close print view
Michigan Engineering Incentive*
The Michigan Engineering Incentive (MEI) is for students receiving Federal Family Education Loan Program (FFELP) Federal Stafford Loans and is exclusively for students who obtained a Federal Stafford Loan from MHESLA or any of the Michigan lenders that have sold this loan to MHESLA. Eligible loans are federal Stafford Loans first disbursed and purchased between August 1, 2005 and April 17, 2008. Effective June 30, 2010, MEI eligible student loans with MHESLA will no longer become eligible for an interest rate subsidy from MHESLA.
MICHIGAN ENGINEERING INCENTIVE BENEFITS
Once you have begun repayment of your loan, you must:
ADDITIONAL CRITERIA INCLUDES
FEDERAL CONSOLIDATION LOANS
Federal Consolidation Loans do not qualify for the Michigan Engineering Incentive. Therefore, if you consolidate loans in the Michigan Engineering Incentive program, you lose the 0% interest benefit. Please be aware that the current statutory interest rate, and not the 0% interest rate, will be used to calculate the Federal Consolidation Loan interest rate.
If you run into financial difficulties while paying back your student loans, the worst thing you can do is miss payments or habitually be late in making them. There are several repayment options including deferments and forbearance that borrowers should not miss out on.
Borrowers with additional questions should review the Michigan Engineering Incentive Frequently Asked Questions document.
If your question was not answered, or if we can assist you in any way, please contact our office at:
TTY callers may access our office through the Michigan Relay Service at 800-649-3777.
* MHESLA reserves the right to revise or discontinue offering borrower benefit options at any time.
Copyright © 2001-2014 State of Michigan