Financial Aid
Student Loans
See a Financial Aid Advisor
They can help you find a loan that works for you and your financial situation. Contact Financial Aid for more information.
1
Accept your student loan offer online
To accept, log into your MyMCC account. Click on the “Financial Aid & Payments” tab, then click the Accept Your Awards link.
Note: You must review and accept the Terms and Conditions before you can accept a loan offer.
2
Complete entrance counseling
This is a mandatory information session you must complete before funds are added to your account. Have your FSA ID handy!
3
Complete a master promissory note
This is a legal document in which you promise to repay your student loans. Have your FSA ID handy!
4
Direct Lending Forms
A direct loan is offered directly from the U.S. Department of Education.
Find the Direct Lending Forms on the Financial Aid Forms page.
Additional Loan Information
Do you need additional loans to cover the cost of attendance? Request additional unsubsidized loan offer.
An unsubsidized loan is a federal loan for the which the student is fully responsible for paying the interest.
Loan Default Rate vs. National Default Rate
| 2018 | 2019 | 2020 | |
|---|---|---|---|
| MCC | 9.3% | 2.5% | 0% |
| National | 7.3% | 2.3% | 0% |
21% of our degree/certificate-seeking undergraduate students obtained loans in the 2021-2022 school year.
ECMC Solutions is a nonprofit company engaged by Morgan Community College. MCC is contracted with ECMC Solutions to assist our students in managing their federal student loans and best of all, their resources are available to you free of charge. If you receive a call (Minnesota Area Codes 651 and/or 612) or email (Email Domain: ecmc.org) from ECMC Solutions, please know that they are not a scam and are reaching out to help you.
Annual and Aggregate Limits for Subsidized and Unsubsidized Loans
| Year | Dependent Students (except students whose parents are unable to obtain PLUS Loans) | Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans) |
|---|---|---|
| First-Year Undergraduate Annual Loan Limit | $5,500—No more than $3,500 of this amount may be in subsidized loans. | $9,500—No more than $3,500 of this amount may be in subsidized loans. |
| Second-Year Undergraduate Annual Loan Limit | $6,500—No more than $4,500 of this amount may be in subsidized loans. | $10,500—No more than $4,500 of this amount may be in subsidized loans. |
| Third Year and Beyond Undergraduate Annual Loan Limit | $7,500—No more than $5,500 of this amount may be in subsidized loans. | $12,500—No more than $5,500 of this amount may be in subsidized loans. |
| Graduate or Professional Student Annual Loan Limit | Not Applicable (all graduate and professional students are considered independent) | $20,500 (unsubsidized only) |
| Subsidized and Unsubsidized Aggregate Loan Limit | $31,000—No more than $23,000 of this amount may be in subsidized loans. | $138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study. |