StudentLoan.gov - your source for information about how to manage your student loans. HOW TO APPLY FOR A DIRECT STUDENT LOAN

  1. If you have not done so, complete the 2016/2017 FAFSA (Free Application for Federal Student Aid) at https://fafsa.ed.gov.
  2. Complete your financial aid file by submitting all required documentation to the MPC Financial Aid Office.
  3. Be enrolled in 6 or more degree applicable units.
  4. Be in good academic standing according to the MPC Financial Aid Satisfactory Academic Progress Policy.
  5. Create an account at the Direct Loan website: https://studentloans.gov.
  6. Complete the Entrance Counseling and the Master Promissory Note at the Direct Loan website: https://studentloans.gov.
  7. Print out the MPC Federal Loan Application for 2016/2017, read, complete and submit the last 3 pages to the MPC Financial Aid Office.
  8. First-Time Borrowers: New Federal Time Limitation on Direct Subsidized Loans. For First-Time borrowers, borrowing on or after July 1, 2013, you need to read and the information on the new limits on the maximum period of time a student can receive Direct Subsidized Loans.Click Here.
  9. After the receipt of all loan documentation, this office will correspond with you via your MPC email account or by regular mail. Please contact this office at (831) 646-4030 for general questions or email us at financialaid@mpc.edu for specific questions regarding your loan.
  10. A 1.068% origination fee (loans on or after 10-01-15 and before 10-01-16) or 1.069% (loans on or after 10-01-16 and before 10-01-17) will be charged to all loans by the Department of Education. This fee will be deducted from the proceeds of your loan.  
  11. Exit Process: MPC requires all first-time borrowers who receive a student loan to complete *Exit Counseling. You will be sent an email in May of 2017 from the Loan Coordinator. This email will explain the details to Exit Counseling and what paperwork needs to be submitted.

HOW TO APPLY FOR A PARENT PLUS LOAN

Parent must do the following to apply for a Federal PLUS loan (PLUS = Parent Loan for Undergraduate Student):

  1. Apply for a FSA ID at  https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid.
  2. Not be in default on any type of federal loan.
  3. Be a U.S. citizen or eligible non-citizen.
  4. Pass a credit check conducted by the loan servicing agency.
  5. Print out the MPC Federal PLUS Loan Application for 2016/2017, complete and submit to the MPC Financail Aid Office along with the required document(s).
  6. Go to https://studentloans.gov click on the "Parent Borrowers" tab.  "Apply for a PLUS Loan" and "Complete a PLUS Loan MPN".  Following the instructions provided on the website.
  7. A 4.272% origination fee(loans on or after 10-01-15 and before 10-01-16) or 4.276% (loans on or after 10-01-16 and before 10-01-17) will be charged to all PLUS Loans by the Department of Education. The fee will be deducted from the proceeds of your loan.

*First-time borrowers are required to complete both Entrance Counseling and Exit Counseling.  Students who have borrowed student loans in the past are not required to go through the Entrance Counseling and Exit Counseling process.  However, they are encouraged to do so.  It is important for all student borrowers to understand their rights, responsibilities, and obligations in regard to repaying their loan debt.

Student must do the following:

  1. Complete a 2016/2017 FAFSA (Free Application for Federal Student Aid) at https://fafsa.ed.gov.
  2. Be enrolled in 6 or more degree applicable units.
  3. Be in good academic standing according to the MPC Student Financial Services Satisfactory Academic Progress Policy.

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