Loans

Loans are funds you borrow that need to be paid back. As part of the Federal Direct Student Loan Program, MPC offers low-interest loans for students and parents. Learn how to apply.

Apply as a Student or Parent

Students may apply directly, or parents may apply to help fund their children’s education. Because the lender is the U.S. Department of Education, interest rates are lower than if you borrow from a bank or other commercial institution. Questions? Email financialaid@mpc.edu or a Financial Aid Coordinator

Direct Student Loans

For 2024-2025:

  • Interest rate: 6.53%
  • One-time loan origination fee: 1.057%

PLUS Loans for Parents

For 2024-2025:

  • Fixed interest rate: 9.08%
  • One-time loan origination fee: 4.228%

Deadlines

  • Fall/Spring 2024 Deadline to Apply: November 22, 2024 at 12 pm
  • Winter/Spring 2025 Deadline to Apply: May 2, 2025 at 12 pm
  • NO Summer Loans

Eligibility Criteria

Whether applying as a student or a parent, applicants must:

  • Not be in default on any type of federal loan
  • Be a U.S. citizen or eligible non-citizen
  • Pass a credit check conducted by the loan servicing agency

More Resources

Financial Aid Handbook
Financial Aid FAQs

How to Apply for Loans

  1. Complete your MPC Financial Aid File for the current school year
  2. Provide one of the following: 
    • Driver's License 
    • State ID 
    • Permanent Resident Card 
    • U.S. Passport
  3. Complete Loan Entrance Counseling
  4. Complete an electronic Master Promissory Note (MPN)
  5. Complete the William D. Ford Federal Direct Loan Request Form
  6. Submit all required forms to the MPC Student Financial Services Office in person or via the U.S. Postal Service mail. View our location & hours

 

PAYMENT

Loan payments will be disbursed via your BankMobile Account

All loan fees will be deducted from the proceeds of the loan prior to disbursement

 

LOAN REQUEST CHANGES

Changes to your original loan request must be submitted on the Direct Loan Revision and/or Cancellation Form

  1. Fill out a Parent PLUS Loan Application
  2. Go to: https://studentaid.gov/plus-app/parent/landing
    1. Log In=>"Loans & Grants" =>"PLUS Loans: Grad PLUS & Parent PLUS" => "I am a Parent of an Undergraduate" => START
    2. Follow the instructions provided
  3. Go to: https://studentaid.gov/mpn/parentplus/landing  
    1. Log In=>"Loans & Grants" = "MPN" =>"I'm a Parent of an Undergraduate Student" =>START 
    2. Follow the instructions provided
  4. Submit all required forms to the MPC Student Financial Services Office in person or via the U.S. Postal Service mail. View our location & hours.

 

PAYMENT

All loan fees will be deducted from the proceeds of the loan prior to disbursement. 

Loan funds will be applied directly to any outstanding charges on the student’s MPC billing account.

Any funds remaining will be sent to you, the parent, via a check. Alternatively, on the application form you can opt to have any remaining funds sent directly to your student. 

 

LOAN REQUEST CHANGES

To adjust your Parent PLUS Loan amount, please fill out the Parent PLUS Loan Revision Form and return it to the Student Financial Services Office by U.S. Postal mail or in person.