Student Loans



Federal Direct Loans: A fixed interest student loan from the federal government for students enrolled at least half time (six credits) each semester.

  • Subsidized:For the 2014-15 academic year, the origination fee for the Direct Stafford Loans will be 1.072%, resulting in slightly less loan funds applied to student accounts.  The origination fee is the up-front charge by the U.S. Department of Education for processing the loan.  The interest rate for this academic year is 4.66%.
  • Unsubsidized: Loan awarded to students regardless of financial need. The student borrower is responsible for the interest while enrolled in school. You may choose to defer the interest payments while in school and during the six-month grace period but the interest will be capitalized. You begin repayment of interest and principal six months after you graduate, leave school, or drop below half-time enrollment.  The interest rate for this academic year is 4.66%.

Annual Maximum Amounts: These loan amounts cannot exceed your cost of attendance minus other financial aid.

Grade Level & Amount

  • Dependent First Year (0 - 30 credits) $5,500
    ($3,500 total subsidized and/or unsubsidized, plus an additional $2,000 unsubsidized)
  • Dependent Second Year (31 or more credits) $6,500
    ($4,500 total subsidized and/or unsubsidized, plus an additional $2,000 unsubsidized)
  • Independent First Year (0 - 30 credits) $9,500
    ($3,500 total subsidized and/or unsubsidized, plus an additional $6,000 unsubsidized)
  • Independent Second Year (31 or more credits) $10,500
    ($4,500 total subsidized and/or unsubsidized, plus an additional $6,000 unsubsidized)

Lifetime Limits: The maximum amount undergraduate students may borrow during their entire academic career is:

  • Dependent Students $31,000 (up to $23,000 may be subsidized)
  • Independent Students $57,500 (up to $23,000 may be subsidized)

Fees: 1.5% origination fee with an immediate 1.0% rebate at disbursement. The rebate is retained if the student makes the first 12 payments on time.

Federal Perkins Loan: Need-based federally subsidized fixed low interest (5%) student loan from the federal government. Interest charges and repayment begin 9 months after you graduate, leave school, or drop below half-time enrollment. All first-time borrowers at MCC must complete a Master Promissory Note (MPN) and Entrance Counseling prior to the end of their period of enrollment. Funds are limited. The maximum annual award amount is $4,000. The maximum amount a student may borrow at a community college is $8,000. Funds are limited.

Loan Repayment Information

Information on loan repayment and the servicer of an existing Federal Student Loan can be found on the following websites:

Last Modified: 9/22/14