Federal Stafford Loans
College is expensive and sometimes Grants and Scholarships are not enough to help pay for your educational expenses. What you are left with is the decision as to whether or not you should take out student loans.
Once you have examined and made the decision to consider taking out a student loan, remember loans must be paid back with interest, which begins to accrue either at the time you receive the money or six months after you graduate or cease to be enrolled in school at least half-time (6.0 units).
MPC offers Subsidized Stafford Loans and Unsubsidized Stafford Loans. These loans are now fixed at a rate of 5.60% and 6.80%, respectively. The interest rate is one of the best reasons to take out a student loan instead of using your credit card for educational expenses. Most credit cards carry a higher interest rate, shorter grace period and cash advance fees. Be a smart consumer and compare.
No credit check is required to qualify. Please note, MPC does not participate in the Private Student Loan Program.