Michigan Alternative Student Loan (MI-LOAN) Program

State of Michigan, Student Financial Services Bureau
Type Loan
Amount $500 - 125k

Description

PROGRAM IS CURRENTLY SUSPENDED. PLEASE MONITOR THE WEBSITE FOR ANY CHANGES.

The Michigan Alternative Student Loan (MI-LOAN) Program is offered by the State of Michigan for the exclusive use of students who are attending Michigan degree-granting colleges and universities. The MI-LOAN Program consists of two programs; the Creditworthy Loan Program and the Credit Ready Loan Program. Both of these programs will allow the applicant to be either the student or their parent.

The MI-LOAN Program is intended to provide assistance to those families who do not typically qualify for gift aid and/or the subsidized Federal Stafford Loan, but who do not have sufficient cash reserves to meet the costs of a postsecondary education.

A private/alternative loan is designed primarily to help students with educational expenses that exceed other available assistance (such as scholarships, grants, and Federal Stafford Loans). In other words, alternative loans were designed to bridge the gap between college costs and traditional financial aid resources.

 

See website for details on current interest rates.

More Information

http://www.michigan.gov/mistudentaid/0,1607,7-128-38170_38175_38900---,00.html

State of Michigan, Student Financial Services Bureau
P.O. Box 30047
Lansing, MI 48909
Phone: 1-800-642-5626 Extension 37054