Financial Aid
Student Loans
See a Financial Aid Advisor
They can help you find a loan that works for you and your financial situation. Contact Financial Aid for more information.
1
Accept your student loan offer online
To accept, log into your MyMCC account. Click on the “Financial Aid & Payments” tab, then click the Accept Your Awards link.
Note: You must review and accept the Terms and Conditions before you can accept a loan offer.
2
Complete entrance counseling
This is a mandatory information session you must complete before funds are added to your account. Have your FSA ID handy!
3
Complete a master promissory note
This is a legal document in which you promise to repay your student loans. Have your FSA ID handy!
4
Direct Lending Forms
A direct loan is offered directly from the U.S. Department of Education.
Additional Loan Information
Do you need additional loans to cover the cost of attendance? Request Additional Unsubsidized Loan offer
An unsubsidized loan is a federal loan for the which the student is fully responsible for paying the interest.
Annual and Aggregate Limits for Loans
Loan Default Rate vs. National Default Rate
| 2013 | 2014 | 2015 | |
| MCC | 12.1% | 10.6% | 8.9% |
| National | 11.3% | 11.5% | 10.8% |
9% of our students obtained loans in the 2018-19 school year.
Annual and Aggregate Limits for Subsidized and Unsubsidized Loans
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 PLUS Loans) |
|---|---|---|
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. |
Third Year and Beyond Undergraduate Annual Loan Limit | $7,500—No more than $5,500 of this amount may be in subsidized loans. | $12,500—No more than $5,500 of this amount may be in subsidized loans. |
Graduate or Professional Student Annual Loan Limit | Not Applicable (all graduate and professional students are considered independent) | $20,500 (unsubsidized only) |
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. $138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study. |