• Be enrolled at least six credits in each semester a loan is offered. The six (6) credit minimum for loans applies to all semesters.
• Meet the current MCC Satisfactory Academic Progress (SAP) Policy
• Loan amounts will not exceed the maximum eligibility per Department of Education Regulations.
• Have completed a Master Promissory Notes (MPN) at studentloans.gov.  Master Promissory Notes are valid for 10 years.
• Have completed Entrance Counseling at studentloans.gov. Entrance counseling must be done after May 1, 2012 to be valid for the 2012/2013 school year.
• The minimum loan amount for students is $100 per academic year
• The determination of whether your loan is subsidized or unsubsidized is based on unmet need.

• If you have a valid MPN and Entrance Counseling your Loan will be changed to an accepted status. (please allow up to 5 business days once your MPN and Entrance Counseling are received by the school)
• If you would like to change or deny your loan you must fill out a Change Request form in Student Financial Services. Please see the Important Dates of Financial Aid for the deadline date for change forms for each semester.

Types of loans:
Subsidized Loan - A loan in which the federal government pays the interest while you are registered at least half-time (6 credit hours at MCC) in school, during your grace period, and during authorized deferments.

Unsubsidized Loan - A loan in which you are responsible for all the interest on the loan . You may choose to pay it as you go or let it accrue (build up) and pay it when you begin paying your loan back.

Loan Cancellation:
Students may cancel all or a portion of the loan and have the cancelled funds returned to the lender. Students must submit a Loan Change form to Student Financial Services within 14 days of the date of the disbursement if they want to cancel all or a portion of the loan. The student is responsible for any outstanding balances that are on their account once their loan is cancelled or reduced.

Loan Repayment:
Repayment begins six (6) months after the student stops attending at least 6 credit hours. Please contact your lender for details. Additional information: *Loan Disbursements come to Mott 30 days after the start of classes.

Parent Loans for Undergraduate Students (PLUS)

Parents of dependent students can borrow from the PLUS Loan program. The PLUS Loan is a low-interest, unsubsidized loan available to parents to supplement their children's aid package, up to the school's cost of attendance.

• File a Free Application for Federal Student Aid (FAFSA) for the student attending Mott Community College
• The Parent Plus Application and Master Promissory Note at studentloans.gov
• Submit Mott's Parent PLUS Loan Information Form 2012-2013 pdf to the Student Financial Services office

In order to be eligible the parent borrower must meet the following requirements.

• Have an acceptable credit history (a credit check will be conducted)
• Be a U.S citizen or eligible noncitizen
• Not in default on a federal student loan
• Not owe a refund on a federal education grant

The maximum loan amount that can be requested is the student's cost of attendance minus any other financial aid the student receives.

• Student Qualifications for PLUS loans
  • Be enrolled at least six credits in each semester a loan is offered. The six (6) credit minimum for loans applies to all semesters.
  • Meet Mott Community College's Satisfactory Academic Progress Policy
    

Private Loans
In some instances, a student may not qualify for a Federal Direct Stafford Loan. For these students there are private loans available through private banks and credit unions. The student will need to contact these individual banks and credit unions for loan applications and exact terms and conditions. Mott's Student Financial Services will certify the amount the student can borrow based on the student's cost of attendance minus any other financial aid the student receives.