Student Loans from the State of Michigan

Finance Your Undergraduate or Graduate Education

If you’re looking for one of the most reliable sources for college student loan information then look no further than your own backyard. Michigan residents or students looking to study in the state, must check out the Michigan Higher Education Student Loan Authority (MHESLA). Here is the state-sanctioned agency for all things higher education in the state. Up until early 2008, MHESLA was a provider for both the Federal Family Education Loan Program as well as the Michigan Loan, a private or alternative loan program. When the credit markets took a nosedive, MHESLA was forced to suspend actual lending practices. However, the agency itself remains one of the most reliable sources for information when it comes time to plan your financial aid strategy.

Types of information and college planning tools you’ll find on the MHESLA website:

  • State funded scholarships and grants
  • Planning materials for your college financial aid
  • Loan calculators
  • Information on the Michigan Loans program
  • Application and tips for your Federal loans
  • Advice on managing your debt after college

And much more.

Your Federal Loans: The First Step in College Finance

Federal Loans should always come first when you apply for any kind of student loan. Apply using the FAFSA (Free Application for Federal Student Aid) and make sure to meet the deadline. The types of federal loans for which you may be qualified include:

  • Stafford Loans are among the most disbursed student loans in the country. If your household income is particularly low then you may qualify for subsidized Stafford Loans. Unsubsidized are not need-based and in many cases students qualify for aid in both categories. These loans are a no-brainer.
  • Grad PLUS Loans are the most recent federal loan. When you’ve reached your lifetime borrowing limit on your Staffords, this is your next most affordable level of federal aid.
  • Parent PLUS Loans are perfect for families trying to put undergraduate kids through college. You may qualify for a loan up to the balance remaining on your education bills once all other federal loans, scholarships and grants are paid out.

Find out more details about the federal student loans. Visit the MHESLA website for state-specific information and other college planning tools.