Direct Loans for MCC students will nowbeprocessed through StudentLoans.gov
Students must fill out a FAFSA, complete the Verification Process and/or be offered a loan before any of the following apply.
- Be enrolled in at least six credits for each semester you wish to use loan funding. The six (6) credit minimum for loans applies to all semesters.
- Meet the current MCC Satisfactory Academic Progress (SAP) Policy
- Loan amounts will not exceed the maximum annual loan limits per Department of Education Regulations.
- Have completed a Master Promissory Notes (MPN) at studentloans.gov. Master Promissory Notes are valid for 10 years.
- Have completed Entrance Counseling at studentloans.gov.
- The minimum loan amount for students is $100 per academic year
- The determination of whether your loan is subsidized or unsubsidized is based on unmet need.
- All loans require a minimum of two (2) disbursements. If multiple semesters are requested the loan will be divided equally between the semesters selected to receive funds. If one semester is requested the loan will be divided equally into two disbursements within that semester.
- If you have a valid MPN and Entrance Counseling your Loan will be changed to an accepted status once you are registered for 6 or more credits. (please allow up to 5 business days once your MPN and Entrance Counseling are received by the school)
- If you would like to change or deny your loan you must fill out a Change Request Form in Student Financial Services. Please see the Important Dates of Financial Aid for the deadline date for Change Request Forms for each semester.
- Dependent Students
- First year undergraduate (< 28 credits earned) = $5500
- Second year undergraduate (> 28 credits earned) = $6500
- Independent Students
- First year undergraduate (< 28 credits earned) = $9500
- Second year undergraduate(> 28 credits earned) = $10500
- Lifetime Loan Limit for Undergrad:
- Dependent- $31,500 (of that, no more than $23,000 in subsidized)
- Independent- $57,500 (of that, no more than $23,000 in subsidized)
*Actual loan eligibility may be less than the annual maximum amounts based on the loan period the funds are requested for and other financial aid sources received during the loan period.*