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.
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.
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.
To apply for the PLUS loan, the parent borrower must complete the following:
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
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.