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Paying for College

Education beyond high school can give you choices that may not otherwise be possible. It can open doors to better paying jobs, and give you the opportunity to do the things you enjoy most. By advancing your education, you can expand your possibilities and increase your career choices.

To explore options to help pay for college, start here. You will learn about the various kinds of financial aid such as federal, state, institutional, and private fund(s) used to assist eligible students in funding their education.

News & Highlights

• Mapping Your Future Mapping Your Future’s calculators enable students, parents, and others to manage their money and student loans. One of the most popular calculators, the student loan repayment calculator, was recently updated to increase the maximum interest rate to 12 percent. While the current federal student loan interest rate is not at 12 percent, this adjustment in the calculator allows for different interest rates in the future based on the caps set by Congress. The following link will provide the new calculator.

smartphone You can access Paying For College on your web-enabled mobile device:

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• Pay As You Earn Repayment Plan The US Department of Education is pleased to announce the availability of the Pay As You Earn Repayment Plan for eligible William D. Ford Federal Direct Loan (Direct Loan) Program borrowers and Federal Family Education Loans (FFEL) . On November 1, 2012, the Department of Education (the Department) issued final regulations for this new repayment plan based on the President's "Pay As You Earn" initiative and announced its intention to implement the plan on December 21, 2012, at the discretion of individual borrowers. This means that eligible Direct Loan and FFEL borrowers can be placed on the Pay As You Earn Repayment Plan beginning on December 21, 2012. The form (IBR/PAYE/ICR) is available here.

• Michigan Education Trust 2013 Contract The 2013 contract enrollment period is December 10, 2012, through September 30, 2013, as adopted by the MET Board of Directors at their November 29, 2012 meeting

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