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Contact Info:

Phone:  (831) 646-3042

FAX:      (831) 646-4202

Email: financialaid@mpc.edu

HOW TO APPLY FOR A FEDERAL DIRECT STUDENT LOAN

  1. Complete your MPC financial aid file for 2020-2021
  2. Complete Entrance Counseling at studentaid.gov
  3. Complete an electronic Master Promissory Note (MPN) at studentaid.gov
  4. Complete a Direct Loan Application 2020-2021
  5. Submit all required forms via email to: financialaid@mpc.edu or USPS
  6. Deadline to submit forms for Fall 2020-November 23, 2020 at 12:00 noon
  7. Deadline to submit forms for Spring 2021-May 3, 2021 at 12:00 noon

The fixed interest rate for new Direct Loans first disbursed on or after July 1, 2020 and before July 1, 2021 is 2.75%

Direct loan (Origination) fees disbursed on/or after 10-1-19 and before 10-1-20 will be 1.059%

Direct loan (Origination) fees disbursed on/or after 10-1-20 and before 10-1-21 will be 1.057%

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

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HOW TO APPLY FOR A FEDERAL DIRECT PARENT PLUS LOAN

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

  1. Go to studentaid.gov click on the "Apply for a Parent PLUS Loan" tab under "Apply for Aid"
  2. Print out the Direct PLUS Loan Application 2020-2021
  3. Submit all required forms via email to: financialaid@mpc.edu or USPS
  4. Deadline to submit forms for Fall 2020-November 23, 2020 at 12:00 noon
  5. Deadline to submit forms for Spring 2021-May 3, 2020 at 12:00 noon

Applicant 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

The fixed interest rate for new PLUS Loans disbursed on or after July 1, 2020, and before July 1, 2021 is 5.30%

Direct loan (Origination) fees for loans disbursed on or after 10-01-19 and before 10-01-20 will be 4.236%

Direct loan (Origination) fees for loans disbursed on or after 10-01-20 and before 10-01-21 will be 4.228%

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