Student Direct Loans
The William D. Ford Federal Direct Loan Program provides low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education, rather than a bank or other financial institution.
We advise students to wait for a complete review of their eligibility for other forms of (free) financial aid before considering submitting a loan application. Because MCC is so affordable, we recommend that students explore other options, such as work-study or payment plans. We encourage our students to graduate from MCC as close to debt-free as possible.
We do understand that sometimes loans are necessary. To be considered for a Direct Student Loan, all students must:
- Have a complete FAFSA on file with MCC’s Financial Aid Office.
- Be meeting the basic eligibility requirements
- Enrolled in six credits hours or more
- Not have a bachelor’s degree
- Be in good standing with other student loans
- Fill out and submit the MCC loan application (in the Financial Aid section of the Form Depot).
The deadlines for submission of loan applications to the MCC Financial Aid Office are:
- Fall semester: October 1
- Spring semester admits: March 1
Once we receive your application, all students are required to attend an entrance interview before they are awarded a loan. During the interview, students will learn about:
- Their rights and responsibilities as a borrower
- Repayment information
- Consequences of default
- Master Promisory Note
After the entrance interview, students must complete the Master Promissory Note to finalize their loan.
All students with loans are required to verify their enrollment approximately three weeks after the start of the semester. You will be sent an enrollment verification form for completion.