Applying for a Student Loan

To apply for a Federal Stafford Student Loan, the student must first complete a FAFSA (Free Application for Federal Student Aid) for the school year in which they plan to attend. Once the FAFSA has been received by NEMCC, the Financial Aid Office will mail the student a letter informing them which packet to print out and return to the Financial Aid Office. Instructions are given on this form on how to apply for a student loan. The student will accept the loan from within MyNEMCC.

The student must also complete the Loan Entrance Counseling and a Master Promissory Note (MPN) at the Federal Student Loans website before the loan can be disbursed. The student will then be notified of the amount that has been awarded by an Award Letter. Loan funds will not be disbursed to students until 30 days after the beginning of the first term of the loan period. All of the above-mentioned tasks must be completed before the student receives funds.

(For Spanish Versions of the FAFSA and Federal Student Loan sites, select Espanol in the upper right corner of the FASFA/Student Loans website)

Federal Direct Stafford Loan "Subsidized"

This is a low-interest loan made to students by a lender such as a bank, credit union, or savings and loan association, to help pay for their education after high school. These loans are available for undergraduate and graduate students. Undergraduate students may borrow up to $3,500 a year as a first-year student, $4,500 as a second-year student, and $5,500 as 3rd- and 4th-year undergraduate students. As with all need-based programs, eligibility must be established.

You may apply for a Federal Stafford Loan at Northeast if you are already enrolled, in good standing, and making satisfactory academic progress, or if you have been accepted for enrollment on at least a half-time basis. Federal Direct Stafford Loan checks will not be disbursed to students until 30 days after the beginning of the first term of the loan period. Student tuition and fees are deducted from the first financial assistance – loan, grant, scholarship, etc. – received by the college.

Federal Direct Stafford Loan "Unsubsidized"

This is a loan for students who may not qualify, in whole or in part, for the “subsidized” Stafford Loan based on need as determined by the Free Application for Federal Student Aid. The terms and conditions are generally the same as the “subsidized” Stafford Loan, except that the borrowers are responsible for interest that accrues while they are in school. Eligibility for the “subsidized” Stafford Loan must be determined before a student can apply for an “unsubsidized” Stafford Loan.

The maximum amount a student can borrow each year in Direct Subsidized and Unsubsidized Loans depends on the student’s grade level and on whether the student is a dependent student or an independent student.

The following table shows the maximum amount of money that may be borrowed each academic year in Direct Subsidized and Unsubsidized Loans:

Maximum Loan Amounts
  Dependent Student Independent Student
1st-year undergraduate $5,500 (maximum $3,500 subsidized) $9,500 ($3,500)3
2nd-year undergraduate $6,500 ($4,500) $10,500 ($4,500)
3rd- and 4th-year undergraduate $7,500 ($5,500) $12,500 ($5,500)
Graduate/professional NA (All graduate and professional students are considered independent.) $20,500 ($8,500)

If the parent borrower is denied a Direct Parent PLUS loan, the dependent student may be eligible for an additional Direct Unsubsidized Loan. However, if the parent borrower is later approved for the Direct PLUS loan, or another parent borrower is later approved, the dependent student will no longer be eligible for the additional Direct Unsubsidized Loan.

The actual loan amount a student is eligible to receive for an academic year is determined by the school and may be less than the maximum annual amounts shown in the chart above. Below are the aggregate (total) limits for Direct Subsidized and Unsubsidized Loans:

  • $31,000 for dependent undergraduate students excluding those whose parents are unable to borrow a PLUS Loan (no more than $23,000 may be subsidized)
  • $57,500 for independent undergraduate students and dependent undergraduates whose parents are unable to borrow a PLUS loan (no more than $23,000 may be subsidized)
  • $138,500 for graduate or professional students (no more than $65,500 may be subsidized; includes loans for undergraduate study)

These aggregate limits include both Direct Subsidized and Unsubsidized Loans and any subsidized and unsubsidized Federal Stafford Loans received through the Federal Family Education Loan (FFEL) Program. With a Direct PLUS Loan, a graduate/professional student or the parent of a dependent student can borrow up to the cost of the student’s attendance minus other financial aid the student receives.

Lending Principles Student Loan Code of Conduct

Northeast Mississippi Community College recognizes that ensuring the integrity of the student financial aid process is critical to providing fair and affordable access to higher education. The Student Loan Code of Conduct is designed to avoid any potential for a conflict of interest between the University and its students or their parents, with respect to its interaction with student loan providers, servicers, and guarantee agencies. 

Private Loan Counseling and Preferred Lenders

Northeast Mississippi Community College does not have a list of specific lenders the institution recommends, promotes, or endorses for private education loans.

Students interested in applying for a private loan may learn more information at

Private Loan Counseling will be provided and collected by the Private Lender at the time of application.

Non-Discrimination Policy

In compliance with Title VI of the Civil Rights Act of 1964; Title IX, Educational Amendments of 1972 of the Higher Education Act; and, Section 504 of the Rehabilitation Act of 1973, as amended, the Board of Trustees of Northeast Mississippi Community College has adopted this policy assuring that no one shall, on the grounds of race, color, age, national origin, or sex, be excluded from participating in, be denied the benefits of, or otherwise be subjected to discrimination in any program or activity of the College. Northeast Mississippi Community College adheres to the principle of equal educational and employment opportunity without regard to race, sex, age, color, creed, or national origin. This policy includes the qualified handicapped and extends to all programs and activities supported by the College. The Section 504 Coordinator is Leigh Ann Stewart, Wright Hall 662.720.7192 and the Title IX Coordinator is Liz Roark, 662.720.7223.