Student Loan Information

2009-2010 Federal Preferred Lender List

A college education is one of the best investments you can make.  Making smart decisions about the amount you need to borrow in loans for your educational expenses and selecting a lender are very important parts of applying for a student loan. Below you will find a list of lenders that MCC recommends. The staff at MCC has compiled this list through unbiased research and for the sole benefit of our students.

IMPORTANT NOTICE:  You do not have to borrow from one of these lenders listed below. You have the right to choose any lender that participates in the program in which you are eligible to borrow. If the lender you wish to use is not listed, please contact the MCC Financial Aid Office.

Lenders to consider

* Not affiliated with any other lender listed.

Please read our Preferred Lender List Disclosure:

MCC selected these lenders by reviewing the following criteria (these are in order of importance) in an unbiased manner:

• Previous lender service to borrowers
• Previous lender service to MCC
• Borrower Benefits (for example: lender payment of fees and/or interest rate reductions for Auto-Debit while in repayment).
• Loan Processing (for example: electronic transmittal of loan certification and disbursement)

This review was performed by the MCC Financial Aid Staff on 03/23/2009. MCC staff review this criteria annually to ensure that our students receive the best possible service and benefits associated with their student loans.

Other educational loans are available at www.iowacollegeaid.gov/commissioncentral/participatinglenders. This site does not provide an all-inclusive, national list of educational loan lenders. For that reason, you should also conduct your own web-based search. MCC does not recommend or endorse any lender on this website, except those identified on our Preferred Lender List.

MCC respects a borrower’s right to choose a lender and will not in any way deny a student loan because the borrower selected a lender that is not on MCC’s Preferred Lender List.  Each lender on our Preferred Lender List has agreed to provide an expedited loan application and disbursement process for our students and their parents.  Please keep in mind that a different lender may require a more manual loan application or disbursement process that could require more time for you to receive your loan approval or your loan funds. 

As you begin to navigate through the financial aid process, please keep in mind that the following Federal grant and loan aid may be available to assist you. Your award package will show if MCC has determined you are eligible for these Federal grant and loan programs.

Federal Pell Grant Program – May provide up to $5,350 per year.  Keep in mind the maximum can change each year depending on program funding.

Federal Stafford Loan Program – May provide the following amounts:
•    $5,500 for dependent first-year students;
•    $9,500 for independent first-year students

•    $6,500 for dependent second-year students (earned 28 credits or more)
•    $10,500 for independent second-year students (earned 28 credits or more)

Federal Parent PLUS Loan Program – Parents of dependent students may be eligible for a loan amount up to the full cost of attendance, minus any other financial aid, including aid from outside sources, that the student is expected to receive. Parents are responsible for repayment. Your lender is required by federal regulations to perform a credit check with a national credit bureau before approving this loan.

Loan Application Process for 2009-2010

We may have listed the amount that you are eligible to receive from the Federal Stafford Loan Program and the Federal Parent PLUS Loan Program. With the increase in educational costs we realize that students need all the financial resources available, but we encourage you to borrow only what you need.

Because MCC had some changes to its lender list we are asking all borrowers to complete a new Master Promissory Note (MPN) for 2009-2010. By applying for your Federal Stafford Loan online, your application will process faster and there is less chance of error. Please follow the steps below to ensure proper completion of this process.

Federal Stafford Loans (Students)

1. Federal regulations require all new borrowers to complete Stafford Loan Entrance Counseling when borrowing from the Federal Stafford Loan Program. Please go to mappingyourfuture.org to complete your online loan counseling. You will need to select “Student Loan Counseling Interview” then select “Stafford Entrance.”
   
2. Complete a Federal Stafford Loan Master Promissory Note (MPN). You will need your U.S. Department of Education PIN numbr to sign your MPN electronically. Please go to www.studentloan.org/Stafford and follow the directions listed on their website.
   
3. Complete your Federal Stafford Loan Authorization Form (use the form linked below).  This form will help our office determine your loan amount, your loan period, and your expected graduation date. Please print and complete the form. Send the completed form to the MCC Financial Aid Office so that we can process your loan.
   

• 2009-2010 MCC Stafford Loan Authorization Form

IMPORTANT: Federal regulations require that all new borrowers’ first disbursement be delayed 30 days.

Federal PLUS Loans (Parents)

Your son or daughter may have been awarded a Federal PLUS Loan as part of their financial aid package. If you are interested in this loan, please follow the steps below to ensure proper completion of this process.

1. Complete the Federal PLUS Loan Master Promissory Note (MPN). You will need your U.S. Department of Education PIN to sign the MPN electronically. Please go to https://webappnow.studentloan.org/plus/ and follow the directions they have listed.
   
2. Complete your Federal Parent PLUS Loan Authorization Form (use the form linked below). This form will help our office determine your loan amount, your loan period, and your expected graduation date. Please print and complete the form. Send the completed form to the MCC Financial Aid Office so that we can process your loan.

• 2009-2010 MCC Parent PLUS Loan Authorization Form

IMPORTANT: Parents are responsible for repayment. Your lender is required by federal regulations to perform a credit check with a national credit bureau before approving this loan.

IMPORTANT INFORMATION

• Federal regulations require that all loans must be disbursed into two disbursements. Typically the first disbursement will be applied to the fall semester and the second disbursement to the spring semester.
• All loan applications must be received by the Financial Aid office no later than 14 days before the end of the semester that you want the loan.

Stafford Entrance & Exit Counseling

Students who borrow under the Federal Family Education Loan Program are required to complete counseling before receiving loan proceeds from their first loan and again shortly before graduating or otherwise leaving school. You may select the appropriate counseling session by clicking on the link below. You will be asked to select Entrance Counseling or Exit Counseling.

Click on the "Stafford Entrance Counseling" logo if you have recently applied for your first loan.	Click on the "Stafford Exit Counseling" logo if you are about to graduate or otherwise leave school.

If you have any questions as you complete the counseling requirements, you may contact the Financial Aid Office at (866) 622-4748.

• 2009-2010 MCC Stafford Loan Authorization Form
• 2009-2010 MCC Parent PLUS Loan Authorization Form

For more information, contact Chloe Webb , Financial Aid Administrator.