• Federal Direct Loans


  • You must have completed the entire MHCC financial aid process before a Federal Direct Loan will be processed for the year.

    Steps to apply for a Direct Loan:

    * The MPN that you sign at MHCC will remain in effect for 10 years. This means you will not be required to sign a new MPN at MHCC each year, provided you received a disbursement within 12 months of signing your MPN.

    Your loan will be processed once MHCC has received all of the above documents. You must apply at least two weeks before the term ends if you want a loan for that term.

    General information about Direct Loans:

    • Must be enrolled for at least 6 credits working toward an eligible degree or certificate.
    • Maximum loan amounts each academic year based on year in your program and financial aid budget.
    • There normally is an origination fee that the government takes out of your loan each term.
    • If you are a first-time borrower and a first-year undergraduate student, your first disbursement cannot be released until 30 days after the term begins.
    • If you request a loan for just one term, it will be split into two disbursements with the second disbursement coming mid-way through the term.
    • You may cancel all or a portion of your loan if it has not disbursed to your student account.

    The Department of Education has made some major changes to the Subsidized Stafford Loan program beginning on July 1, 2013, especially for first time borrowers. Be sure to read this important information .

    Your loan debt impacts many facets of your life after college so we encourage you to borrow wisely. Once you have either graduated from MHCC or are no longer attending for at least six credits, you must complete Exit Counseling.