There have been many changes to Federal Student Loans for the 2008-2009 academic year. Due to new Federal Loan Regulations, many lenders have decided to discontinue their participation in the Family Federal Education Loan Program (FFELP). This has reduced the number of our lenders for 2008-2009.
In February the Maricopa Community Colleges went live with our new Student Information System causing us to alter our loan process. The new process requires all students awarded loans for the 2008-09 Academic year to complete a new Master Promissory Note. The web address to complete the MPN is: www.mc.maricopa.edu/finaid.mpn
Things to keep in mind before you complete the Master Promissory Note (MPN):
- You must first be awarded (offered) student loans
- You can choose a lender from the list provided on our website. If you do not see your lender listed it is because they are no longer participating in the Federal Student Loan Program at MCC.
- If you choose to use a lender not on our lender list you will need to provide us with a school certification form from your lender. The certification can be done online, by fax or on paper. Please check with your lender to see if they participate in FFELP*.
Additional Unsubsidized Federal Stafford Loan (UFSL) amounts have gone up for 2008-2009. Independent students may now be eligible to receive up to $6000 of additional UFSL funds for the academic year. Dependent students may now be eligible for up to $2000 additional UFSL funds. To request additional unsubsidized loans you:
- Must first be awarded your base loan
- Must have completed a new Master Promissory Note (MPN) the 2008-2009 academic year AFTER you’ve been awarded.
- Must submit a revision request form to our office AFTER you’ve completed your MPN.
During peak times be advised that loan certifications can take up to two weeks to complete or longer if you have not been awarded. Loan funds from these lenders will be sent to us in the form of a paper check and will need to be endorsed by the student at the Cashier’s Office when they arrive. Any debts owed will be deducted before the remaining funds will be mailed to the student.
All first time borrowers at Mesa Community College must complete the Entrance Counseling and be enrolled in 6 credit hours at MCC to receive their funds.
Thank you for your understanding as we are trying to offer you the best options on your students loans. Please borrow only what you need to cover your educational costs.
*FFELP loans – some lenders may offer Private Education Loans, but not FFELP loans. FFELP loans are recommended due to the overall benefits to the student borrower. FFELP loans have lower interest rates, approval is not based on credit, interest is paid on Subsidized FFELP Loans while the borrower is in school, and repayment of all FFELP loans will be deferred while the borrower is in school.
