Federal Direct Student Loans
Direct loans are available to students who are matriculated, enrolled at least half-time (6 credit hours), maintain academic progress, and have not exceeded their cost of attendance.
All recipients of loans must complete entrance counseling before the loan is disbursed, and exit counseling upon graduation, or dropping below a half-time status (less than 6 credit hours).
All loans must be repaid; repayment begins six months after the student’s education at MVCC has been completed.
The following types of direct loans are available:
Federal Direct Subsidized Loans
Direct Subsidized Loans are available to students who meet the conditions outlined above, and are determined 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. Parent PLUS loan applications can be found here or obtained at the Financial Aid Office.
The loan cannot exceed the cost of attendance and takes into account any aid the student has received. Unlike student loans, 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.
- 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 & Unsubsidized: $31,000
- Independent Undergraduate Students: Subsidized Loans: $23,000
- Total Subsidized & Unsubsidized: $57,500
Interest Rates on Student Loans
For Direct Subsidized student loans after June 30, 2015, the following fixed rates are in effect:
- Loans between July 1, 2015-June 30, 2016: 4.29%
- Parent Plus loan rates are currently fixed at 6.84%. For additional information on any Federal Direct Loans, log on to studentloans.gov
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
Information on Repaying Your Loan:
- Borrower Services, Direct Loan Servicing Center
Direct Loan Consolidation Center:
Applying For a Student Loan:
- Complete the FAFSA online.
- Submit all requested documents to the Financial Aid Office.
- Accept the loans online through SIRS.
- Complete online entrance counseling.
- Complete the online Master Promissory Note (MPN).
- Parent PLUS loan applications can be found here or obtained at the Financial Aid Office. Students are urged to consider loans carefully, and not borrow more than is needed.
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 studentloans.gov, click on Complete New MPN for Student Loans, select the Subsidized/Unsubsidized option, and click on Proceed to MPN login.
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.
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. Once in the session, click on Entrance & Exit Counseling and complete the Stafford Loan Tutorial & Quiz. The session takes approximately 20-30 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.
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.
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.