Loans
Loans are funds for college that you must repay after you graduate or enroll in less than six credit hours. Students are encouraged to apply for all other forms of financial aid—scholarships, grants, and work-study programs—before taking out loans.
Browse our Resources:
- Important Loan Information
- Direct Loan Application and Deadlines
- Sample Repayment Schedule
- Inceptia Partnership
Important Loan Information
If you need information about loan eligibility, loan disbursements, and loan terms, please download our Important Loan Information document.
Loan Proration for Part-Time Borrowers
Effective for the 2026-27 academic year:
Federal student loan amounts must be prorated based on the number of credits a student attends. If a student does not attend full-time (12 credit hours), they are not eligible for the full annual loan limit. Students that enroll in fewer than 12 credit hours, the loan amount will be reduced proportionally. For example, students enrolled half-time (6-8 credit hours) may only qualify for half of the annual loan limit.
Minimum Enrollment: To qualify for any federal direct loan, students must be enrolled at least half-time (6-8 credit hours).
Direct Loan Application and Deadlines
To apply for loans, please complete a direct loan request form located on our forms page and submit your completed form to our office in the Administration & Enrollment Center before the deadlines listed below.
| Semester | Deadline |
|---|---|
| Fall | Nov. 1 |
| Spring | April 1 |
| Summer | July 1 |
Sample Repayment Schedule (under a Standard 10-Year Repayment Plan)
When you apply for and receive loan funds, you must repay them. The following chart lists sample monthly loan repayments under a standard 10-year repayment plan with repayments at four typical interest rates for loan amounts in $5,000 increments up to $20,000. For example, if a student borrows $20,000 at 6.21%, the payment for principal and interest is $224 a month for 10 years.
| Loan Amount | 4.66% | 5.0% | 6.21% | 7.21% |
|---|---|---|---|---|
| $5,000 | $52 | $53 | $56 | $58 |
| $10,000 | $104 | $106 | $112 | $117 |
| $15,000 | $157 | $159 | $168 | $176 |
| $20,000 | $209 | $212 | $224 | $234 |
Inceptia Partnership
College of the Mainland has partnered with Inceptia, a division of National Student Loan Program (NSLP), to provide you with FREE assistance on your Federal student loan obligations to ensure successful, and comfortable, loan repayment.
Inceptia’s friendly customer representatives may reach out to you during your grace period to answer questions you have about your loan obligation and/or repayment options. They may also contact you if your loan(s) become delinquent. Inceptia is not a collection agency.
We’ve partnered with them to help you explore a wide variety of possibilities such as alternative repayment plans, deferment, consolidation, discharge, forgiveness, and forbearance options. Inceptia will stay in touch with you via phone calls, letters, and/or emails to help you find answers to your questions and solutions to your issues.
For additional resources including information on repayment options, please visit Inceptia’s Federal Student Loan Overview website at Inceptia.org/FAQ.