Method and Frequency of Disbursement
Financial aid is credited to eligible student accounts through the computer system that links financial aid to the student's account in the Student Accounts Office. Eligible student accounts are credited by the Financial Aid Office on an on-going basis after attendance in classes has been verified after the drop/add period ends. If your tuition and fee bill is completely paid and you have a credit balance, you will be issued a refund by mail or through EFT. The Student Accounts Office normally sends refund checks on a bi-weekly basis, or EFT semi-weekly, no sooner than the fifth week of classes. Students are expected to pay for their indirect educational related expenses with their own funds until refunds are distributed.
Direct Student (Subsidized and Unsubsidized) Loan
Disbursed in two or more equal installments, (i.e. one in fall, one in spring) after the drop/add period ends each semester. Federal regulations require that the first disbursement of Direct Subsidized and Unsubsidized Stafford loans be held for 30 days after the beginning of the loan period for all first year, first-time borrowers at MCC. All students must be registered and in attendance in at least 6 credits when the loan funds are disbursed. If not, the loan is canceled.
Parent Loans for Undergraduate Students (PLUS)
Disbursed to the student's account. Credit balances are disbursed to either the student or parent directly. The Financial Aid Office sends the student a selection form.