Student Loans
BEFORE APPLYING FOR A LOAN
In order for us to approve a loan request, you should…
- Have completed the Free Application for Federal Student Aid (FAFSA).
- Have a completed financial aid file.
- Be in good academic standing (see eligibility policies).
If not, the loan application will be denied and is considered no longer valid.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 and Refunded
- Loans will be sent in at least two disbursements per semester. For example, a loan requested for the fall and winter semesters will be divided into four equal disbursements:
- Two disbursements for fall semester
- Two disbursements will be scheduled for winter semester
- If tuition, fees and bookstore charges are greater than the first loan disbursement, your refund will not be issued until the second loan disbursement of the semester is received.
- You must be attending your classes and meet all eligibility requirements at the time of disbursement.
- Loans for new students at MCC will be delayed at least 30 days after the semester begins.
- For late applicants, loan funds are sent to MCC weekly after the census date.
- Refunds are handled through the Financial Services Office and will be released by check or direct deposit within 10 business days after disbursement.
IMPORTANT – You must be enrolled for at least 6 credits by the semester’s census date (end of the 15-week (12-week Summer) course add/drop refund period) and pass at least 6 credit hours during each semester of the loan period. If not, your future loan disbursements 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. If you withdraw and/or fail all of your classes in a semester, you may be responsible to repay some or all of your entire loan immediately.
Loan Processing Time Frame
Average processing time for a student loan is four to six weeks. Processing time may exceed six weeks during peak periods. You must have a completed aid application on file before we can review your loan request.
If your loan request is received after the deadline dates listed below, the application might not be able to be certified at all:
- 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
Independent Student
- 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
CLICK HERE for updated information regarding loan limit for new borrowers!
Note: Since MCC offers no degree beyond the Associates, no borrower will be classified higher than “sophomore” level. *Since Muskegon Community College is so concerned about increasing student loan defaults and high debt levels of student borrowers, we offer addition loan counseling and finance information. If you have less than 30 credit hours completed at MCC, you should contact the financial aid office if you exceed $7,000 in total base federal student loans. If you have 30 credit hours or more completed at MCC and over $16,000 in total base federal student loans, you should contact the financial aid office.
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Federal Direct Student Loan Program
You should consider a student loan only after your eligibility for all other types of financial aid has been determined. To apply for a loan, all students must complete all of the following three steps:
ENTRANCE COUNSELING
If this is your first loan at MCC, you will need to complete an online student loan counseling session. You “Sign In” to the site using your federal FSA ID login information. This is the same login information you used when completing your FAFSA. Choose the “Complete Entrance Counseling” link to fulfill this requirement. This is a one time requirement at MCC. Allow 30 minutes to complete this step.
Master Promissory Note (MPN)
If this is your first Federal Direct Loan, even if you have borrowed before through the FFELP program, you will need to complete an online Direct Loan Master Promissory Note (MPN). You “Sign In” to the site using your federal FSA ID login information. This is the same login information you used when completing your FAFSA. Choose the “Complete Master Promissory Note” link to fulfill this requirement. The MPN is good for future loans up to 10 years. Allow 20 minutes to complete this step.
MCC’s Federal Direct Loan Request Application
If you wish to receive a student loan, you must complete a loan request application. Please log into your MyMCC account, click on “Self-Serve” then click “Financial Aid Office” and look under “Resources/Form Links” for a link to the Fall-Summer Loan Request Form. You must use MS Internet Explorer, MS Edge or Firefox to access. This step is required every time you wish to request a Federal Direct Loan.
Fall 2024 – Summer 2025 Loan Request Form – now available under “Form Links” on MyMCC Financial Aid Checklist.
To learn more about the terms, conditions and repayment of the Federal Direct Student Loan Program, visit their web site at studentaid.gov.
To see your prior loan history, visit nsldsfap.ed.gov
APPLY NOW – FEDERAL PARENT “PLUS” LOAN PROGRAM
Complete the below steps to apply for a Parent PLUS loan. Remember, the parent is the borrower, not the student.
Fall 2024 – Summer 2025 Parent PLUS Loan Application
Print, complete and submit this parent loan application to the Student Welcome Center
Complete the On-line PLUS Master Promissory Note
– The parent borrower will need to “Sign In” to the Federal Student Loan Web site using their federal FSA ID information. This is the same information you used when completing your son/daughter’s FAFSA. You must complete a credit check within 90 days of your request.
Alternative/Private Loans
MCC does not participate in the alternative/private loan programs.
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.
Exit Loan Counseling
Students who borrow under the Federal Direct/Federal Family Education Loan Program are required to complete Exit Loan Counseling. If you are about to graduate, drop below six credit hours during a semester or otherwise leave school, click on the link below to fulfill this requirement.
The federal government requires that we inform you of the average indebtedness of MCC students who are loan borrowers. A total of 544 students borrowed $2,206,173 for the period of enrollment from July 1, 2017 through June 30, 2018. The average loan amount paid was $4,055 per student. This debt per student would result in a monthly payment of approximately $50.00.
If you have any questions as you complete the counseling requirements, you may contact the financial aid office at 231-777-0228. Also, the Direct Loan Exit Counseling Guide, published by the U.S. Department of Education, is an excellent publication to save for reference. Finally, the U.S. Department of Education has a Student Loan Ombudsman’s Office. This office was established to help resolve disputes between borrowers and their schools, lenders, guarantors, or loan servicers. The Ombudsman’s office can be contacted at 1-877-557-2575.
