Contact your campus financial aid office for information about the steps needed to receive a loan. You will need to be enrolled at least half time, submit paperwork, complete entrance counseling and a master promissory note (MPN) online, plus attend an on-campus information session.
To assure the integrity of the student loan program, MCC employees agree to uphold the principles outlined in our Financial Aid Code of Conduct (PDF).
Types of loans
William D. Ford Direct Loan Program
Low-interest loans are available through the William D. Ford Direct Loan Program. Under the direct loan program, the funds for your federal loans will come directly from the U.S. Department of Education. Plenty of information can be found on their website using the following links.
Direct subsidized loan
If you demonstrate financial need, you may be eligible for a direct subsidized loan where the U.S. Department of Education covers interest payments until repayment of the loan begins and during any deferment periods.
Direct unsubsidized loan
For students whose FAFSA does not demonstrate sufficient financial need. This can also be used to supplement a direct subsidized loan. The borrower pays the interest.
PLUS loan
For parents of an eligible dependent undergraduate student. The borrower must be credit worthy or obtain a credit worthy endorser. The parent pays the interest. The FAFSA is required.
Entrance counseling
After you meet with the financial aid office and get the loan intake paperwork you need to complete online entrance counseling on the Department of Education's loan website. Completing entrance counseling is NOT an application for a loan. First contact your campus financial aid office for information about the steps needed to request a loan.
Master Promissory Note (MPN)
After you meet with the financial aid office and get the loan intake paperwork, you will need to complete a loan MPN on the Department of Education's loan website. Completing the MPN is NOT an application for a loan. First contact your campus financial aid office for information about the steps needed to request a loan.
Loan information session
When you turn in your loan intake paperwork you will schedule a loan information session. This session provides details about how to accept/reduce/decline your loan, loan requirements and limits and tools to help you decide how much to borrow.
You will also get important information about how you will receive the money, how to maintain eligibility and your responsibilities for repayment and the consequences of default.
For students requiring accommodations, please contact a Disability Support Services (DSS) Coordinator at your campus.
Exit counseling
Before receiving your last loan disbursement you will need to complete online exit counseling on the Department of Education's loan website. You will receive more information about this during your loan information session.
MCC is required to submit Title IV, HEA student financial aid information to the National Student Loan Data System (NSLDS) for all students and parents of students who borrow at MCC. The data submitted to NSLDS will be accessible by guaranty agencies, lenders and other institutions determined to be authorized users of the data system. Review your submitted data at the NSLDS website.
Consumer Disclosure
MCC has a Cohort Default Rate (CDR) of 0.0% for 2020. The national CDR for 2020 is 0.0%. This includes students who entered repayment from 10/1/2019 - 9/30/2020 and have defaulted between 10/1/2019-9/30/2022.