Direct Credit Stafford Loan Replaces Paper Check

Beginning Dec. 12, 2007, and effective for the Spring 2008 term, Stafford Loan disbursements will be credited directly to students' tuition and fees accounts at MCC. Paper checks no longer will be issued to Stafford Loan recipients.

Q:  What will be covered by the Stafford Loan proceeds credited to my student account?
A:  The Stafford Loan, as the first disbursed funds for Spring 2008, will apply to all charges, including tuition, fees and books.

Q:  Will there be a change in how my charges are paid?
A:  Yes. While your TOTAL refund will not be affected, the order in which you receive your money will change. If Stafford Loan is your only financial aid award, it will be used to pay all charges (including tuition, fees, books). Any remaining balance will be refunded to your MCC OneCard. If you have other financial aid (such as Pell Grant, scholarships or other grants) in addition to Stafford Loan, the Stafford Loan will be used first to pay all charges, except books. Books will be charged to other financial aid. Any remaining balance from your Stafford Loan will be applied to your MCC OneCard beginning Jan. 17, 2008. Any additional aid (Pell Grant, scholarships or other grants), after all charges are paid, will be applied to your MCC OneCard by Feb. 4, 2008. If you have questions about the disbursement of your funds, contact the Cashier or Financial Aid office at MCC Venice or MCC Bradenton.  

Q:  How do I find out if my Stafford Loan application has been processed and awarded?
A:  Log in to My MCC and go to "Financial Aid Awards" to review your awards for the Spring 2008 term.

Q:  Will this new process require me to apply for a deferment or a short-term loan?
A:  If your Stafford Loan has been awarded (see above Q&A), you will not need to apply for a deferment or a short-term loan. If your Stafford Loan has not been awarded, visit the Financial Aid office to apply for a deferment or short-term loan. 

Q:  How can I be certain my Stafford Loan proceeds have been applied toward my tuition and fees and I am eligible to purchase books at the MCC Bookstore?
A:  Log in to My MCC and go to "My Tuition Bill" to review your balance. If you have a credit balance, you can go to the MCC Bookstore. If you expect to have a credit balance but one does not appear, call or visit the Financial Aid office.

Q: What if I have a credit balance after my tuition, fees and books are paid?A:  Any balance remaining on your account from Stafford Loan proceeds will be refunded to your MCC OneCard.

Q:  When can I expect the refund to show on my MCC OneCard?
A:  The refund to the MCC OneCard will be made according to the published disbursement dates listed in the College calendar.

Q:  Why is MCC changing the Stafford Loan disbursement process?
A:  The change is made in response to requests from students who have asked that loan disbursements be credited automatically to their accounts. This will reduce the time students have to stand in long lines both for deferments and to pick up loan checks.

Q:  What if I still have questions or concerns about my Stafford Loan?
A:  Contact the Financial Aid office: MCC Bradenton, 752-5037; MCC Venice, 408-1407.

(MCC Financial Aid bulletin 12-11-07, updated 12-14-07)

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