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)
