for MCC students areprocessed through StudentLoans.gov
Students must fill out a FAFSA
, complete the Verification Process and/or be offered a loan before any of the following
- 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 studentloans.gov.
- 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
- 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.
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 statuses are changed by the Student Financial Services Office from offered to
accepted when the student has completed Entrance Counseling, signed the Master Promissory
Note, and is registered for 6 or more credits for their first semester of the year.
- 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 or deny your loan you must fill out a Financial Aid 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
*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.
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 Student Financial Services 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 that are on their account once their loan is canceled or reduced.
Repayment begins six (6) months after the student stops attending at least 6 credit
hours. Please contact your lender for details.
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.
- Student Qualifications for PLUS 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 Student Financial Services
will certify the amount the student can borrow based on the student's cost of attendance
minus any other financial aid the student receives.