Student Loans

How to Apply

To apply for loans, you need to complete the Free Application for Federal Student Aid (FAFSA).

The annual priority deadline is February 15.

MCA’s federal school code is 003507.

Keep Your Loans

Find out about the requirements you need to meet to keep receiving your loans.

Types of Loans

Direct Loans – Subsidized and Unsubsidized

Direct Loans are low-interest loans for students and parents to help pay for the cost of your education after high school. The lender is the US Department of Education. However, most of the contact will be with your loan servicer.

With Direct Loans, you:

  • Borrow directly from the federal government and have a single contact—your loan servicer—for everything related to repayment, even if you receive Direct Loans at different schools.
  • Have online access to your Direct Loan account information through your servicer’s website.
  • Can choose from several repayment plans, and you can switch repayment plans if your needs change.

The Direct Loan Program offers these types of loans:

  • Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
  • Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.

Student borrowers are not required to begin making payments until after they drop below half-time attendance.

PLUS Loans – Parents and Graduate Students

PLUS Loans are unsubsidized loans for the parents of dependent students and for graduate/professional students. These loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.

You can apply here using your FSA ID to log in and complete your application.

Alternative Loans

Alternative student loans are made through private lenders (for example, banks). They are not part of the federal loan program.

MCA encourages students to look into federal loan programs before applying for a private loan. If you are ineligible for federal loans or you have exhausted government sources, private loans can help offset the difference between your educational expenses and loans.

There are many private loan options. It is to your benefit to research and find the loan that best meets your needs. The lender has final approval for alternative loans, rather than MCA.

Disbursement can be slower than it is for direct loans.


Memphis College of Art does not discriminate on the basis of race, color, national origin, sex, disability, religion, age, veteran status, gender identity or expression, sexual orientation, or other status protected by law. Additional Information