Loan Applications and Counseling

Loan Entrance Counseling and MPN

All MCAD students receiving Stafford loans or Graduate PLUS Loans are required to complete the entrance counseling process. It is very important that students become informed consumers about student loans. Verification of completion of this online counseling process is downloaded to our information system, and you will not be able to receive your first loan disbursement until completion is verified.

Loan Application Process

Federal Direct Parent PLUS Loan
Loan available for parents of dependent students to borrow.

New Parent Plus loan borrowers

  • Application and Master Promissory Note
  • Studentloans.gov
  • Sign in - use the social security number and FAFSA PIN for the person who is borrowing the loan
  • Select "Request a Direct Plus Loan"
  • Select Parent Plus
  • Complete the application
  • Then return to home page to complete MPN
  • Select "Complete Master Promissory Note" link
  • Select Parent Plus link
  • Complete the promissory note

 

Returning Parent Plus loan borrowers Parents who already have a MPN on file for a Parent PLUS Loan and wish to request a new loan for the upcoming school year

  • Go to studentloans.gov
  • Sign in using borrowers social security number and PIN
  • Select "Request a Direct Plus Loan"
  • Select Parent Plus
  • Complete the application

 

New Graduate PLUS Loan borrowers

  • Application and Master Promissory Note (MPN)
  • Studentloans.gov
  • Sign in - use the social security number and FAFSA PIN for the person who is borrowing the loan
  • Select "Request a Direct Plus Loan"
  • Select Grad Plus
  • Complete the application
  • Then return to home page to complete Master Promissory Note (MPN)
  • Select “Complete Master Promissory Note” link
  • Select Grad Plus link
  • Complete the promissory note

 

Returning Graduate PLUS Loan borrowers Students who have already completed a MPN and wish to request a new loan for the upcoming year

  • Go to studentloans.gov
  • Sign in using borrowers social security number and PIN
  • Select "Request a Direct Plus Loan"
  • Select Grad Plus
  • Complete the application

 

Alternative Loans

 

Leaving School and Loan Repayment

Once you are no longer enrolled at least half time in an eligible program, you'll have a six-month grace period before student loan payments start. You must begin repayment at the end of your grace period. It does not matter whether you drop out of school, graduate or go below half-time, the repayment schedule is the same.

If you have an in-school deferment on a Direct Subsidized or Unsubsidized Loan that entered repayment at an earlier date before you returned to school and you graduate, drop below half-time enrollment, or withdraw from school, you will be required to immediately begin making payments on the loan because the 6-month grace period has already been used up; there is no second grace period.

Make sure that both your school and the Direct Loan Servicing Center know that you are no longer enrolled. If you don't begin making payments when required, there is the possibility that you will lose repayment incentives you may have received or even go into default.

 

Exit Counseling

If you have borrowed any money to attend MCAD, you will need to complete exit counseling, regardless of why you are leaving. This will explain your rights and responsibilities as a borrower and help you prepare for repayment.

To complete online student loan exit counseling, visit NSLDS. This is a government website about student loans and repayment options.