SFA - MI-LOAN Program

Michigan Student Financial Aid: Paying for College

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The Michigan Alternative Student Loan (MI-LOAN®) Program is an
alternative student loan program for the exclusive use of students who are attending Michigan degree-granting colleges and universities. This program helps students bridge the gap between college costs and traditional federal financial aid resources.

The MI-LOAN Program remains suspended from February 2008. The department will continue to monitor market conditions to determine the feasibility of reconstituting the MI-LOAN Program in the future.

If you have a funding shortfall after considering all federal, state and institutional financial aid, including federal student loans, as well as earnings and savings, you may consider a private student loan to make up the difference.

Private student loans (also known as alternative student loans or personal student loans) can help you pay for college, generally at better interest rates than other lines of credit.

You should only use private student loans as supplemental funding after you have exhausted all other sources of financial aid, including Grants and Scholarships, Types of Financial Aid and Federal Student loans.

REHABILITATION OPTION FEATURES:

MI-LOAN Program Announces New Rehabilitation Option
The MHESLA is pleased to announce the implementation of our MI-LOAN Program Rehabilitation Option, effective immediately. To qualify for the Option, MI-LOAN borrowers who have outstanding defaulted loans are required to make nine on-time payments within a ten month period.

MI-LOAN PROGRAM FEATURES:

*All borrower benefits are subject to available funding.


	Quick Links
•	Michigan Education Trust
•	Michigan Education Savings Program
•	Michigan Students First
•	Michigan Engineering Incentive
•	Michigan Advantage Consolidation Loan
•	MI-LOAN Program
•	MI Scholarships Online
•	Michigan Postsecondary Handbook
•	Tuition Incentive Program (TIP)