Student Loans
Students pay for their education through:
- Personal resources
- Scholarships/grants (do not need to be paid back)
- Loans (need to be paid back, with interest)
- A combination of the above
Loans should be one of your last options for higher education funding. Students who are enrolled at least half-time (six credits or more) in an associate degree or technical diploma program are usually eligible for a Federal Stafford Student Loan. Stafford Loans have a lower interest rate than standard, private bank loans. Stafford Loans do not enter repayment until six months after your MATC graduation or when you drop below a half-time enrollment status. There are two types of Stafford Loans: subsidized and unsubsidized.
Federal Stafford Loan - Subsidized
These loans are based on financial need as determined by the Free Application for Federal Student Aid (FAFSA) and MATC's Financial Aid Office. The federal government pays the interest on the loan while the student is enrolled at least half-time and during the six-month grace period.
Federal Stafford Loan - Unsubsidized
These loans are not based on financial need, but a FAFSA must still be completed. The borrower is charged interest from the day the loan is disbursed until it is repaid. There is no grace period on the interest.
Steps to Securing a Student Loan
Complete a FAFSA application online at www.fafsa.ed.gov.
Once your FAFSA application has been received and your financial aid has been processed you will receive an award letter from MATC's Financial Aid Office, which includes the maximum loan amounts you may borrow from both the subsidized and unsubsidized Stafford Loan programs. This award letter also includes information regarding all financial aid you are eligible to receive.
If you are a new student, you will receive a financial aid award letter in the U.S. mail.
If you are a returning MATC student, you will receive an e-mail notification instructing you to check your financial aid award on INFOnline at matc.edu.
You may have been awarded an Additional Unsubsidized Loan. Please be aware that in order to receive this loan, you are required to attend a mandatory Additional Loan Information Session and you must be enrolled in at least 6 credit hours. Check your MATC student e-mail for an announcement regarding the dates and times the Additional Loan Information Sessions will be held.
Loan Counseling and More
New Borrowers: Complete the Federal Stafford Loan Process
You are required to complete the Online Stafford Loan Entrance Counseling and Master Promissory Note
If you have been awarded a student loan for the first time as a student at MATC, you will need to complete the Online Stafford Loan Entrance Counseling and Master Promissory Note. Your loan will not be processed until you have done this.
Please see more information on Federal Stafford Loans at: https://www.mygreatlakes.com/borrower/staticForward.do?staticpath=/borrower/loanprograms_faqs.html&SMSESSION=NO.
To fully process your Stafford Loan, please complete the following two steps:
Step 1:
Please complete your Stafford Loan Entrance Counseling online. The purpose of the Stafford Loan Entrance Counseling is to explain the rights and responsibilities that you have when you borrow a Stafford Loan. Note, after you complete the Stafford Loan Entrance Counseling you have the option to automatically link to step 2. Click here to start your online Stafford Loan Entrance Counseling - online entrance loan counseling session.
Step 2:
Complete the Stafford Loan Master Promissory Note online. The Master Promissory Note explains your repayment obligations with a Stafford Loan. In order to sign the Master Promissory Note online, you must use the PIN number that you received from the U.S. Department of Education. If you do not have a PIN number, you can apply for one immediately at www.pin.ed.gov. Then start your online Stafford Loan Master Promissory Note. MATC will provide you with a list of lenders who are a part of the Stafford Loan Program.
Online Stafford Loan Exit Counseling:
If you are leaving MATC or graduating from MATC, you are required to complete an online Stafford Loan Exit Counseling Session.
Before you leave or graduate from MATC, or when you drop below six credit hours, you are required to complete a brief Online Stafford Loan Exit Counseling Session. This session explains your repayment options and obligations. Start your session through this link: online exit loan counseling session
Parent Loans for Undergraduate Students (PLUS Loans):
Federal PLUS Loans are education loans for parents of undergraduate students who are pursuing an education. PLUS Loans are available to parents regardless of income or assets but there is a credit check that is performed. Parents may borrow up to the Cost of Attendance, minus the Expected Family Contribution (EFC) from the Free Application for Federal Student Aid (FAFSA), minus any other financial aid the student has already received. The PLUS Loan goes into repayment 60 days after it is fully disbursed for the year. However, parents can make arrangements to make interest only payments or defer all payments until after the student graduates. You would contact your loan servicer to make payment arrangements.
Find more information on Federal PLUS Loans at: https://www.mygreatlakes.com/borrower/staticForward.do?staticpath=/borrower/about_loans_plus.html Apply for the Federal PLUS loan at FASTPLUS. MATC will provide you with a list of lenders who are a part of the Federal PLUS Loan Program.
Feel free to stop by the MATC Financial Aid Office if you need more information. Our office is located in Room S222 at the MATC Downtown Milwaukee Campus and in the Student Services Office at the regional campuses. You can also reach the MATC Student Loan Office by calling 414-297-6777 or e-mailing us at loans@matc.edu.
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