Minimum Requirements

Students must fill out a FAFSA, complete the Verification Process and/or be offered a loan before any of the following apply.Additional information on Direct Lending and Loans at Federal Student Aid
  • 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 Federal Student Aid.
  • Have completed Entrance Counseling at Federal Student Aid.
  • Have completed Annual Student Loan Acknowledgement
  • Your Cost of Attendance, Expected Family Contribution, and other financial aid all help determine the loan program and loan amounts offered to you.
  • All loans require a minimum of two (2) disbursements. If multiple semesters are requested the loan will be divided equally between the semesters selected to receive funds. If one semester is requested the loan will be divided equally into two disbursements within that semester.

Smart Borrowing

Prior to accepting student loans, it’s important to understand the benefits and the consequences of assuming student loan debt, as well as, understand your responsibilities as the borrower.

Loan Awards

  • Loan statuses are changed by the student from offered to accepted or declined, in ´MyBackpack´ under their financial aid offer.
    • This process for each semester is started roughly 2 weeks before the payment due date and is ran weekly throughout the semester.
    • Please see the Important Dates of Financial Aid for the payment deadline date for each semester.

Loan Limits

This is the maximum amount you are allowed to borrow during a single academic year. See the chart below.

Year Dependent Students
(except students whose parents are unable to obtain PLUS Loans)		 Independent Students
(and dependent undergraduate students whose parents are unable to obtain PLUSLoans)
First-Year Undergraduate Annual Loan Limit $5,500-No more than $3,500 of this amount may be in subsidized loans. $9,500-No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit $6,500-No more than $4,500 of this amount may be in subsidized loans. $10,500-No more than $4,500 of this amount may be in subsidized loans.
Subsidized and Unsubsidized Aggregate Loan Limit $31,000-No more than $23,000 of this amount may be in subsidized loans. $57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans.

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(s) and have the canceled funds returned to the lender. Students must submit a Change Request Form to the Financial Aid Office 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 on their account once their loan is canceled or reduced.

Loan Repayment:

Repayment begins six (6) months after the student stops attending at least 6 credit hours. Please contact your loan servicer for details.

Loan Changes:

How to Make Changes to Offered Loans and Request New Loans:

Loan changes can be made by logging into Student Forms; You will create an account if you do not already have one.

  1. From the upper right hand corner, follow the link for "Manage Requests".
  2. On the "Financial Aid Change Form" row, choose a "+" icon under the appropriate year column. A text box will appear; please include a brief note as to why you are requesting this form.
  3. A new actionable item will appear; open this task to complete it.
  4. You must download the form, fill it out completely, and then re-upload it. If you do not fill out each section and sign, your request cannot be completed.

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 child's aid package, up to the school's cost of attendance.

To apply for the PLUS loan, the parent borrower must:

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 non-citizen
  • Not be 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.

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 Financial Aid Office will certify the amount the student can borrow based on the student's cost of attendance minus any other financial aid the student receives.