibility requirements: Graduating Mississippi high school students must have a minimum cumulative GPA of 2.5 and an ACT score of at least 20 (940 on SAT). You must be a legal resident for at least one year prior to applying, demonstrate leadership through extracurricular activity participation, and be enrolled full-time at a public or private Mississippi college or university. You’ll also need to complete the FAFSA and write a brief essay about how your academic plans will support the Mississippi automotive industry.
- Deadline to apply: March 1
Law Enforcement Officer and Firemen Scholarship (LAW)
- Scholarship amount: Varies based on the cost of tuition, fees, and campus housing
- Eligibility requirements: The LAW scholarship is designed specifically for spouses and children of Mississippi law enforcement officers and firemen who have become permanently disabled or were fatally injured while on duty. Applicants must be enrolled as a full-time undergraduate student at a public university in Mississippi.
- Deadline to apply: September 15
SE4A Scholarship
- Scholarship amount: $1,000
- Eligibility requirements: Applicants must be enrolled as a junior, senior, or graduate student at a college or university in an eligible state, including Mississippi, with the intention to pursue a career in gerontology or geriatrics. You also must complete the SE4A application and submit an essay, original transcripts, and three letters of recommendation from your local AAA.
- Deadline to apply: May (monitor site for upcoming application information)
Misticos Scholarship & Warren Scholarship — Diocese of Mississippi
- Scholarship amount: Varies
- Eligibility requirements: Applicants must be a member of the Greek Orthodox or Episcopal faiths and intend to use the award to pursue a college degree. You must also fill out the diocese-provided application (one application covers both scholarships) and be able to show financial need as well as distinction through academic achievement, extracurricular involvement, and church leadership.
- Deadline to apply: March 1
Mississippi Grants for College
Grants, like scholarships, are another way to pay for college with money that doesn’t need to be repaid.
Although scholarships are often awarded based on merit and other criteria, the primary factor that dictates grant approval is typically financial need. For that reason, most grant programs, including state ones, will require applicants to fill out the FAFSA.
The following grants are available to Mississippi residents:
Mississippi Higher Education Legislative Plan for Needy Students (HELP)
- Grant amount: Varies
- Eligibility requirements: Applicants must be a resident of Mississippi for at least one year, have a cumulative high school GPA of at least 2.5, score a 20 or higher on the ACT, and complete 17.5 units of high school coursework that includes the Required and Recommended College Preparatory Curricula (CPC) and one advanced unit. You also must complete the FAFSA, meet HELP income requirements, and qualify for a partial or full federal Pell grant.
- Deadline to apply: March 31, with supporting documents required by April 30
Mississippi Tuition Assistance Grant (MTAG)
- Grant amount: Up to $500 for freshmen/sophomores, up to $1,000 for juniors/seniors
- Eligibility requirements: Applicants must be a resident of Mississippi for at least one year, have a cumulative GPA of 2.5 or higher (GEDs also accepted), score at least 15 on the ACT, and be enrolled in a full-time degree- or certificate-earning program at a Mississippi college or university. In addition, you must also complete the FAFSA and be eligible for a partial (but not full) Pell grant.
- Deadline to apply: September 15, with supporting documentation due by October 15
Mississippi Eminent Scholars Grant
- Grant amount: Up to $2,500 per academic year
- Eligibility requirements: Applicants must have been a Mississippi resident for at least one year prior to high school graduation, have a cumulative GPA of 3.5, and have a minimum ACT score of 29 (1350 on SAT). You must also be enrolled full-time in an approved Mississippi school earning your first certificate, associate degree, or bachelor’s degree.
- Deadline to apply: September 15
Though there have been some reductions in state-based loans and grants in the Magnolia State, there are still several remaining financial aid opportunities for Mississippi residents.
As you begin your search, be sure to complete the FAFSA and apply for any and all grants and scholarships for which you may be eligible before turning to federal student loans to fund your education. Work-study programs might also help you fill the funding gap.
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