Minimum Requirements

Students must fill out a FAFSA, complete the Verification Process and/or be offered a loan before any of the following apply.Additional information on Direct Lending and Loans at Federal Student Aid
  • Be enrolled at least six credits in each semester a loan is offered. 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 eligibility per Department of Education Regulations.
  • Have completed a Master Promissory Notes (MPN) at Federal Student Aid.
  • Have completed Entrance Counseling at Federal Student Aid.
  • Have completed Annual Student Loan Acknowledgement
  • Your Cost of Attendance, Expected Family Contribution, and other financial aid all help determine the loan program and loan amounts offered to you.
  • 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.

Smart Borrowing

Prior to accepting student loans, it’s important to understand the benefits and the consequences of assuming student loan debt, as well as, understand your responsibilities as the borrower.

Loan Awards

  • Loan stauses are changed by the student from offered to accepted, in ´MyBackPack´ under their financial aid offer.
    • This process for each semester is started roughly 2 weeks before the payment due date and is ran weekly throughout the semester.
    • Please see the Important Dates of Financial Aid for the payment deadline date for each semester.
  • If you would like to change loan amount, deny loans or request a new loan, log into MyBackPack, from the menu select Financial Aid Information > Financial Aid > Request a New Loan to make changes or a request. Please see the Important Dates of Financial Aid for the last date to submit a Change Request Form for each semester.

Loan Limits

This is the maximum amount you are allowed to borrow during a single academic year.

  • 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

    *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.*

  • 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)

Types of loans:

Subsidized Loan - A loan in which the federal government pays the interest while you are registered at least half-time (6 credit hours at MCC) in school, during your grace period, and during authorized deferments.

Unsubsidized Loan - A loan in which you are responsible for all the interest on the loan. You may choose to pay it as you go or let it accrue (build up) and pay it when you begin paying your loan back.

Loan Cancellation:

Students may cancel all or a portion of the loan(s) and have the canceled funds returned to the lender. Students must submit a Change Request Form to the Financial Aid Office within 14 days of the date of the disbursement if they want to cancel all or a portion of the loan. The student is responsible for any outstanding balances on their account once their loan is canceled or reduced.

Loan Repayment:

Repayment begins six (6) months after the student stops attending at least 6 credit hours. Please contact your loan servicer for details.

Loan Changes:

How To Make Changes to Offered Loans:

Loan changes can be made by logging into Student Forms; You will create an account if you do not already have one.

  1. From the site menu, navigate to "Other Docs".
  2. From the upper right hand corner, follow the link for "Manage Requests".
  3. On the "Financial Aid Change Form" row, choose a "+" icon under the appropriate year column. A text box will appear; please include a breif note as to why you are requesting this form.
  4. A new actionable item will appear; open this task to complete it.
  5. You must download the form, fill it out completely, and then re-upload it. If you do not fill out each section and sign, your request cannot be completed.

First Time Loan Borrowers

After July 1, 2013, first-time Direct Loan Borrowers will be subject to new regulation by the Department of Educations which limits Subsidized loan eligibility. In general, a student may not receive Direct Subsidized Loans for more than 150% of the published length of their program. Therefore, timely degree completion can help prevent extra costs incurred by borrowers who could lose the benefit of having the government paying the interest on their loan while in school.

Parent Loans for Undergraduate Students (PLUS)

Parents of dependent students can borrow from the PLUS Loan program. The PLUS Loan is a low-interest, unsubsidized loan available to parents to supplement their child's aid package, up to the school's cost of attendance.

To apply for the PLUS loan, the parent borrower must:

In order to be eligible the parent borrower must meet the following requirements.

  • Have an acceptable credit history (a credit check will be conducted)
  • Be a U.S citizen or eligible non-citizen
  • Not be in default on a federal student loan
  • Not owe a refund on a federal education grant

The maximum loan amount that can be requested is the student's cost of attendance minus any other financial aid the student receives.

Private Loans

In some instances, a student may not qualify for a Federal Direct Stafford Loan. For these students there are private loans available through private banks and credit unions. The student will need to contact these individual banks and credit unions for loan applications and exact terms and conditions. Mott's Financial Aid Office will certify the amount the student can borrow based on the student's cost of attendance minus any other financial aid the student receives.