Student Loans

If you're interested in student loans there are a few things you must do.

  1. Complete the FAFSA (Free Application for Federal Student Aid). Make sure you say you are interested in student loans on your FAFSA and that you added MCC as the school to receive your FAFSA information.
  2. Submit all requested forms, and/or documents, to the MCC financial aid office (your file must be complete).
  3. Do the Entrance Counseling session (if you've already completed an entrance counseling session for MCC in the past and we have record of it, then you do not need to do it again).
  4. Complete the Direct Loans Master Promissory Note.
  5. Be enrolled for 6 credit hours or more (at least half-time status).
  6. Maintain at least a half-time enrollment status (6 credit hours or more per semester)

Entrance Counseling

All first time borrowers at MCC are required to complete an online entrance counseling session before a federal student loan can be disbursed. The Entrance Counseling will help you understand the basics about your federal student loan and provide advice that can save you time and money in managing your student loans.

Start an Entrance Counseling session

Determining Need

Financial Need is determined by taking a student's Cost Of Attendance (COA) minus their Expected Family Contribution. COA - EFC = Financial Need.

Cost of Attendance (COA) is an approximation of what it will cost to attend MCC for one year. The COA for MCC is established for every student that applies for Federal Student Aid and is determined by many factors including, but not limited to, enrollment status, residency status, and living situation.

When a student submits a FAFSA, the federal processor uses the information provided to calculate the student's Expected Family Contribution (EFC).

Private Loan Entrance Counseling Requirement

Beginning July 1, 2009,  students who wish to receive a Private/Alternative Education Loan will be required to complete a Private Education Loan Applicant Self-Certification and a mandatory online Entrance Counseling Session specifically for Private and Alternative Loan borrowers. This session is designed to help you make the right choices in securing additional or private loans.

We are notified on who has completed the online Entrance Counseling, on a daily basis.

30-Day Delay

All first time student loan borrowers, who have never had prior college attendance, will receive their first loan disbursement no earlier than 30 days after the start of the semester.

Dual Disbursements

Federal student loans at MCC are released in two disbursements within the loan period. Students with full year awards will receive one disbursement in the Fall semester and one in the Spring. One semester loan awards will also be released in two disbursements. One after the beginning of the loan period and one midway through.

Late-Start Classes

For loan funds to be disbursed students must be registered in 6 credit hours that have starting dates the first week of the semester. If you will not be actively enrolled in 6 credit hours until later in the semester, your financial aid check will be held until the starting date of the 6th credit hour.

Loan Award Amounts

MCC offers all loan awards for the maximum amount the student is eligible for. Refer to the Cost of Attendance page for more. These amounts can be affected by grade level, dependency status, other aid offered, and loans received at other schools earlier in the same award year.

Direct Plus (Parent Loan for Undergraduate Students) Loan

A PLUS Loan is an unsubsidized loan parents of dependent students (students who must provide parent data on their FAFSA) can borrow for their child's educational expenses.

To apply for a PLUS loan:

  • you must be the biological, adoptive, or step, parent of the student for whom you are borrowing the loan
  • your child must be attending MCC and be enrolled in 6 credit hours or more
  • you must complete the PLUS Loan application and a Master Promissory Note (if you are a first-time PLUS Loan borrow)
  • you must agree to a credit check (adverse credit history may require an endorser)

 

More information on the PLUS Loan

Loan Cancellations

If your enrollment falls below 6 credit hours at MCC, all remaining loan disbursements will be canceled.

If You Fell Below Half-time Status

If you're attending MCC and you fall below half-time enrollment (6 credit hours) for a semester and wish to keep, or reinstate, your student loan(s) for the following semester, you are required to complete the loan exit counseling. Even if you are staying here at MCC.

Complete the online Exit Counseling

Loan Defaults

What is a loan default? How can you prevent defaulting? Find out here.

You can review the MCCCD administrative regulations governing Student Financial Assistance here.