Loan Requirements

Interested in Loans?

To be eligible for Federal Student Loans, you must complete the FAFSA, submit all documents requested by the MCC Financial Aid Office and be registered for 6 or more credit hours at MCC. First time MCC borrowers must complete the online Entrance Counseling session.

Loan Basics

1. You must first be awarded (offered) student loans - wait for your award letter.


2. Choose a lender from the lender list here. If you do not see your lender listed it is because they are no longer participating in the Federal Student Loan Program at MCC.


3. If you choose to use a lender not on our lender list you will need to provide us with a school certification form from your lender. The certification can be done online, by fax or on paper. Please check with your lender to see if they participate in FFELP*.


4. First time borrowers must complete the Entrance Counseling and be enrolled in at least 6 credit hours at MCC to receive their funds.


5. Private/Alternative Education Loan Students are required to completes an On-Line Entrance Counseling Session specifically for Private and Alternative Loan borrowers. This session is designed to help you make the right choices in borrowing additional loans.


6. Complete the mandatory Master Promissory Note online here.


7. Complete the exit loan counseling. All MCC students who fall below half-time enrollment (minimum 6 credit hours) for a semester and wish to reinstate their financial aid for the following semester at MCC are required to complete the exit loan counseling. Complete the online Exit Counseling.

Entrance Counseling

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.

Click here to start the the Entrance Counseling session.

Private Loan Entrance Counseling

Beginning July 1, 2009,  students who wish to receive a Private/Alternative Education Loan will be required to complete an On-Line 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 a daily basis as this requirement had been completed.

30-Day Delay

All first time student loan borrowers, with less then 30 credits completed at MCC or transferred in from another college, will receive their first loan disbursement no earlier than 30 days after the start of the semester. This applies to Stafford and Perkins loans.

Dual Disbursements

Federal student loans must be issued in two disbursement for your loan period. Full year awards will receive one disbursement in the Fall semester and one in the Spring. Students awarded for one semester only will receive two disbursement within that semester

Late Start Classes

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.

Loan Award Amounts

MCC offers all loan awards for the maximum amount the student is eligible for. These amounts can be affected by grade level, dependency status, other aid offered, VA educational benefits and loan funds received at other schools earlier in the same award year. At your request, we will reduce the amount of your loans. Remember, one day you will have to pay them back.

Loan Cancellations

If your enrollment falls below 6 credit hours at MCC, all remaining loan disbursements will be canceled.

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Possible Additional Funds

Eligible Independent students in the Changes in the Federal Student Loan process may qualify to receive up to $6000 of additional UFSL funds for the academic year. Dependent students may now be eligible for up to $2000 additional UFSL funds. To request additional unsubsidized loans you:

• You must first be awarded (offered) student loans - wait for your award letter.
• Must have completed a new Master Promissory Note (MPN) for the academic year AFTER you've been awarded.
• Must submit a revision request form to our office AFTER you've completed your MPN.

During peak times be advised that loan certifications can take up to two weeks to complete or longer if you have not been awarded. Loan funds from these lenders will be sent to us in the form of a paper check and will need to be endorsed by the student at the Cashier's Office when they arrive. Any outstanding debts or fees will be deducted from your award. The remaining funds are then mailed to the student.

What's a FFELP Loan?

FFELP loans- some lenders may offer Private Education Loans, but not FFELP loans. FFELP loans are recommended due to the overall benefits to the student borrower. FFELP loans have lower interest rates, approval is not based on credit, interest is paid on Subsidized FFELP Loans while the borrower is in school, and repayment of all FFELP loans will be deferred while the borrower is in school.

Loan Defaults

What is a loan default? How can you prevent defaulting? Find out here.

You can review the MCCCD administrative regulations governing Student Financial Assistance here.