Types of Financial Aid
Federal Financial Aid
For additional information concerning Federal Student Aid click here.
Pell Grant
A Federal Pell Grant, generally, does not need to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. How much you will receive depends on the expected family contribution (which is determined by the U.S. Department of Education) whether you are a full-time or part-time student and whether you attend school for a full academic year or less. The Free Application for Federal Student Aid (FAFSA) must be completed each year.
Supplemental Educational Opportunity Grant
A Federal Supplemental Educational Opportunity Grant is for undergraduates with exceptional need. An FSEOG does not need to be repaid. There is no guarantee that every eligible student will be able to receive an FSEOG; the student will be awarded on the basis of availability of funds at our school, with priority given to students who have lowest Estimated Family Contribution (EFC) and highest unmet need. To be considered for this award you must have a complete (FAFSA) on file at BMC. BMC priority filing date is March 1.
Teacher Education Assistance for College and Higher Education Grant (TEACH)
Teacher Education Assistance for College and Higher Education Grant (TEACH)provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. IMPORTANT: If you fail to complete the service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. The Free Application for Federal Student Aid (FAFSA) must be completed each year.
Iraq and Afghanistan Service Grant Program
Students may be eligible for the Iraq and Afghanistan Service Grant Program if they are not eligible for a Federal Pell Grant on the basis of Expected Family Contribution but meet the remaining Federal Pell Grant eligibility requirements, and their parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, and students were under 24 years of age or enrolled in college at least part-time at the time of the parent's or guardian's death. The Free Application for Federal Student Aid (FAFSA) must be completed each academic year.
William D. Ford Federal Direct Loan Program
To qualify for these loans, students must be enrolled at least half-time. Students may go to http://studentaid.gov for additional information on Direct Loan Programs such as maximum limits, annual limits, aggregate limits, sample repayment schedule, loan terms, etc.
Direct Subsidized Loan
The Direct Subsidized Loan is a low-interest loan made to students who demonstrate financial need based upon results from their Free Application for Federal Student Aid (FAFSA). Undergraduates may borrow $3,500 for the freshman year, $4,500 for the sophomore year, and $5,500 for the junior and senior years. Undergraduate students may borrow an aggregate limit of $23,000. Repayment begins after a six-month grace period once the student graduates, withdraws or drops below half-time status. Repayment may take as long as ten years.
Direct Unsubsidized Loan
The Federal Unsubsidized Direct Stafford Loan is a low-interest loan made to students and is not based upon financial need. Students may borrow a combination of Subsidized and Unsubsidized loans but may not exceed the annual or maximum loan limits. Repayment terms are the same as the Federal Subsidized Direct Loan.
Parent Loan For Undergraduate Students Direct Plus Loan
Parents of dependent undergraduate students may apply for a Direct PLUS Loan to help pay their child's education expenses as long as certain eligibility requirements are met. For a Direct PLUS Loan, the parent must complete a Direct PLUS Loan Application and Master Promissory Note (MPN) online at http://studentaid.gov. The student must also have a complete Free Application for Federal Student Aid (FAFSA) on file.
Federal Work-Study Program
The Federal Work-Study Program provides jobs to students with financial need, allowing them to earn money to help pay educational expenses. To apply for work study a student must complete the Free Application for Federal Student Aid (FAFSA). The federal work-study wage will be the current federal minimum wage. The federal work-study award depends on when the student applies, the level of need, and the funds available for our school.
STATE FINANCIAL AID
For additional information concerning Mississppi State Financial Aid, see http://www.msfinancialaid.org
MTAG - MISSISSIPPI RESIDENT TUITION ASSISTANCE GRANT
The Mississippi Tuition Assistant Grant (MTAG) is available for all majors--freshmen, sophomores, juniors, and seniors--who have been a state of Mississippi resident for at least one year, maintained at least a 2.5 GPA on a 4.0 scale, have scored at least 15 on the national ACT, and who have been in continuous full-time enrollment. This application is to be completed annually on-line at http://www.msfinancialaid.org. Application deadline is September 15 of each year. You may also view complete eligibility requirements and other information on this site.
MTAG awards may be up to $500 per academic year for freshmen and sophomores and $1,000 per academic year for juniors and seniors. Funds will be made available to eligible participants for eight semesters or the normal time required to complete the degree program, whichever comes first. MTAG awards are subject to pro-ration which means that award amounts may be less than the amounts stated above.
MESG - Mississippi Eminent Scholars Grant
The application for Mississippi Eminent Scholars Grant (MESG) is the same as for MTAG. However, to qualify first-time applicants must be entering freshmen with at least a 3.5 high school GPA on a 4.0 scale and a national ACT score of at least 29. This application is to be completed annually on-line at http://www.msfinancialaid.org. Application deadline is September 15 of each year. You may also view complete eligibility requirements and other information on this site.
MESG awards may be up to $2500 per academic year, but may not exceed tuition and required fees at the attending institution. No student may receive an MESG for longer than the equivalent semesters required to complete one bachelor's degree or eight semesters, whichever comes first.
HELP – Higher Education Legislative Plan for Needy Students
The Higher Education Legislative Plan for Needy Students (HELP) is available for freshmen, sophomores, juniors, and seniors--who have been a state of Mississippi resident for at least two years, maintained at least a 2.5 GPA on a 4.0 scale, have scored at least 20 on the national ACT, and met specific high school core curriculum and income limitations. This application is to be completed annually on-line at http://www.msfinancialaid.org. Application deadline is March 31 of each year. You may also view complete eligibility requirements and other information on this site.
INSTITUTIONAL FINANCIAL AID
College Work-Study Program
This is a Campus-Monitored Work-Study Program which offers on-campus jobs for students who do not qualify for federal work-study. To apply for work study a student must complete the Free Application for Federal Aid (FAFSA). Students are paid monthly. The availability of jobs depends on funds available, student skills, and needs of campus departments.
Scholarships
The Office of Financial Aid posts all Scholarships. For scholarship information, click here. For more information on deadlines and any other questions, you may contact the Office Financial Aid at 662-685-4771 (Ext. 141) or financialaid@39y8.net.
Graduates or employees of NICS/OASIS schools
A 40% tuition discount for graduates of NICS/OASIS schools (for undergraduate degrees), and a 20% tuition discount for the employees of NICS/OASIS schools (for graduate degrees). There will be additional scholarship opportunities for the children of faculty and administrators of NICS/OASIS schools.
