Federal Student Aid Programs

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Grants

Grants, unlike loans, do not have to be repaid. Click the links below to learn more about grant programs available for eligible students pursuing a postsecondary education.

NEW* - Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant (FSEOG)

The Academic Competitiveness Grant (ACG)

The National Science & Mathematics Access to Retain Talent Grant
(National SMART Grant)

Campus-Based Aid

Campus-based programs provide a certain amount of funds for each participating school to administer each year. When the money for a program is gone, no more awards can be made from that program for that year. So, make sure you apply for federal student aid as early as you can. Southern Miss priority deadline is March 15th. Southern Miss participates in the following Campus base programs.

Federal Supplemental Educational Opportunity Grants:

Federal Supplemental Educational Opportunity Grants (FSEOG) are for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFCs will be the first to get FSEOGs. Just like Pell Grants, FSEOGs don't have to be paid back. Typical award amount at Southern Miss is between $100 - $500.

Federal Work-Study :

Federal Work-Study (FWS) provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient's course of study. Typical award amount at Southern Miss is between $800 - $3,600 for undergrads and $1,800 - $6,000 for grads.

Federal Perkins Loan

A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Federal Perkins Loans are made through a school's financial aid office and promisory note must be signed in the business office. Your school is your lender, and the loan is made with government funds. You must repay this loan to your school. Typical award amount at Southern Miss is between $200 - $3,000 for undergrads and $200 - $4,000 for grads.

Stafford Loans (FFELs Loans)

The U.S. Department of Education administers the Federal Family Education Loan (FFEL) Program. The FFEL program consist of what are generally known as Stafford Loans (for students) and PLUS Loans for parents. Funds for your FFEL will come from a bank, credit union, or other lender that participates in the program. Southern Miss recommended lending list.

After your FAFSA is processed, your school will review the results and will inform you about your loan eligibility. You also will have to sign a promissory note, a binding legal document that lists the conditions under which you're borrowing and the terms under which you agree to repay your loan.

Subsidized Stafford Loan:

A subsidized loan is awarded on the basis of financial need. If you're eligible for a subsidized loan, the government will pay (subsidize) the interest on your loan while you're in school, for the first six months after you leave school, and if you qualify to have your payments deferred. Depending on your financial need, you may borrow subsidized money for an amount up to the annual loan borrowing limit for your level of study (see here).

Unsubsidized Stafford Loan:

You might be able to borrow loan funds beyond your subsidized loan amount even if you don't have demonstrated financial need. In that case, you'd receive an unsubsidized loan. Your school will subtract the total amount of your other financial aid from your cost of attendance to determine whether you're eligible for an unsubsidized loan. Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it's paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay.

Parents can borrow a PLUS Loan to help pay your education expenses if you are a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. PLUS Loans are available through the Federal Family Education Loan (FFEL) Program.

Parents must complete and submit a PLUS Loan application, available from your school, lender, or your state guaranty agency. After the school completes its portion of the application, it must be sent to a lender for evaluation.

Southern Miss Parent Plus loan lender list.