Mott Community College participates in the Federal Family Education Loan Program (FFELP). These loans are low interest, long-term loans available to qualifying students and their parents that must be repaid. The loan program includes:

Students may be eligible for loan consideration if they meet the following criteria:

• You have a current 2008-2009 FAFSA application and all supporting documentation on file in the Student Financial Services office.
• You are a citizen or a permanent resident of the United States or an eligible non-citizen.
• You are accepted for enrollment and will be enrolled for at least six (6) credit hours each semester in the requested loan period.
• You are making satisfactory progress toward a degree or certificate.
• You are not in default as a borrower or cosigner on any educational loan or do not owe a refund on an educational grant.
• You have demonstrated unmet need.
• Online Entrance Loan Counseling is completed and forwarded to MCC.

Loan Limits – the maximum annual loan limits are as follows:

Dependent Students (subsidized + unsubsidized)
First year undergraduate = $3500 (less than 28 credits earned)
Second year undergraduate = $4500 (28 credits or more earned)

PLUS = Cost of attendance minus any financial aid awarded to the student.

Note: A dependent student may be eligible for an additional unsubsidized loan of $4000 if their parent has been denied a PLUS loan due to an adverse credit history.

Independent Students (subsidized + unsubsidized)
First year undergraduate = $7500
(only $3500 may be in subsidized loan)
Second year undergraduate = $8500
(only $4500 may be in subsidized loan)

Actual loan eligibility may be less than the annual maximum based on the loan period the funds are requested for and other financial aid sources received during the requested loan period.

TO APPLY FOR STAFFORD STUDENT LOANS COMPLETE THE FOLLOWING STEPS :

		2007-2008		(July 2007 - June 2008)
1.	Complete the		or		indicating:
		2008-2009		(July 2008 - June 2009)

2.

Complete the

Please skip STEP 2 if you received a student loan at Mott after June 2003.

Preferred Lenders:
The following lender is on Mott’s preferred list:

• Nelnet Academic Loan

• Waiving the last 5 payments after timely regular monthly payments are made during the life of the loan.
• Waiving an additional 2 payments if the borrower signs up for KwikPay.

For additional borrower benefit information, contact Nelnet at 1-877-804-3603.

Selecting a Lender:
Although you are not required to select a lender from our preferred lender list, we encourage you to do so to ensure timely electronic processing of loan funds to your student account at Mott. Choosing to borrow from a lender not on our preferred list will extend the processing time and receipt of funds for your loan due to the manual process involved with non-preferred lenders. If you choose to borrow from a lender not on our preferred lender list, please contact the lender directly to initiate the completion of an electronic loan application or Master Promissory Note (MPN) with them.

3.

Complete the

Please skip STEP 3 if you've already completed an Entrance Loan sesson at Mott.

MCC will notify the student or parent borrower once their loan application has been certified and forwareded to the selected lender for approval. The lender (or its servicer) will send a Notice of Guarantee and Disclosure Statement to the student or parent borrower indicating the approved loan amounts, fee charges, and anticipated dates the funds will be disbursed to the college.

If the student drops below six (6) credit hours of enrollment in a semester they are to receive the loan, they may be ineligible for future loan disbursements and the reinstatement of loans will be at the discretion of the College. All credit extended will be the student's responsibility.

Once the loan disbursements have been sent to the college, the funds will be deposited into the student's account and available to pay on-campus educational expenses incurred. After the refund period for the semester has ended and the student's enrollment and attendance has been verified, any residual funds will be issued and mailed directly to the loan borrower's address on our system. Be sure to make address changes through the Registration Office to ensure receipt of any residual check.

Remember – Student's must be enrolled for a minimum of six (6) credit hours each semester in their requested loan period to be eligible for loan funding (This includes Spring and Summer semesters if they are part of the loan period).