Montgomery College Student Loans Orientation

Montgomery College Student Loans Orientation


>> Megan Harper: Welcome to Montgomery College! So, you’re
interested in borrowing a loan? I’m going to explain to you how the loan process works
here at Montgomery College. First, you need to make sure you’ve
completed your Free Application for Federal Student Aid, or FAFSA form, and submit all required documents
requested to the Financial Aid Office. If you are first-time loan borrower at
Montgomery College, you’re required to complete entrance counseling online at www.studentloans.gov. This website requires you to log-in with
your personal information. You need to provide a Social Security
number, the first two letters of your last name, your Federal Student Aid pin number,
and date of birth. If you don’t have a pin number, go to the
Federal Student Aid pin website at www.pin.ed.gov to
get one. The PIN is the number you use to sign your
FAFSA form. Entrance loan counseling is a federal
requirement that explains your rights and responsibilities as a student loan
borrower. You will learn about the federal
loan program and take a quiz as you read the
information. All student loan borrowers must be
enrolled in school at least a minimum of six credit or credit equivalent hours to
be eligible for a student loan. When you successfully complete the
entrance counseling online you will have the option to print out the
confirmation page. Please print this page out. Congratulations! You have successfully
completed the entrance counseling requirement. Since you are already on the studentloans.gov
website you can sign your master promissory note that we we refer to
as the MPN. If you still have a valid direct loan
MPN on file from another institution, isn’t necessary to sign a
new MPN. Now you’re probably wondering what the
next step in the process is. In addition to completing the entrance
counseling requirement and signing the MPN, you need to submit a Direct Loan
Request Form to your campus financial aid office. You can access the loan request form on
your MyMC account after your financial aid file is approved and awarded. Go to the Student Quick Links window and
click on Financial Aid Forms, then select the Aid Year. Complete the two-page loan request form
and submit it with your confirmation of completing the entrance counseling
online. Make sure all areas on the form are
legible and complete. Mistakes can hinder the process. The three pages can be submitted at your
campus financial aid office. After submitting your loan request form,
in most cases the processing time can take up to two weeks after your financial aid
is awarded before the financial aid office processes your request. When the request is processed, you will
receive a revised award letter via email to your MC email account. Now, you are probably wondering when will my
bill be paid? Loan funds are held for 30 days
after classes start to ensure registration. The loan funds will post to your student account and any refund will process after bills are paid. Don’t forget to work hard in your
classes and remember you must be enrolled at
half-time status to be eligible to borrow a student loan. If you withdraw or drop below half-time
status, you will have to complete exit counseling
for student loan borrowers. The Office of Student Financial Aid looks
forward to working with you to help you achieve your educational goals. Thanks for watching, and always remember
to borrow wisely!

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