Loans

• Must be registered in six credits or more at the time of disbursement
• Must file a FAFSA
• Be enrolled in a certificate or degree program (not as a guest student)
• Be meeting Satisfactory Academic Progress

Before making a request, please review the borrowing limits below so you know the maximum amount that could be approved.  Depending on previous borrowing history you may not be eligible for that full amount as Federal Direct Loans have annual and lifetime limits.  Our office will review and adjust the request if needed.

STEP 1 |  Login to Self-Service and select 'Financial Aid.'

STEP 2 | Select the Financial Aid menu at the top and click 'Request a New Loan.'

STEP 3 | Select the academic year

STEP 4 | Enter your request amount and comments if there is information you wish to share with us regarding it. (see screenshot)

STEP 5 | Click 'Next' and select the terms you will be attending. (see screenshot)

STEP 6 | Click 'Next' and review the request. (see screenshot)

STEP 7 | You will receive a success verification screen. (see screenshot)

Important information regarding your loan request:

• You may not be eligible for the full amount of the loan requested due to federal loan limits and program regulations
• The amount that may be listed in self-service for a request amount does NOT factor in the federal loan limits and could be larger than what we can approve.
• You will receive an email to your Mid account letting you know if the loan was accepted, changed, or rejected.
• Once the loan is processed it will be visible in Self-Service along with any additional requests such as completing a Master Promissory Note and Entrance Counseling.
• It can take up to two weeks to be fully processed depending on loan volume at the time of submission.

First Year Undergraduate 0  -  24 earned credits

• Dependent Student $5,500
• Independent Student* $9,500

Second Year Undergraduate with 25+ earned credits

• Dependent Student $6,500
• Independent Student* $10,500

*Also dependent undergraduate students whose parents are unable to obtain a PLUS loan due to not meeting credit requirements

5.50% Fixed*

*subsidized and unsubsidized loans first disbursed on or after July 1, 2023, and before July 1, 2024.

1.057% Origination Fee*

• This fee is taken before loan funds are disbursed to the school. The amount posted to your bill will be less than the requested amount as these fees have been deducted.
• The borrower is still responsible for the full amount borrowed.

*Loan fee effective on all loans disbursed on or after October 1, 2020.

Please visit Federal Student Aid for the most current rates

The following must be completed before a loan can be disbursed.

1. Loan request submitted and confirmation of acceptance received.
2. Completed MPN (master promissory note)*
3. Completed Entrance Counseling*
4. Final High School Transcript submitted to our office (must have the graduation date on it)

*You may have completed these steps in previous years so please log in to Self-Service Financial Aid and review your checklist items.  If they are listed then you will need to complete them.

Disbursement Schedule

One Week Before Bill Due Date:  All steps must be completed.  Any incomplete loans will be canceled as of this date.

Before aid can be disbursed, we must verify participation.  After participation is verified, aid is disbursed only to those students who meet financial aid eligibility and have fulfilled all requirements.

Approximately 6-8 weeks after the start of the semester loans will be posted to student accounts

• Loans are generally split into two equal disbursements over fall and winter semesters*
• You must be enrolled in a minimum of 6 credits at the time of disbursement
• If this creates a credit on your account and you are entitled to a refund, they will be available after disbursement

*Exceptions:   Students graduating after the fall semester or starting in the winter semester.  A one-semester loan will be made in two disbursements during the semester.

Exit Counseling

If you previously received a subsidized or unsubsidized loan and are no longer enrolled at least half-time which includes withdrawing or graduating from Mid Michigan College you are required to complete Exit Counseling.  You will receive an email from our office regarding this requirement including the next steps if you are required to complete counseling.  It does not matter if you plan to enroll at another institution you still must complete the counseling as there is a break in your full-time enrollment.

Complete Exit Counseling

LOAN SIMULATOR

• See Your Federal Student Loan Repayment Options with Loan Simulator
• The Loan Simulator will help you calculate student loan payments and choose a repayment option that works best for you.

STUDENT LOAN FORGIVENESS Do you qualify?

REMEMBER – If you have missed a payment or are having trouble making payments, immediately contact your loan servicer to discuss options that may be available to you.

Student Loan Repayment via Inceptia

You’re not alone when it comes to student loans.

Mid Michigan College has partnered with Inceptia, a division of the National Student Loan Program (NSLP), to provide you with FREE assistance on your Federal student loan obligations to ensure successful, comfortable loan repayment.

Inceptia’s friendly customer representatives may reach out to you during your grace period to answer questions you have about your loan obligation and/or repayment options. They may also contact you if your loan(s) become delinquent. Inceptia is not a collection agency. We’ve partnered with them to help you explore a wide variety of possibilities such as alternative repayment plans, deferment, consolidation, discharge, forgiveness, and forbearance options. Inceptia will stay in touch with you via phone calls, letters, and/or emails to help you find answers to your questions and solutions to your issues. Visit Inceptia's webpage.

For additional resources, including information on repayment options, visit Inceptia’s Federal Student Loan Overview website.

I no longer wish to borrow my loan how do I cancel it?

Please send an e-mail to finaid@midmich.edu and include the information below. This must be done within 14 days of the disbursement posting to your account. We will send an e-mail to your Mid account notifying you of your 14-day window. If it is past 14 days please inquire with our office to see what options may be available.

• Your Full Name
• Student ID number
• Loan Type(s) (i.e. subsidized, unsubsidized)
• Amount you would like to cancel

IMPORTANT – If you cancel your loan(s) you may be left with an outstanding balance. Arrangements will need to be made immediately to pay this balance.

A cohort default rate is the percentage of a school’s borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions before the end of the second following fiscal year. Please refer to the Cohort Default Rate Guide for a more in-depth description of cohort default rates and how the rates are calculated.

Mid Michigan College’s current Cohort Default Rate is 0%. To learn more on how to avoid defaulting on a loan, visit studentaid.gov.

1. File the FAFSA and complete verification if selected.
2. Complete the application at https://studentaid.gov/plus-app/
3. Complete a Master Promissory Note (MPN) at https://studentaid.gov/mpn/

Important –  the parent must log in to studentaid.gov using their FSA ID, not the student’s.  Failing to do this will result in the application and promissory note needing to be completed again.

Before aid can be disbursed, we must verify participation.  After participation is verified, aid is disbursed only to those students who meet financial aid eligibility and have fulfilled all requirements.

Approximately 6-8 weeks after the start of the semester loans will be posted to student accounts

• Loans are generally split into two equal disbursements over fall and winter semesters*
• Your student must be enrolled in a minimum of 6 credits at the time of disbursement
• If this creates a credit on your student’s account and you are entitled to a refund, it will be available after disbursement 

*Exceptions:   Students graduating after the fall semester or starting in the winter semester.  A one-semester loan will be made in two disbursements during the semester.

8.05% Fixed*

*loans first disbursed on or after July 1, 2023, and before July 1, 2024.

4.228% Origination Fee*

• This fee is taken before loan funds are disbursed to the school. The amount posted to your bill will be less than the requested amount as these fees have been deducted.
• The borrower is still responsible for the full amount borrowed.

*Loan fee effective on all loans disbursed on or after October 1, 2020.

Please visit Federal Student Aid for the most current rates

Co-Signer –you may need a co-signer as these loans are based on credit history and income.

Items to consider before applying:

• Compare interest rates
• Fixed vs variable interest rate
• Repayment options

Loan Application Process

1. Apply through Elmselect. There is an “Apply Now” button associated with each lender.  You may also apply directly from a lender’s website.
2. If the loan is approved, the lender sends the college an electronic certification request once the lender has received all required information from the borrower and /or co-signer.
3. Once received, the loan is applied to the student’s account as pending until funds are electronically transferred by the lender to the college.
4. Funds are disbursed to student accounts following our disbursement policies.

Self Certification Form  (link to form)

We are providing this to you but you should be supplied with one to complete during your application process with the lender.

In response to the following list Mid Michigan College has no preferred lender arrangements for private student loans.

• Preferred Lender List and Disclosures
• Code of Conduct if Preferred Lender Arrangement
• Private Education Loan Disclosures if school provides information about a private education loan from a lender to a prospective borrower
• Private Education Loan Disclosures if preferred lender arrangement exists

Loan Code of Conduct Policy (full policy)

Financial Aid at Mid Michigan College is committed to removing financial barriers for those who wish to pursue postsecondary learning, making every effort to assist students in their college fiscal planning.  Mid Michigan College does not require the use of a particular lender or in any way limit the choice of lenders.  Furthermore, Mid Michigan College will process loan applications through any lender a student or parent chooses.