Student Loan Application Process

Apply for Financial Aid

• Fill out your FAFSA
• Be sure to indicate if you are interested in student loans

Apply for Admission to MCC

• Complete the online admission or readmission packet
• Apply for a student ID number
• Take the COMPASS assessment if necessary
• Meet with an academic advisor and declare a degree at MCC

Transcripts

• You must have official transcripts from all institutions you previously attended sent to MCC before any financial aid will be processed
• Once transcripts have been received, you must follow up with Student Services to request that they be evaluated
• Once evaluation is complete, please notify Financial Aid
• If you have your transcripts sent to the attention of Financial Aid, they will process faster

Follow Up on FAFSA

• Follow up with your local Financial Aid Office to ensure all financial aid requirements have been met, as additional documentation may often be required

Award Letter

• You will receive an award letter notifying you of your financial aid eligibility. This letter does not guarantee you funds, but explains those funds you are eligible to apply for. Review, sign and return this letter to your local Financial Aid Office

Request for Direct Loans

• Carefully read and complete the request for direct student loan application. Please attach a copy of the budget calculator as indicated on the form and check your NSLDS data as required.
• Submit your request for direct loan application and budget calculator to your local Financial Aid Office.
• Complete your loan entrance counseling and master promissory note.
  • Loan entrance counseling must be completed annually, before the start of the fall semester, even if you completed one for the spring or summer, since fall is the start of a new academic year.
  • The master promissory note (MPN) is your contract with the government to repay your student loans. One MPN is good for both the subsidized and unsubsidized loan and lasts for up to 10 years, unless you request in writing to the Department of Education that it be canceled. Your MPN will show as an un-received document for each loan type until your loan has been originated. You do not need to complete a new one if you've already done so

Enroll

• Check your online account here to ensure there is a credit on your account before enrolling for any class. Without a pending credit for financial aid, an approved third party promissory note, evidence of VA benefits or when a payment due date is not indicated, you will be required to pay for courses using personal resources or be dropped within 24 hours
• Student loans require that you be enrolled in courses for your degree that total at least six credit hours. This means courses required for graduation with the degree you have declared
• Remember, to receive any financial aid, you must be making satisfactory academic progress

Disbursement

• Once your financial aid file is complete and you have enrolled in degree applicable courses, financial aid funds will roll into your account to cover any tuition expenses. The remainder of financial aid funds will be applied to your Bighorn One card, which is mailed out at the time of enrollment
• Remember, if you have any previous holds or balances on your account, financial aid will not cover these. Financial aid only rolls into accounts with no outstanding balance. You must pay previous bills before receiving aid