Loans to Students

Miss. Code Ann. tit. 37, ch. 49
in effect

Miss. Code Ann. § 37-49-3 Definitions.

As used in this chapter: “person” means any individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity; “educational institution” means a university, college, community college, junior college, high school, technical, vocational or professional school, or similar institution, wherever located, approved or accredited by the state department of education for the purposes of this chapter, or by the appropriate official, department or agency of the state in which the institution is located; and “educational loan” means a loan or other aid or assistance for the purpose of furthering the obligor’s education at an educational institution.

Miss. Code Ann. § 37-49-5 Enforceability of written obligation of minor in consideration of educational loan.

Any written obligation that is not usurious signed by a minor sixteen or more years of age in consideration of an educational loan received by him from any person is enforceable as if he were an adult at the time of execution, but only if prior to the making of the educational loan an educational institution has certified in writing to the person making the educational loan that the minor is enrolled, or has been accepted for enrollment, in the educational institution and only if the making of said educational loan is approved in writing prior to the making thereof by at least one parent, legal guardian or person in loco parentis to said minor. The laws of the State of Mississippi regarding usury shall be applicable regarding all such loans.

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