Student Services

Financial Aid - How to Apply for Loans  

How Loans Are Disbursed

Loan Processing Time frame 

Maximum Loan Amounts

Apply Now-Direct Student Loan

Apply Now - Direct Parent Loan

Exceptions to Loan Policy

BEFORE APPLYING FOR A LOAN

In order for us to approve a loan request, you must...

  • 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If not, the loan application will be denied and is considered no longer valid.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 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 2014 - 25% sent on 09/18/14 (returning borrower) and 25% sent on 10/23/14 AND...
    • Two disbursements will be scheduled for winter 2015 - 25% sent on 02/05/15 and 25% sent on 03/12/15.
  • 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 once a week after the census date. 
  • Refunds are handled through the Cashier's Office will be released to your MCC One Card 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.

  • The deadline for a Summer 2014 loan application to be processed by the payment due date is Friday, March 28, 2014.  Final loan approval is dependent upon the lender.
  • The deadline for a Fall 2014 loan application to be processed by the payment due date is Friday, June 27, 2014.     
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: June1
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 starting July 1, 2013!

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 have adopted stricter loan counseling requirements.  If you have less than 30 credit hours completed at MCC, you will need to 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 need to contact the financial aid office.

APPLY NOW - 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

  1. 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 social security number, date of birth and federal PIN number.  The pin is the same number 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. 

  2. 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 social security number, date of birth and federal PIN number.  The pin is the same number 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.

  3. MCC's FEDERAL DIRECT LOAN REQUEST APPLICATION:  If you wish to receive a student loan, you must complete a loan request application.  This step is required every time you wish to request a Federal Direct Loan.
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.

  1. 2014-2015 FEDERAL DIRECT PARENT PLUS LOAN APPLICATION - Print, complete and submit this parent loan application to the Student Welcome Center.
  2. 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 PIN number.  This is the same number you used when completing your son/daughter's FAFSA.  You must complete a credit check within 90 days of your request.

To learn more about the terms, conditions and repayment of the Federal Direct Student Loan Program, visit their web site at www.studentloans.gov.

To see your prior loan history, visit http://www.nslds.ed.gov/nslds_SA/.

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.

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