Loans are part of a financial aid package that provides an opportunity to defer educational costs by borrowing now and paying later. Interest is charged on the amount borrowed. Interest rates vary each year, and repayment begins after the student completes or finishes school.
NOTE: MJC does not participate in the Direct Loan Program, Federal Perkins Loan Program or any of the Federal Family Loan Programs [e.g. Guaranteed Student Loan (GSL), including Federal Stafford Loan, Parent Loan for Undergraduate Students (PLUS), or Supplemental Loan for Students (SLS)].
Students in the Associate Degree Nursing (ADN) Program who demonstrate financial need may be eligible for loans ranging from $300 to $2,000 per academic year. Students must meet Nursing Program requirements to be eligible for a Nursing Loan.
Loan repayment begins after the borrower ceases to be at least a half-time student. The payment period may extend up to ten years; during repayment, five percent interest is charged on the unpaid balance of the principal.
