Mississippi Student Loans

If you plan on attending college or university in Mississippi, you’ll likely spend around $4,880 for in-state tuition and $12,165 for out-of-state tuition per year, according to College Tuition Compare.

There are a number of financial aid options available to you to help cover the cost of your education. First, consider all free forms of aid, such as grants and scholarships. This is your best starting point since these forms of aid do not need to be repaid.

Once you have considered all free options, student loans in Mississippi, whether from the federal government or a private lender, can help close the gap in funding.

On this page:

• Getting Student Loans for College in Mississippi
• Federal Student Loans in Mississippi
• Private Student Loans in Mississippi
• Recap of Mississippi Student Loans

Getting Student Loans for College in Mississippi

To increase the likelihood that you can find, apply for, and get approved for the student loans you need, there are a few things you’ll need to do:

1. 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.
2. 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, as well as any scholarship or grants awarded to you. The remaining balance will indicate how much you need to borrow in student loans.
3. Consider all federal loan options before moving onto private loans. When taking out student loans, the federal government should be your first choice. If you need to borrow more than the borrowing limit set by the government, you can then compare private lenders to close the gap.

Federal Student Loans in Mississippi

Mississippi student loans from the federal government are offered through the Department of Education. These loans come with benefits that are not typically available through private lenders. Some of these benefits include:

• Low rates. Interest rates are fixed and will be the same for every borrower who takes out the same type of loan, disbursed within the same set period.
• Multiple repayment options. Borrowers facing hardship can enter into deferment or forbearance to pause payments. There are also a number of income-driven repayment plans that are designed to make repayment more affordable.
• Student loan forgiveness. If you work for an eligible employer and participate in an income-driven repayment plan for long enough, you may be eligible for student loan forgiveness. This means that you are no longer required to repay your loan.

Types of Federal Loans

Here are some federal student loans available in Mississippi:

• Direct Subsidized Loans: These loans are available to undergraduate students with financial need. The government pays the interest on the loan while you’re in school at least half-time, for the first six months after you leave school, and during a period of deferment.
• Direct Unsubsidized Loans: These loans are available to undergraduate and graduate students with or without financial need. Borrowers are responsible for paying the interest on this loan at all times.
• PLUS loans: There are two types of PLUS loans. The parent PLUS loan and the Grad PLUS loan. The parent PLUS loan is for parents of dependent undergraduate students. The Grad PLUS loan is for graduate or professional students. To be eligible, you must not have an adverse credit history.

Private Student Loans in Mississippi

If federal student loans can’t cover all of your college expenses, private lenders can help fill the gap.

Most private lenders rely on your credit to determine eligibility. If you don’t have an established credit history, a creditworthy cosigner can help improve your application.

Here are some private lenders offering student loans in Mississippi.

College Ave

College Ave is our top-rated student loan lender and offers loans to undergraduates, graduates, and parents. If approved, you can choose the loan term that best fits your needs.

• Variables rates: 1.49% – 11.98%
• Fixed rates: 4.39% – 12.99%
• Rate reduction: 0.25% automatic payment discount
• Fees: Late payment fee of 5% of the unpaid amount or $25, whichever is less
• Cosigner release: After 24 on-time payments
• In-school repayment: Full principal & interest, interest-only, flat $25, or deferred payment
• Grace period: 6 months, but can apply for up to 6 more months

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Earnest

Earnest offers student loans to undergraduates and graduates. You can check your eligibility in 2 minutes, with no commitment or effect on your credit. Once repayment starts, borrowers have the ability to skip one payment once per year.

• Variables rates: 2.74% – 11.44%
• Fixed rates: 4.39% – 12.78%
• Rate reduction: 0.25% automatic payment discount
• Fees: None
• Cosigner release: Not available unless you refinance with the company
• In-school repayment: Principal & interest, interest-only, fixed $25, or deferred payment
• Grace period: 9 months

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Ascent

The information above is for the Ascent Non-Cosigned Credit-Based & Future-Income Based loans.

Ascent offers cosigned and non-cosigned student loans for undergraduates and graduates. If you don’t have an established credit history and can’t add a cosigner to your application, an Ascent Non-Cosigned loan can be a good option. You can check your prequalified rates without affecting your credit score. If you graduate, you can earn a 1% cash back reward.

• Variable rates: 3.17% – 13.92%
• Fixed rates: 3.98% – 14.92%
• Rate reduction: 0.25% automatic payment discount
• Fees: None
• Cosigner release: After 12 on-time payments
• In-school repayment: Interest-only, $25 flat, or deferred payment
• Grace period: 9 months

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Recap of Mississippi Student Loans

Lender/Loan	Loan Type	Rates (APR)
Direct Subsidized	Federal	2.75%
Direct Unsubsidized	Federal	2.75% or 4.30%
Parent PLUS	Federal	5.30%
Grad PLUS	Federal	5.30%
College Ave	Private	1.24% – 12.99%
Earnest	Private	1.24% – 12.78%
Ascent	Private	2.72% – 14.50%

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If you’d like to compare other options, you can see our picks for the best private student loans or learn more about state student loans.