Smart Borrowing

At Mid-Plains Community College our goal is to encourage you to make smart borrowing decisions. We’d like to inform you of your rights and responsibilities as a student loan borrower and provide you with the terms and conditions of the Federal Direct Loan Program.

Students have the right to:

  • know what federal, state, and institutional financial assistance is available;
  • know financial aid procedures and how aid is awarded;
  • know how and when financial aid is paid;
  • know the cost of attendance at Mid-Plains Community College;
  • know and comply with the Return of Title IV Aid Policy for withdrawal;
  • know what portion of financial aid is grant aid;
  • know what portion of financial aid is a loan and the terms of the loan at the time is it is made including the interest rate, grace period, and terms of payback and a sample repayment schedule;
  • know how much need has been met by the institution;
  • know the criteria for continued aid eligibility;
  • Students receiving loans will be notified of their disbursement. Students have the right to adjust or cancel those loans within 14 days of receiving their notification. 

As a student, it is your responsibility to:

  • know and meet financial aid deadlines;
  • provide all information/documentation requested by the Financial Aid Office;
  • complete the Free Application for Federal Student Aid (FAFSA) completely and truthfully;
  • return all financial aid forms by the date requested;
  • read and understand all forms and correspondence pertaining to financial aid and keep copies for your own record;
  • know that by using Financial Aid Portal you will receive financial aid award data electronically;
  • accept responsibility for all agreements signed by you, the student;
  • report any drastic changes in financial circumstances (i.e., death of a parent or spouse or divorce) which would change financial need;
  • Report your housing plans. Let the financial aid office know if you are living off-campus or with a parent, or if your housing plans change mid-year.
  • know and comply with Mid-Plains Community College’s refund policy;
  • notify lenders if you have a change in name, address, or enrollment status;
  • apply for financial aid as soon as possible after October 1;
  • repay all Federal Direct Stafford loans; and
  • maintain satisfactory academic progress at Mid-Plains Community College.

The federal government assumes that parents of dependent students have the primary responsibility to pay for their dependent child's education. It is their aim to help financially needy families by providing grants or other gift aid that does not require repayment and allowing schools or other organizations to do the same.

The FAFSA does not require parents to pay for college but does require a parent to provide financial information in order to fully determine eligibility for financial aid. Dependent students are usually eligible to borrow education loans to help pay for college if a family does not have the funds available.

  1. Complete the FAFSA and enter our school code: 002557.
  2. Respond promptly to communication from the MPCC Financial Aid team. We will communicate with you largely over email.
  3. Accept all, or a portion, of the loan amount you are offered on the Financial Aid Portal.
  4. If you are a dependent student and need additional funds, your parent can apply for a Parent PLUS loan.

  1. You must be enrolled at least ½ time and meeting SAP Standards. To be at least ½ time you must be in at least 6 credits, which is typically 2 or more classes.
  2. Sign your Master Promissory Note (MPN) in which you promise to repay your loan(s) and any accrued interest and fees.
  3. You must complete Entrance Counseling to ensure you understand the responsibilities and obligations of borrowing a student loan.
  4. Most federal student loans have a small loan fee that is deducted before the loan funds are applied to your student account. The loan fee for student loans first disbursed on or after October 1, 2020 is 1.057%, for parent PLUS loans it is 4.228%.
  5. We disburse financial aid to your student account weekly starting the fourth week of each semester. For more information see the Methods and Frequency of Disbursements section of our Financial Aid Policies.
  6. Once your loan is processed you will get a disbursement notification from the Department of Education. You will also receive an email from MPCC Financial Aid after your loan funds are disbursed to your student account. You have 14 days from the date of the notification to cancel or adjust your loan.

We do not have a preferred lender list for private educational loans.

  1. Once you graduate, drop below half-time enrollment, or leave school, your federal student loan(s) go into repayment. You may have a six-month grace period before you have to start making payments. See Federal Student Aid’s Student Loan Repayment for more information and resources.
  2. You must complete Exit Counseling, which provides important information on repayment.
  3. Loan repayment is serious, and it is important that you repay your obligation. You must repay the full amount of your loan regardless of whether you complete your program, if you are unable to find employment after completion, or are dissatisfied with your education. If you are having trouble making payments, contact your loan servicer for options.
  4. When you enter repayment, you will be placed on the Standard repayment plan. There are several payment plan options. Explore options on the Federal Student Aid’s Repayment Plan page.
  5. If you do not make your scheduled student loan payment for 270 days, your loan will go into default. Default has serious consequences such as loss of federal aid eligibility, damaging your credit rating, your tax refunds being withheld, and more. See Student Loan Delinquency and Default for more.

If you receive a federal student loan, it is important you know what is required of you as a borrower, learn more by visiting

Estimate you personal payments and find the best payment plan by using the Loan Simulator.

The following Code of Conduct applies to our interactions with FFELP and private lending institutions. We do not provide, and prohibit our staff from receiving, incentives for enrollments or providing financial aid to any individual. The code of conduct prohibits:

  • revenue-sharing arrangements with any lender;
  • receiving gifts from a lender, a guarantor, or a loan servicer;
  • contracting arrangement providing financial benefit from any lender or affiliate of a lender;
  • directing borrowers to particular lenders, or refusing or delaying loan certifications;
  • offers of funds for private loans;
  • call center or financial aid office staffing assistance; and
  • advisory board compensation.