Financial Aid - How to Apply for Loans for the 2009/10 Academic Year

BEFORE APPLYING FOR A LOAN

• have completed the "Free Application for Federal Student Aid" (FAFSA).  
• have a completed financial aid file.
• be in good academic standing (see eligibility policies). 
• have a grade point average (GPA) of 2.0 or better if you have attempted classes at MCC before.

If not, the loan application will be denied and is considered no longer valid.  A new loan application will need to be submitted after you have met the above conditions.

HOW LOANS ARE DISBURSED

• Loans for returning students will be sent to MCC after the end of the 15 week (12 week for summer) course add/drop refund period (census date).  
• Loans for new students at MCC will be delayed at least 30 days after the semester begins.
• Loan funds are sent to MCC once a week after the census date.
• Loans will be sent in at least two disbursements. 

Please note - You must enroll and pass at least 6 credit hours during each semester of the loan period.  If not, your loan will be canceled.  If you don't establish at least half-time attendance, any monies paid on your account could be refunded to the lender and you may be responsible to repay any refunds received.

LOAN PROCESSING TIME FRAME

• Fall: October 15
• Winter: March 1
• Summer: June 1

MAXIMUM LOAN AMOUNT

  Dependent Student

• Freshman (0-29 MCC credits):  $3500 Base Stafford  + up to $2000 Additional Unsub
• Sophomore (30 MCC credits and above):  $4500 Base Stafford + up to $2000 Additional Unsub

• Freshman (0-29 MCC credits):  $3500 Base Stafford + up to $6000 Additional Unsub
• Sophomore (30 MCC credits and above):  $4500 Base Stafford + up to $6000 Additional Unsub

Note: Since MCC offers no degree beyond the Associates, no borrower will be classified higher than "sophomore" level.  You may not borrower more than twice at any one grade level (includes borrowing from other colleges). If you have less than 30 credit hours completed at MCC, you cannot exceed $7,000 in total base Stafford Loans.  If you have 30 credit hours or more completed at MCC, you cannot exceed $16,000 in total base Stafford Loans.

APPLY NOW - FEDERAL STAFFORD LOAN PROGRAM

FALL 2009 - SUMMER 2010 SEMESTER

You should consider a student loan only after your eligibility for all other types of financial aid has been determined.  All students requesting a Stafford loan using MCC's electronic loan process must complete the following steps: 

1. If this is your first loan at MCC, complete the on-line "Stafford Entrance Loan Counseling".  Allow 30 minutes to complete this step. Return to this page after completing Loan Counseling.

2. Complete an on line "Stafford Loan Request Application". You will need to create a user account in order to access this process.  Please record your user name and password for future use. 
   Several lenders will no longer provide Federal Stafford loans to students attending MCC.  The following lenders have agreed to offer loans to MCC students for the next school year.  *Please note, you may choose any FSL lender that will process loans for MCC. 

   1. Apply with Nelnet Academic Loan, Lender Code: 824573

   2. Apply with Union Bank & Trust Co, Lender Code: 808543

   3. Apply with Zions Bank as ELT for Nelnet, Lender Code: 829489

   4. Apply with Fifth Third Bank, Lender Code: 808780

   5. Apply with Sallie Mae Education Trust, Lender Code: 802218 

   6. Apply with Charter One Bank, Lender Code: 808140

   7. NO, I want to contact my own lender to apply for a loan and they have approved MCC to receive the loan.  I also understand that I need to complete the "Student's Lender - Stafford Loan Request Application". 

3. You will need to complete and E-Sign an on line Stafford Loan Master Promissory Note (MPN) with your lender.   You will need to create a second user account in order to access this process.  Please record your user name and password for future use.
   If you applied with one of the lenders above, you may link to the MPN from the last page of the loan request application (step 2) or link to the MPN here.
    
   

   1. Complete the MPN for Nelnet Academic Loan

   2. Complete the MPN for Union Bank & Trust Company

   3. Complete the MPN for Zions Bank as ELT for Nelnet

   4. Complete the MPN for Fifth Third Bank

   5. Complete the MPN for Sallie Mae Education Trust

   6. Complete the MPN for Charter One Bank

APPLY NOW - FEDERAL PARENT "PLUS" LOAN PROGRAM

1. Print, complete and submit MCC's 2009-10 PLUS Loan Application
2. Complete an On-line PLUS Master Promissory Note if you are using Nelnet Academic Loans. Click on the "APPLY" button for an Instant PLUS  Pre-Approval from NELNET.

 --------------------------------------------------------
Changes in the lender's policies and/or legislation no longer allow us to certify serial loans with some prior MCC lenders.  Please contact us if you don't see them listed above.

*If you don't wish to use one of the lenders listed above, please contact your lender for instructions on how to apply for a loan.  You will also need to complete the MCC "Student's Lender - Stafford Loan Request Application".
 --------------------------------------------------------

EXCEPTIONS TO LOAN POLICY

Exceptions to the MCC Loan Policy may be appealed in writing to the Director of Financial Aid, with extenuating circumstances specifically stated and supported with documentation.