Student Loans

Student loans are available to students who need additional funding to help cover the cost of attending college.  

To be eligible for a federal student loan you must meet the basic eligibility criteria for Federal Student Aid and the following:

  1. MCC must have your FAFSA information

  2. All items on your Student Center To Do List must be completed

  3. You must be enrolled for 6 credit hours, or more

  4. You must maintain enrollment of 6 or more credit hours per semester

Once you’re out of school, student loans must be repaid. However, the interest is typically lower than consumer rates.

MCC offers the following loans:

  • Federal Direct Subsidized loan – You must have financial need to be eligible for a subsidized loan.  The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school for at least half-time enrollment, and for the first 6 months after you leave school.
  • Unsubsidized Direct loans – There is no requirement to demonstrate financial need. The U.S. Department of Education will not pay interest on an Unsubsidized Loan.
  • Private Education Loan -  Nonfederal loans made by a lender such as a bank, credit union, or state agency.  Requirements to receive a private loan at MCC:
  • You must apply for a private loan and meet the credit requirements
  • You must be meeting Satisfactory Academic Progress 
  • You must be enrolled in a minimum of 6 credits per semester in which you’ll receive private loan funds

The private loan amount you can borrow will depend on your Cost of Attendance and the amount of other aid you’ve been offered.  We recommend that you start with federal student loans due to the benefits they offer.  Compare the difference between federal and private loans.

Other Important Loan Information

Entrance Counseling

Student loan borrowers at MCC are required to complete online Loan Entrance Counseling every academic year they borrow a student loan.  Failure to complete loan entrance counseling will prevent you from receiving your loan funds.  When you accept a student loan, the Loan Entrance Counseling item will be added to your Student Center To Do List.  You can click on the To Do List item for information and the link to complete the loan counseling. 

Private Loan Entrance Counseling Requirement

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

If you’re a freshman, first-time, student loan borrower, your 1st loan disbursement will be applied to your student account 30 days after the start of the semester.

Dual Disbursements

Federal regulations require student loans to be released in 2 disbursements within the loan period. If your loan period starts in the fall semester and ends in the spring semester, you will receive your 1st disbursement in the fall semester and the 2nd disbursement in the spring semester.  One semester loan awards will be released in two disbursements within the semester; one after the start of the semester and one in the middle of the semester.

Late-Start Classes

Students must be registered in 6 credit hours that have starting dates the first week of the semester for financial aid funds to be disbursed.  If you are not actively enrolled in 6 credit hours, your financial aid funds will be held until the 5 days after the start 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.