Federal Direct Loan Program Repayment

All Direct Subsidized and Unsubsidized loans are solely in the student's name, which means you are the only individual responsible for repayment.

You will receive information from the Department of Education regarding the servicer of your loans. The servicer is responsible for collecting payments for your loan(s). You should receive periodic notifications from the servicer once you enter your grace period and then when you begin repayment. You should visit the National Student Loan Database for Students (NSLDS) to review your loans and to identify your servicer. All federal loan information will be submitted to NSLDS and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.

When you graduate, withdraw or drop below part-time status your direct loans will enter into your six month grace period, in which no payment from you is required. When you graduate, drop below full-time or cease to attend, you will need to complete exit counseling at Studentloans.gov website. When exhaust your grace period, you must begin repayment toward your direct loans.

The standard repayment period for direct loans is 10 years. The Department of Education does offer several different types of repayment for special circumstances that may change the terms of repayment and/or change the required payment amount. It is recommended that you review all the repayment options available at to you at the Studentloans.gov website.

Please see the Federal Stafford Loan Sample Repayment Page for sample repayment chart.

Institutional Loan Repayment

All institutional loans are solely in the student's name. You are the only individual responsible for repayment. All repayment of institutional loans is to MCCN as detailed in the MCCN Master Promissory Note and reviewed during “in-person” exit counseling with a MCCN Financial Services representative.

Borrowers must make all payments to MCCN as directed at the exit counseling session.

For additional information, contact the MCCN Financial Services Office.

Debt Management

Excessive student loan debt is a significant issue for today's society. Before you graduate or leave MCCN, you should consider the management of any debt you have accumulated. MCCN Financial Services representatives are available to assist you with financial literacy and planning tools. You should consider the following when making plans to repay your student loan debt:

  • Calculate your Monthly Payment: The payment calculator at the Federal Student Aid website is a very useful tool.
  • Create a Budget: Smart financing planning involves creating a budget that allows you to map out your bills and income for a week, month or longer. You should include all your student loan debt and all other bills and obligations to pay in your budget plan.
  • Consider Federal Loan Consolidation: Consolidation of federal loans allows you to collapse your individual federal loans into a single loan, with a new interest rate and repayment options and a single payment. Consolidation may make the repayment of your federal loans easier. You can review information about federal loan consolidation at the Federal Student Aid website.
  • Pay more than the minimum: Sometimes you may only have enough to pay the minimum amount due; however, the longer you take to pay off a loan, the more you will pay. The length of your loan repayment period directly affects the amount of interest that accumulates. If possible, consider paying more than the minimum due each month. You should always contact your Servicer/Lender if you intend to pay more than the minimum due to ensure your extra payments are being applied to principal loan balances. Additionally, you want to ensure that there are no penalties or fees for paying more or early on your loans.

Trouble Repaying Loans

Making the appropriate on-time payments for your loans is extremely important to your overall financial status. Defaulting on one or more student loans can have severe consequences for you.

If you are having difficulty making payments, you should immediately contact your lender/servicer and discuss the situation. You may be eligible for temporary deferment, forbearance of loan repayment or income based repayment (IBR) depending on you circumstances.

For Federal Direct Loans, visit the Studentloans.gov website for additional information on deferments, forbearances and IBR. Contacting your loan servicer directly for information is also recommended.

For institutional loans, you should contact MCCN.

For Private Education Loans, contact your lender directly.

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