Federal Direct Student Loans

Students are offered student loans after completing the FAFSA. If you wish to borrow your direct loans, you must accept them on your SIRS account. Direct loans are available to students who are matriculated, enrolled at least half-time (6 credit hours), maintain good academic progress, and have not exceeded their cost of attendance with other grant/scholarship funds. 

To borrow your direct student loans:

  1. Log into your SIRS account and accept your loans
  2. Complete the Master Promissory Note on www.studentaid.gov
  3. Complete the Entrance Counseling on www.studentaid.gov   

All loans must be repaid; repayment begins six months after your education at MVCC has been completed or after you are enrolled for fewer than 6 credit hours. Federal Direct Student Loans do not require payment while you are enrolled in school for at least 6 credit hours. This is referred to as an in-school deferment. After graduation, borrowers must complete Exit Counseling on www.studentaid.gov

Types of direct loans

Federal Direct Subsidized Loans

Direct Subsidized Loans are available to students who meet the conditions outlined above, and are found to have a financial need as determined by the Department of Education based on the FAFSA information. This type of loan does not accrue interest while the student is in school, or during the six-month grace period before repayment begins.

Federal Direct Unsubsidized Loans

Direct Unsubsidized Loans are available to students who meet the conditions outlined above, but have been determined as having no unmet need by the Department of Education. Unlike the Subsidized Loan, the interest does accrue while the student is in school, and during the six-month grace period before payment begins.

Federal Direct Parent PLUS Loans

The PLUS Loan enables parents to borrow funds to apply toward their child´s educational expenses. The student must be in good academic standing. This is a loan taken out by the parent and will be under the parent's name.

To apply, the parent will log into www.studentaid.gov with their FSA ID (not the student's) and apply for the PLUS Loan. After you submit the application, you will be approved or denied immediately. If you are approved, you need to complete the Master Promissory Note for the PLUS Loan. If you are denied, the student will be offered an additional Unsubsidized Student Loan in the amount of $2,000 per semester. The student will need to accept this loan on their SIRS account.

The loan cannot exceed the cost of attendance and takes into account any aid the student has received. Parents must be in good standing with their credit history to qualify. Interest begins to accrue when the loan is disbursed, and there is no grace period.

Parents may defer payment while the student is enrolled for at least a half-time basis; however, the interest will still accrue, and interest statements will be sent.

Loan Limits

  • Dependent first-year students: Annual combined subsidized and/or unsubsidized loan of $3,500, plus an additional $2,000 unsubsidized. Total available: $5,500.
  • Dependent second-year students (30 cumulative hours): Annual combined subsidized and/or unsubsidized loan of $4,500, plus an additional $2,000 unsubsidized. Total available: $6,500.
  • Independent (per federal criteria) first-year students: Annual combined subsidized and/or unsubsidized loan of $3,500, plus an additional $6,000 unsubsidized. Total available: $9,500.
  • Independent (per federal criteria) second-year students (30 cumulative hours): Annual combined subsidized and/or unsubsidized loan of $4,500, plus an additional $6,000 unsubsidized. Total available: $10,500.

Total Combined Loan Limits

  • Dependent undergraduate students
    • Subsidized loans: $23,000
    • Total subsidized and unsubsidized: $31,000
  • Independent undergraduate students
    • Subsidized loans: $23,000
    • Total subsidized and unsubsidized: $57,500

Interest Rates on Student Loans

For Direct Subsidized Student Loans after June 30, 2019, the following fixed rates are in effect:

  • Loans borrowed between July 1, 2019, and June 30, 2020: 4.53%
  • Parent PLUS Loan rates are currently fixed at 7.08% with an origination fee of 4.236%, which is taken off the loan before it is paid onto the student's account.

Please note: The federal government sets the eligibility amount for student loans. The student cannot exceed the cost of attendance at MVCC with the combination of grants, loans, and other resources.

Students must be in good academic standing to receive a student loan.

Loan Contact Information

General information:

Information on Repaying Your Loan:

Direct Loan Consolidation Center:

Completing the Master Promissory Note (MPN)

MVCC cannot disburse a student loan until this entire process has been completed. All borrowers are required to electronically sign the MPN. By signing, the student is agreeing to pay back any loan funds received for educational expenses. You will complete the MPN only once while a student at MVCC; it will be used for any additional borrowing while you are student here.

The MPN can be accessed at www.studentaid.gov, click on Complete Promissory Note, and select the MPN for subsidized/unsubsidized loans.

Completing the MPN takes approximately 30 minutes. All nine steps must be completed and a confirmation page received. Once the session is completed, an electronic confirmation will be sent to MVCC; this may take up to four days.

Entrance Counseling

Before receiving a student loan for the first time, borrowers must complete an online Entrance Counseling Session. This session provides useful tips and tools regarding loan responsibilities, interest rates, and payment options. The session takes approximately 20 to 30 minutes; the session must be completed, and a confirmation message received. Unless the session has been completed, the electronic confirmation will not be sent to MVCC. As this is a federal requirement, the loan cannot be paid without this confirmation.

Exit Counseling

When you have completed your studies, you will be required to receive exit counseling. This will give you an overview of your rights and responsibilities as a borrower, as well as information regarding payment options. After leaving school (or studying less than half time), you will be notified by the loan servicer that holds the loans. The notification will include payment options, where to send payments, and contact information.

Perkins Loan

MVCC no longer offers a Perkins Loan. If you have previously borrowed a Perkins Loan at MVCC, contact the SUNY Student Loan Service Center (SLSC) by phone at 518-525-2626 or by email at SLSC@albany.edu.

  • Online: Payments can be made online; you will need to set up a user account.
  • By mail: SUNY Student Loan Service Center, P.O. Box 610, Albany, NY 12201-0610

Click here for the Student Loan Practices Code of Conduct.