The University of Mississippi/Robert Noyce Teachers for a New Tomorrow (UM/Noyce TNT) Forgivable Loan Program seeks to encourage talented science, technology, engineering, and mathematics (STEM) majors and professionals to become secondary mathematics and science teachers. The UM/Noyce TNT Forgivable Loan Program supports both undergraduate and graduate students who commit to teaching in any public school in Mississippi (or in a high-need school district in any other state) upon completion of their teacher education program.
Requirements for Graduate Applicants – Graduate students must have a bachelor’s degree in a science, technology, engineering, or mathematics field as approved by NSF and must enroll full time in the University of Mississippi’s School of Education’s Master of Arts in Curriculum and Instruction (MACI) program and obtain a 7-12 grade teacher certification in science or mathematics. Those already certified as a K-12 teacher are not eligible.
Private Loan Regulations (Title X of the Higher Education Opportunity Act)
As of February 14, 2010, both private lenders and institutions offering private loans to students must comply with a new set of regulations per the Federal Reserve Board.
Under the new laws, an institution offering private loans for postsecondary educational expenses (i.e. McKinstry Loans, Health Profession Student Loans, etc.) must first provide a disclosure about loan terms and features at the time of application and must disclose information about federal student loan programs that may offer less costly alternatives. If the initial application reaches an approval status, a second loan disclosure statement must be provided to the student at that time. If a student accepts the loan terms provided in the second disclosure statement, athird final disclosure must be provided when the loan is consummated.
An additional piece of the new private loan regulations requires an applicant to complete a “self-certification form” and return it to the institution before the loan may be approved. The “self-certification form” may be found here, then return the completed form to the institution. If you need assistance completing the form, please visit the Office of Financial Aid at Ole Miss.
Last, an institution must provide the student with a 3 day rescission or “right-to-cancel” period after the final loan disclosure form is sent to the student. The 3 day rescission period means that once the school has certified your loan and it is ready to be disbursed, there is a mandatory 3 business day waiting period before the institution may disburse the loan funds
Below is an example of what to expect if you apply for a private loan:
If you have any questions related to the new regulations, please visit our office.
Noyce Loans are up to $20,000 per academic year not to exceed the students cost of attendance as determined by the Office of Financial Aid. .
The interest rate is computed at the rate of 3% per annum simple interest on the unpaid balance.
Submit application to the Center for Mathematics and Science Education. Application can be downloaded at umcmse.com/noyce. Students must also complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.
If your aid includes a Noyce Loan, processing will include the following steps.
The loan proceeds will be processed through the Office of Financial Aid. Funds will credit first to your Bursar bill and any excess funds will be mailed to your permanent address or directly deposited to your personal account.