A. Federal Loans

• Student completes the FAFSA and submits it to the federal processor
  (By Internet 2 weeks or paper application 4 weeks to process)
• Student receives a Student Aid Report (SAR) and all schools listed on the FAFSA receive an Institutional Student Information Record (ISIR) from the federal processor.
• School uses the ISIR to award the student's financial aid (Subsidized and Unsubsidized)
• Financial Aid Office sends the Award Letter, Borrower Authorization Form, and Preferred Lender List to the student
• Student completes the Borrower Authorization Form for the loan(s) and returns it to the
  Financial Aid Office
• Financial Aid Office uses the form to electronically certify the loan(s) with the specified
  Lender/bank for the amount listed
• Lender mails Master Promissory Note to first time MCSOL borrowers
• Student completes MPN and returns it to lender
• Financial Aid Office receives disbursement electronically from lender and disburses it to
  student's account (Disbursements are set to arrive when each semester begins)
• All money owed to MC is deducted first and the student receives the remainder in a refund check. (Students normally receive refund checks 11/2 to 2 weeks after classes begin)

B. Private Loans/gradplus loans

• Student must submit an electronic loan application on the lender's website
• Lender requests certification from Financial Aid Office
• Financial Aid Office returns certification
• Lender processes the loan
• Financial Aid Office receives disbursement from the Lender and disburses it to students
  account
• All money owed to MC is deducted first and the student receives the remainder in a refund check