2003
Fall Financial Aid Newsletter
CHANGES TO THE MCC FINANCIAL AID WEB PAGE
The links for Loan Entrance and Loan Exit Counseling have been moved from the navigation
bar at the top of the MCC Financial Aid page to the body of the main page. The move was made to highlight these
important financial aid links as well as to accommodate the inclusion of two additional links, "The Federal PIN" and the
"Direct Loan Promissory Note Signing".
"The Federal PIN" link connects students directly to the U.S. Department of Education PIN web page where students
and parents can sign up for a Federal Student Aid PIN. The FSA PIN allows students and parents to electronically sign
and make corrections to their FAFSA via the internet. It also allows students to sign their Federal Direct Loan promissory
note online.
The "Direct Loan Promissory Note Signing" link connects students directly to the Federal Direct Loan Master Promissory Note
web page, where they will be required to sign the promissory note for their student loan. The FSA PIN and electronic signature
process eliminates the need for students to complete a paper promissory notes and speeds up the origination and disbursement
of the loan.
The MCC Financial Aid web page can be accessed at: www.monroecc.edu/depts/finaid
WITHDRAWALS, TUITION LIABILITY &, THE IMPACT ON YOUR FINANCIAL AID
Anytime a student does a course withdrawal, it could impact their financial aid in their current semester and in future semesters.
In some cases, withdrawals can result in students having liability to the college. It is strongly recommended for students who are
contemplating a course withdrawal to check with the MCC Financial Aid Office to evaluate its effect on their financial aid.
Complete withdrawals during a semester will have an impact on a student's financial aid. Students who do a complete
withdrawal will have their financial aid adjusted according to the Federal Return of Title IV Refunds Policy.
This may result in a student owing a balance to MCC.
In addition, the withdrawal from one or more courses during a semester or academic year, may impact a student's eligibility
for both Federal and State Aid program for future semesters if the student does not meet Satisfactory Academic Progress Guidelines,
required by the Federal and State government.
For more information on Satisfactory Academic Progress Guidelines and Federal Return of Title IV Refunds Policy, students
should refer to pages 25-28 of the 2003/2004 MCC Catalog & Student Handbook.
REMINDERS FOR TRANSFER STUDENTS
Students who are transferring to MCC from another institution for the 2004 Spring semester and wish to receive financial
aid, should do the following:
- Add MCC's Federal School Code (002872) to your FAFSA. Students can do this online* at
www.fafsa.ed.gov
or by calling the federal processor at 1-800-433-3243.
- Change the school code on their TAP Application to MCC (2180) for the 2004 Spring semester.
This can be done online at www.hesc.com
- Complete and submit an MCC Student Loan Request Form, if interested.
- Complete the Loan Entrance Counseling. This must be done even if you had completed a loan entrance counseling
session at your prior institution. Loan Entrance Counseling can be done online at
www.monroecc.edu/depts/finaid
- Submit any and all documents requested by the MCC Financial Aid Office.
*Making corrections to your FAFSA online requires the use of a federal PIN. PINs were sent to all aid applicants by the
Department of Education. If you lost or did not receive a PIN, you can request one online at
www.pin.ed.gov.
E-SIGNATURE FOR YOUR FEDERAL DIRECT LOAN PROMISSORY NOTE
Beginning with the 2003-2004 academic year, the MCC Financial Aid Office began implementing the electronic signature, or
"E-Signature" procedure for students to sign the promissory notes for their Federal Direct Student Loans.
With this procedure, student will no longer have to sign a paper promissory note, and will instead be able to sign an electronic
or on-line promissory note. The advantages of the E-Signature process versus signing a paper promissory note are that it shortens
the processing time of the loan and that students can do it at their convenience.
To sign their promissory note, students will be required to have a Federal PIN, which can be obtained on-line at
www.pin.ed.gov.
Once the student has been assigned a PIN, they can then access the Direct Loan Master Promissory Note web site via the link from the
MCC Financial Aid web page, www.monroecc.edu/depts/finaid and use their PIN to sign the promissory note. The MCC Financial Aid Office
will be notified by the Direct Loan Servicing Center once the student has successfully completed the process.
The process for electronically signing the Federal Direct Loan Promissory Note takes approximately 20 -30 minutes and it is
important that the students follow the instructions carefully to make sure it is processed correctly.
LOAN ENTRANCE COUNSELING
Students who are borrowing a student loan at MCC for the first time are required to complete a Loan Entrance
Counseling Session. To meet this requirement, students must complete the loan entrance counseling session online
at www.monroecc.edu/depts/finaid. From there click on the "Loan Entrance Counseling" and begin the process.
Once the student completes the online Loan Entrance Counseling, they must print the confirmation form at the end
and submit it to the MCC Financial Aid Office. Students who do not complete the Loan Entrance Counseling, will not have
their Direct Loans processed.
2003
Summer Financial Aid Newsletter
2003
Spring Financial Aid Newsletter
2003
Winter Financial Aid Newsletter
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