/Institutions/Mitchell-Technical-Institute/json/2023-2025/Catalog-and-Student-Handbook-local.json

/Institutions/Mitchell-Technical-Institute/json/2023-2025/Catalog-and-Student-Handbook.json

Loans

Student loans are financial aid that must be repaid in the future. All types of loans are disbursed by the semester.

Repayments begin typically six months after you leave Mitchell Tech.

The Federal Direct Student Loan Program

This low-interest loan program allows dependent students to borrow up to $5,500 for their first year and $6,500 for their second year. Independent students may borrow up to $9,500 for their first year and $10,500 for their second year. This program is either subsidized or unsubsidized. If the loan is subsidized, the interest does not accrue while the student is attending Mitchell Tech. If the loan is unsubsidized, interest is charged from the time the loan is disbursed. Your award letter will indicate the type of loan for which you qualify.

Federal Direct Parent Loans (PLUS)

This program provides an opportunity for parents of dependent students to borrow funds for their student’s educational costs. The Financial Aid Office processes applications. The funds come from the U.S. Department of Education. Loan amounts may not exceed educational costs minus other financial aid.