Loan Information
What happens next...
When your loan application is
processed, the Financial Aid Office will mail your Promissory Note
to you with instructions.
After you have submitted your
completed promissory note to the Financial Aid office, it will be
forwarded to the Direct Loan Servicer. The Financial
Aid office will be notified when your promissory note is accepted.
This
process takes approximately two to three weeks.
Loan funds will be disbursed:
After loan counseling has been completed.
After you are registered and attending a minimum of six credit hours.
After attendance has been verified (approximately 4 weeks after the
semester begins)
Thirty days after the beginning of the semester for first time
borrowers.
In two equal disbursements - one at the beginning of the loan period
and
one at the midpoint of the loan period.
Loan funds will first be applied to any
outstanding charges for tuition, fees, and books. If the amount of
your loan(s) and other financial aid exceeds these charges, you will
be mailed a refund check.
Before you can receive subsequent
disbursement of loans and other financial aid, you must meet standards
of academic progress. Please refer to the
MCC
Catalog/Student Handbook for further information.
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