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Understanding Student Loans
The State of Michigan has been providing financial assistance programs for its students since 1964 and has provided millions of students with roughly $4 billion in scholarship assistance, guaranteed over $15 billion in student loans, and issued $3 million in private loans to help Michigan students achieve their higher education goals. This page is intended to explain the myriad of loan types, payment plans, and what can be expected during all phases of repayment.
A student loan is a type of financial aid that is used to pay for college or career school. Student loans do need to be paid back with interest. The student loan process can be hard to navigate, due to the number of steps as well as the variety of loan types and payment plans. If you are prepared with the knowledge necessary to take on this process, it can be completed with minimal stress.
Here, you will find a collection of resources that can be used as a guide for anyone from a student looking to make an informed decision on student loans, to someone in the repayment process. Regardless of what step you're on in the journey, there are resources to help.
Student Loan Basics
Deciding to take on student debt can be a complicated decision so it's best to make sure you are prepared. If you're new to the process, it's best to start with the basics. In the resources within this section, you'll find information about the types of student loans, college cost calculators, and more to get you on the right track.
Understanding Federal Student Loans