Important Loan Information

Entrance Counseling

Federal Direct Student Loan Counseling

Student loan borrowers at MCC are required to complete online Loan Entrance Counseling every academic year they borrow a Federal Direct 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 of who has completed the online Entrance Counseling, on a daily basis.

Loan Disbursements

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 5 days after the start date of the 6th credit hour.

Loan Award Amounts

Federal Direct Loans

Student loan amounts offered are based on the student’s grade level at MCC. Freshman students will be offered $1750 per semester ($3500 for the academic year). Sophomore students will be offered $2250 per semester ($4500 for the academic year). Only freshman and sophomore grade levels are recognized at MCC. If a student needs more loan funds than they have been offered, additional loan funds can be requested online by completing the Additional Unsubsidized Loan Request on the Student Loans webpage. For more information on loan amounts please visit

Private Loans

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.

Federal Student Aid History is a central database that tracks your Title IV federal student aid history. Your federal financial aid history which included pell grants and federal student loans can only be accessed and reviewed by you and authorized agencies including lenders, educational institutions, and loan servicers. All Title IV loans, PLUS Loans, and federal grant information will be submitted to To view your financial aid history go to

What is a Cohort Default Rate (CDR)?

When a school has 30 or more borrowers who begin repaying their loans in a fiscal year, their cohort default rate is determined by the percentage of borrowers who defaulted or fulfill other specified conditions on certain types of federal loans, such as William D. Ford Federal Direct Loans and Federal Family Education Loans (FFELs) before the end of the second fiscal year following their repayment start date.

Average Rate Calculation: The denominator for the average cohort default rate is the number of borrowers who entered repayment in the current cohort fiscal year and the two preceding cohort fiscal years. The numerator for the average cohort default rate is the number of borrowers who entered repayment in the current cohort fiscal year or either of the two preceding cohort fiscal years and who defaulted or met the other specified condition in the cohort default period for the cohort fiscal year in which they entered repayment.

To learn more, visit's Understating Delinquency and Default page.

MCC's Cohort Default Rates for the last three calculated Cohort years:

MCC's Cohort Default Rate
FY2017 FY2018 FY2019
Default Rate 15.3% 11.2% 4%