Mott Community College participates
in the Federal
Family Education Loan Program (FFELP). These loans
are low interest, long-term loans available to qualifying
students and their parents that must be repaid. The loan program
includes:
| Federal
Stafford Student Loan |
| Apply
Online |
Subsidized
The federal government will pay the interest
incurred during in school enrollment periods, during the six (6)
month grace period following the last date you are enrolled at
least half time status, and for any periods of authorized deferment
after your loans go into repayment status.
The interest
rate is a fixed
rate of 6.0% as of July 1st, 2008. |
Unsubsidized
The student is responsible to pay the interest
incurred from the time of disbursement. The principle amount
is deferred during in school enrollment periods of at least half
time, during the six (6) month grace period following the last
date you are enrolled at least half time status, and for any
periods of authorized deferment after your loans go into repayment
status. Interest may be capitalized (added to the principle amount)
and paid once repayment begins on your loans.
The interest
rate is a fixed rate of 6.8%
as of July 1st, 2008. |
| Parent Loan for Undergraduate Students (PLUS) |
| Apply Online |
Parents of dependent students under the
age of 24 may borrow under this program. The student must be enrolled
at least half time. The parents' credit history is considered with this loan.
The interest rate is a fixed rate of 8.5% as of
July 1st, 2008. |
Students may be eligible for loan consideration
if they meet the following criteria:
- You have a current 2008-2009 FAFSA application and all supporting documentation on file in the Student Financial
Services office.
- You are a citizen, a permanent resident,
or an eligible non-citizen of the United States.
- You are accepted for enrollment and will be enrolled for at
least six (6) credit hours each semester of the requested loan
period.
- You are making satisfactory progress toward a degree or certificate and are not in violation of Mott’s Standards of Academic Progress (SAP) policy.
- You are not in default as a borrower or cosigner on any educational
loan or do not owe a refund on an educational grant.
- You have demonstrated unmet need.
- Online Entrance Loan Counseling is completed
and forwarded to MCC.
As part of Mott Community College’s Default
Prevention Policy academic history is a consideration for
loan funding regardless of GPA. Excessive withdrawals, incomplete
grades, or adverse grades could result in denial of loan funding.
Loan Limits:
The maximum annual
loan limits are as follows:
Dependent Students (subsidized
+ unsubsidized)
First year undergraduate (less than 28 credits earned) = $5500
- Up to $3500 can be in subsidized loans.
Second year undergraduate (28 credits or more earned) = $6500
- Up to $4500 can be in subsidized loans.
PLUS Loan Eligibility = Student's cost of attendance minus any financial
aid awarded to them during the loan period requested.
NOTE: A dependent student may be eligible for an additional unsubsidized
loan of $4000 if their parent has been denied a PLUS loan due
to an adverse credit history.
Independent Students (subsidized
+ unsubsidized)
First year undergraduate (less than 28 credits earned) = $9500
- Up to $3500 can be in subsidized loans.
Second year undergraduate (28 credits or more earned) = $10500
- Up to $4500 can be in subsidized loans.
NOTE: Actual loan eligibility may be less than the
annual maximum based on the loan period the funds are requested
for and other financial aid sources received during the requested
loan period.
TO APPLY FOR STAFFORD STUDENT LOANS COMPLETE THE FOLLOWING STEPS
:
|
 |
Complete a Loan Information Request Form indicating the following:
- the loan period (each semester you are wanting
loan funding)
- the total amount requested for this period
(actual approved amount will be based on your calculated
eligibility)
- your willingness to accept Unsubsidized Stafford
Loan funding
- your willingness to decline unused work study
award for loan consideration
- your estimated exit date (graduation or transfer)
from Mott Community College
- Use your Personal Identification Number (PIN) as your electronic signature
Complete a
Summer (July 2009)
Fall (September 2009)
Winter (January 2010)
Spring (May 2010)
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Complete the Electronic Loan Application or Master Promissory Note (MPN). Please skip STEP 2 if you received a student loan at Mott after June 2003.
Preferred Lenders:
The following lenders are on Mott’s preferred list:
Preferred Lender |
For additional borrower benefit information, please contact: |
The lenders' borrower benefits consist of:
|
Charter One Bank |
1-800-721-3969 |
(1) .25% interest rate reduction for making payments using auto-debit.
(2) the 1% default fee is paid by the lender on behalf of the borrower. |
Nelnet Academic Loan |
1-877-804-3603 |
Selecting a Lender:
Although you are not required to select one of the lenders from our preferred lender list, we encourage you to do so to ensure timely electronic processing of loan funds to your student account at Mott. Choosing to borrow from a lender not on our preferred list will extend the processing time and receipt of funds for your loan due to the manual process involved with outside lenders.
If you choose to borrow a student loan from one of Mott's preferred lender's, complete STEP 2 by entering your information into our 
NOTE: The Electronic Loan Application will take you to an external site (Nelnet.net). IE Browsers are the preferred browser. If you are using Firefox and the link returns a blank page, an add-on for Firefox can be found here: https://addons.mozilla.org/en-US/firefox/addon/1419. Once downloaded go into add-ons in Firefox and add the Nelnet link address to the sites list. If you choose to borrow from a lender not on our preferred lender list, please contact the lender directly to initiate the completion of an electronic loan application or Master Promissory Note (MPN) with them. |
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Complete the  Please skip STEP 3 if you've already completed an Entrance Counseling session at Mott.
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Mott Community College will notify the student or parent borrower once their loan
application has been processed and forwarded
to the selected lender for approval. The lender (or its servicer) will send
a Notice of Guarantee and Disclosure Statement to the student
or parent borrower indicating the approved loan amounts, fee
charges, and anticipated dates the funds will be disbursed to
the college.
If the student drops below six (6) credit hours
of enrollment in a semester they are to receive the loan, they
may be ineligible for future loan disbursements and the reinstatement of loans will be at
the discretion of the College. All credit extended will be the
student's responsibility.
Once the loan disbursements have been sent to the college, the funds will be deposited into the
student's account and available to pay on-campus educational expenses
incurred. After the refund period for the semester has ended
and the student's enrollment and attendance has been verified,
any residual funds will be issued and mailed directly to the loan
borrower's address on our system. Be sure to make address changes
through the Registration
Office to ensure receipt of any residual check.
IMPORTANT! –
- Student's must be enrolled for a minimum of six (6) credit hours each semester in their requested loan period to be eligible for loan funding (This includes Spring and Summer semesters).
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