A student loan is aid that is deferred until you’re out of school. You must pay it back.
Student loans are a form of financial aid that can help you pay for tuition, books, and living expenses while you're in school. MCC offers the following loans:
- Federal Direct Subsidized loan – a loan for students who have financial need as determined by the FAFSA. Interest is not charged on subsidized loans while you're in school at least half-time.
- Unsubsidized Direct loans – a loan that is not based on financial need. Interest is charged on the loan.
- Federal PLUS (Parent Loan for Undergraduate Students) loan – an unsubsidized loan for the parents of dependent students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
- Private Education Loan - Private loans are education loans that are not funded by the federal government. They are loans that are borrowed from private lenders (such as banks). Private loans may be borrowed alone, or as a supplement to your existing federal student aid package has long as your total award amount is lower than your Cost of Attendance. Unlike federal loans, private loans are subject to credit approval and usually have a higher interest rate. Students interested in applying for a private loan must meet Satisfactory Academic Progress and be registered a minimum of 6 credits.
- 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.
- Submit all requested forms, and/or documents, to the MCC financial aid office (your file must be complete).
- 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).
- Complete the Direct Loans Master Promissory Note.
- Be enrolled for 6 credit hours or more (at least half-time status).
- Maintain at least a half-time enrollment status (6 credit hours or more per semester)
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.
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.
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.
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.
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.
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.
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)