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Federal Direct Loan Process for New Students

1. Remember to complete a Free Application for Federal Student Aid (FAFSA) for each school year.

2. Check your MyAACC for updates and provide all requested documentation.

3. Once you receive your Financial Aid Notification, you may apply for a Federal Direct Loan.

4. If you are eligible for a Federal Direct Loan, a link for a Loan Request Form will be provided to you.

5. Print, complete, sign, and return the Loan Request Form to the Financial Aid Office.  Please do not use “max” or “awarded” amounts.  You must enter an actual amount.

6. Complete Entrance Interview Counseling.

7. You will receive an email once your Master Promissory Note (MPN) is available.  Follow the link and complete the MPN online.  You will need your driver’s license and contact information for three references (these are NOT cosigners).

8. All new borrowers must wait 30 days from the first day of classes to receive their Federal Direct Loan Funds.

9.  All borrowers must agree to the following:

  • The student will remain enrolled in at least 6 credits for each term that the student has requested loan funds. Courses taken as “audit” do not count toward enrollment. If the student enrolls for less than 6 credits, the loan will be cancelled for that term.
  • Loan funds will not be disbursed until after the course start dates and drop deadlines for at least 6 credits have passed and after attendance has been confirmed in at least 6 credits.
  • If the student withdraws from classes after aid is disbursed, the student may have to repay all or a portion of disbursed aid to AACC.
  • If the student is due a refund check, it will be mailed 5-10 business days after the college disburses the funds.
  • Award notifications list the annual maximum amount for loans. AACC will certify the eligibility for both Subsidized and Unsubsidized Federal Direct Loans and may have to reduce the student’s requested amount based on annual limits, excessive prior student loan debt, or other eligibility.
  • AACC may need to reduce or cancel the loan(s) if the student becomes over-awarded.
  • If the student’s loan is only for one term, it may be disbursed in two equal disbursements.
  • Once the student’s loan is processed, the student must complete a Master Promissory Note (MPN) before any loan funds will be disbursed. The student will receive an email notification requesting that the student complete an MPN on-line. If the student fails to complete the MPN, the loan will be cancelled and the student will be responsible for all charges due to AACC.

Application Tips:

  • Register early! AACC processing time may take 6-8 weeks during peak registration periods.
  • Be very careful to fill out all forms accurately and completely in ink.  Errors and incomplete paperwork will delay the process.
  • Check MyAACC regularly for status or updates.