This policy addresses the protocols necessary to support the student population and maintain compliance with the U.S. Department of Education regulations regarding the student loan process.
The Maine College of Health Professions participates in the Direct Student Loan and Parent PLUS Loan Programs through Title IV Funding and participation approval by the U.S. Department of Education.
Process:
- A student files the Free Application for Federal Student Aid (FAFSA). Using the Federal Methodology for determining a student’s financial aid need, the Financial Aid Office advises the student through the Financial Aid Award Letter of the type and amount of student loan they are entitled to receive.
Dependent Undergraduate Annual Limits for Direct Subsidized Loans and Direct Unsubsidized Loans
| Dependent undergraduates (excluding dependent students whose parents can’t get Direct PLUS Loans) | Total (subsidized and unsubsidized) | Maximum subsidized |
| First Year | $5,500 | $3,500 |
| Second Year | $6,500 $4,500 | $4,500 |
| Third Year and Beyond | $7,500 $5,500 | $5,500 |
Independent Undergraduate Annual Limits for Direct Subsidized Loans and Direct Unsubsidized Loans
| Independent undergraduates (and dependent undergraduates whose parents can’t get Direct PLUS Loans) | Total (subsidized and unsubsidized) | Maximum subsidized |
| First Year | $9,500 | $3,500 |
| Second Year | $10,500 | $4,500 |
| Third Year and Beyond | $12,500 | $5,500 |
- Loans are awarded only to the maximums indicated above or an amount that when factored with other financial aid would meet the student’s total cost of attendance.
- The student accepts the student loan offer by indicating their acceptance through the College’s secure online portal. If a student wants less than indicated on the award letter they must indicate the amount on the portal.
- The student completes a Master Promissory Note (MPN) and Entrance counseling through an online process at www.st dentloans.gov. The Financial Aid Office prints a copy of the completed MPN and confirmation of completion of entrance counseling from the Common Origination & Disbursement website (COD) to ensure the MPN has been completed prior to originating the loan in EdExpress. If the student has a multi-year Master Promissory Note in place, that document can be used, provided it is not expired.
- The Financial Aid Office originates the loan in EdExpress and then transmits it through EdConnect to the COD system. Once accepted in COD and transmitted back to EdExpress, the funds are disbursed to the student’s account by the Bursar.
- The Bursar sends a request to the College Accounting Office to have funds drawn down through the G5 website. Accounting does general ledger entries to reflect funds received through electronic transfer. The Bursar’s Office maintains copies of requests and general ledger entries.
- If Title IV Funds create a credit on the student account, a refund check is issued to the student within 14 days from the disbursement date per Federal Regulations.
Approved:______________________________________________________________________
Monika Bissell, DBA
President
Date
Amended
February 2015, December 2015, March 2024, January 2026