Chances of acquiring a scholarship are slim, but federal Pell Grants and loans are available, said Bruce Crain, director of financial aid and scholarships at Mississippi State University.

Crain recommends a student, regardless of which school admitted to, file a Free Application for Federal Student Aid online at www.fafsa.ed.gov. to determine eligibility for federal aid.

"If you're entitled to a Pell Grant, you'll receive it," said Juanita McKenzie Russell, director of financial aid at Alcorn State University.

Pell Grants do not have to be repaid. Interest rates on student loans vary depending on the type of loan.

September 15 is the deadline to apply for a Mississippi Tuition Assistance Grant and a Mississippi Eminent Scholars Grant, Crain said.

A Mississippi Tuition Assistance Grant provides up to $500 per year for eligible freshmen and sophomores and up to $1,000 per year for eligible juniors and seniors.

A Mississippi Eminent Scholars Grant provides up to $2,500 per year, not to exceed tuition and required fees at a public institution.

A student may apply for a Mississippi Tuition Assistance Grant and a Mississippi Eminent Scholars Grant online by accessing the Mississippi Office of Student Financial Aid at www.ihl.state.ms.us.

Jeanie Hughes, who handles client relations for Educational Services Foundation, a Mississippi-based non-profit organization that offers low-cost student loans, college planning services and scholarships, said rates on federal student loans change every July 1.

"The interest rate for a Stafford Loan is 2.82 percent," she said. "That is probably the lowest rate in 40 years."

Hughes said low interest rates have caused Educational Services Foundation to see an increase in students consolidating school loans.

Interest rates on consolidated loans range from 2.875 percent to 4.25 percent, she said.

"With a consolidated loan, the interest rate becomes a fixed rate and doesn't change annually," she said. "Because interest rates are so low, we're seeing people who want to lock in a low rate."

Hughes said every year there are students bound for college who have not taken time to consider exactly how they'll pay for tuition.

"They may know how they're going to pay for some of it, but not all of it," she said. "In some cases they haven't done all their paperwork. They may have applied but not heard."

Crain said MSU students awaiting notice of financial aid may enroll and pay their bill after classes start.

"They may incur a late fee," he said.

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