Get answers to your financial aid questions.
How will I be affected by the changes to the Parent PLUS Loan?
What is changing:
1) Beginning July 1, 2026, Parent PLUS loans will have a borrowing cap of $20,000 per student per year, and a total (aggregate) cap of $65,000 per student.
2) Parent PLUS loans taken out on or after July 1, 2026 will no longer qualify for income-driven repayment (IDR) plans (ICR, PAYE, SAVE) or the upcoming income-based Repayment Assistance Plan (RAP). They will instead be repaid under a fixed "standard" repayment plan.
3) Parent PLUS loans disbursed before July 1, 2026 (or if the student is already enrolled by this date) will continue to follow the "old rules" for a limited time (up to 3 academic years or until the program ends, whichever is shorter).
What this means:
1) The historic ability to borrow "up to Cost of Attendance" (COA) for the academic year is ending.
2) The new cap may cause a funding gap. It may be necessary to explore other funding sources.
3) The loss of IDR eligibility means fixed monthly payments, which may be difficult if income is unpredictable or the parent is nearing retirement.
Recommended action steps:
1) Check your loan status via your account at . Note if you have any existing Parent PLUS loans, their disbursement dates, and repayment plans.
2) Consider consolidating any un-consolidated Parent PLUS loans from before July 1, 2026 and, if eligible, select the income-driven repayment plan (IDR).
3) Develop a holistic financial plan if the student is attending after July 1, 2026. Consider outside scholarships, grants, savings, 529/college saving plans, part-time work, private loans, or payment plans.
4) Have open conversations about realistic college costs, expected borrowing, and repayment responsibilities between the parent and the student. Borrowing over the amount actually needed to pay for tuition and living expenses can create a debt that is difficult to repay after graduation.
5) Students may apply for a private loan. 鲍鱼tvhas a Preferred Lender List and you can review and compare lender options at .
how will i be affected by the discontinuation of the grad plus loan?
Grad PLUS loans will no longer be available for new borrowers after July 1, 2026.
Legacy Rule (through June 30, 2029):
You may continue using Grad PLUS IF
1) You receive at least one disbursement before July 1, 2026, AND
2) You remain enrolled in the same academic program
New Federal Unsubsidized Loan Borrowing Limits:
1) Graduate Students (Non-Professional including Nursing M.S.N., Biology Medical, and Physician Assistant programs)
- Annual: $20,500
- Lifetime: $100,000
2) Professional Students (Law, Medicine, Dental, etc.)
- Annual: $50,000
- Lifetime: $200,000
3) Overall Federal Lifetime Limit
- $257,500 (excludes Parent PLUS)
*These limits may not cover all program costs.
Repayment Options for Most New Borrowers (starting July 1, 2026):
1) Standard Repayment
- Fixed payments
- 10-25 year term
2) Repayment Assistance Plan (RAP)
- 1-10% of AGI
- Minimum $10 monthly payment
- $50 monthly principal credit per dependent child
- Forgiveness after 30 years
*SAVE, PAYE, and ICR will be phased out by July 1, 2028.
Borrowing Changes for Part Time Students:
Starting July 1, 2026, loan limits will be prorated (reduced) for students enrolled less than full-time.
What You Should Do Now:
Current students - Consider taking at least one Grad PLUS disbursement before July 1, 2026.
Future students (Fall 2026+) - Plan using new loan caps
All students - Estimate future repayment under RAP or Standard
Students may apply for a private loan. 鲍鱼tvhas a preferred Lender List and you can review and compare lender options at .
When will I receive my financial aid?
All disbursements are made by the Business Office. During fall and spring terms, aid will be disbursed 2 weeks after the first day of classes. During summer term, aid will be disbursed in early July on a date determined annually. If you choose to accept a Direct Loan, you must complete an Entrance Counseling and sign a Master Promissory Note online at the .
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. Your parent can apply for a Parent Plus loan at the . If you are a graduate student, you can apply for a Grad Plus loan.
Do I have to be a full time student to receive my financial aid?
You must be a full time student (12 hours per semester) to receive institutional scholarships. To receive a direct loan, undergraduate students must enroll for at least six hours and graduate students must enroll for at least four semester hours. The percentage of the student's Pell Grant that is disbursed will vary depending on the number of hours taken. The student must be in a minimum of 12 credit hours to receive the full amount of their Pell Grant. You must also be a full time student to receive MTAG, MESG, SSIG, HELP, William Winter and the Critical Needs Teacher Scholarship through the state of Mississippi.
what is the difference between subsidized and unsubsidized loans?
Direct subsidized loans are need based loans. The federal government pays the interest on these loans until after you graduate, withdraw, or enroll less than half-time. Direct unsubsidized loans are not need based. They begin to accrue interest once the loan is disbursed, and the borrower is responsible for all interest. Both subsidized and unsubsidized loans have repayment deferred until after graduation, withdrawal, or below half-time enrollment. For more information, please visit
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 .
If I move off campus, will my financial aid be affected?
If you move off campus, your scholarships will be replaced with commuter scholarships. The amount of your commuter scholarship is determined by your reported income on the FAFSA. Federal aid, state aid, and endowments will be unaffected.
Will I be able to use my scholarships for summer school?
Institutional scholarships are not awarded for summer school. Students can only use federal aid (Pell Grant and direct loans) and aid from outside organizations for the summer semester.
Do I have to apply for financial aid every year?
You must reapply every year for or financial aid. Institutional scholarships are automatically awarded if you meet the GPA and credit hour requirements.
how can i see my financial aid?
- Log into your My鲍鱼tvaccount
- Click "Student Accounts" on the left side of the screen
- Click "Financial Aid"
- Click "Award Offer"
- This will show your Estimated Cost of Attendance, scholarships, loans, and other aid.
If you have any questions regarding your aid and what you may be receiving, please contact our office.
when is the deadline to apply for state aid?
Residents of Mississippi are eligible for state aid. There are multiple grants that residents may qualify for.
The deadline to apply for MTAG and MESG is September 15. Additional documentation must be submitted by October 15.
The deadline to apply for the HELP Grant is March 31. Additional documentation must be submitted by April 30.
For more information regarding eligibility, please visit
If I receive a bill and my financial aid is not showing on it, what should I do?
Please contact us at financialaid@mc.edu or 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 are eligible to apply for state aid. To apply, you must submit an application to the at the Institutions of Higher Learning. You must apply each year. The State Student Financial Aid Office will determine your eligibility and send the award information to MC.
What does cost of attendance mean?
Federal regulations require the Office of Financial Aid to provide an estimated Cost of Attendance for students who apply for federal financial aid. This is only an estimation of what the Department of Education predicts will be the cost of living and schooling for each student that year. This is not the student's actual balance. Please view your bill to see what is actually owed. The estimated Cost of Attendance budget includes 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.
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. If a student who received a cash disbursement to assist with living expenses withdraws, he or she may be required to return money to the aid programs from which the money was awarded.
Service members receiving Military Tuition Assistance should review our military tuition assistance refund policy for information regarding the return of unearned benefits.
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 PLUS Loan
- Federal Pell Grants
- FSEOG and/or
- Other assistance under TITLE IV
When will I get my refund check if I am due one?
If you are due a refund, you will first need to select a refund preference with BankMobile Disbursements, a technology solution, powered by BMTX, Inc. Information will be sent to you prior to disbursement. If you do not receive information, contact the Business Office at 601-925-3306. The Business Office has 14 business days after disbursement to issue refunds.
For more information regarding selecting a refund preference, go to .
do i qualify for work study?
Please reach out to our office if you are interested in a job on campus. We will evaluate your account and determine if you are eligible for work study. You may come in person, call us at 601-925-3212 or email us at financialaid@mc.edu.
What if i think i wasn't awarded what i should have been?
To re-evaluate a student's eligibility, students can appeal by filling out a Professional Judgment Form.
