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Federal Stafford LoansSteps to apply for a Stafford Loan:
HINT: Check My MHCC under "Documents Needed" three days after submitting the above information to see if we still need documents or information to process your Stafford loan. Your loan will not be processed until you have completed the steps above. There are two types of Stafford Loans - Federal Subsidized Stafford Loans and Federal Unsubsidized Stafford Loans. Both types of loans have the same interest rate and a six-month grace period when you graduate from MHCC or stop attending at least six credits; however, interest does accrue on the Unsubsidized Stafford Loan while you are in school. Federal Stafford Loans are not automatically included in your offer of financial aid. You must apply for a Stafford Loan at least two weeks before the term ends if you want a loan for that term. The Master Promissory Note (MPN) you sign (either electronically or physically) at MHCC will remain in effect for ten years. This means you will not be required to sign a new promissory note at MHCC each year, provided you continue to use the same lender and you received a disbursement within the first 12 months of signing the MPN. You may cancel all or a portion of your loan if it has not been disbursed or mailed to you by contacting the Financial Aid Office. Your loan debt impacts many facets of you life after college so we encourage you to borrow wisely. To see your total loan history, you may visit NSLDS (National Student Loan Data System). Once you have either graduated from MHCC or are no longer attending MHCC for at least six credits, you must complete a Stafford Loan Exit Interview. |
