Michigan Student Financial Services Bureau

But many have been suspended indefinitely.

I'm going to include information about them in the hopes that they will be restarted soon.

Until 2009, many Michigan colleges participated in the Federal Family Education Loan Program (FFELP). State lenders were able to add incentives which lowered the cost of federal student loans for Michigan residents.

• The Michigan Students First (MSF) Program reimbursed or paid the federal loan origination fee. It also dropped the interest rate to 0% after 36 on-time payments. (Program suspended April 21,2008)
• The Michigan Engineering Incentive Program was for engineering or technology majors who intended to live and work in Michigan. It reimbursed or paid the federal loan origination fee and provided federal loans at 0% interest from the start of repayment. (Program suspended April 21,2008)
• The Michigan Advantage Consolidation Program(MAC) allowed graduates to consolidate federal loans with a 1% interest rate reduction after 3 years and a .25% interest rate reduction for electronic debit. (Program suspended April 21,2008)

Michigan also offered a private college loan, the:

MI-LOAN Program (Program suspended Feb. 15,2008) This program featured:

• a choice of student or parent as the applicant
• a choice of either a fixed rate (6.95%) or a variable rate (LIBOR+ 1.5%)
• a minimum loan amount of $500- maximum of cost of attendance minus other aid and a lifetime cap of $125,000
• a maximum repayment period of 25 years and a forbearance of up to 5 years

So, are there...

Any Michigan Scholarships or Grants Left?

• the Michigan Work Study Program
• the Michigan Educational Opportunity Grant
• the Michigan Nursing Scholarship
• the Adult Part Time Grant

Also, the Michigan Competitive Scholarship was only partially funded last year. ($575 per year at a Michigan public school or $1,512 per year at a private school. 10 semesters is the limit.)

Fortunately for the state's students, federal stimulus funds have been used to offset these cuts, and colleges (such as MSU) have created new scholarship programs, too.

The Michigan Student Financial Services Bureau oversees these programs:

• The Tuition Incentive Program- To be eligible, you must have had consecutive 2 year Medicaid coverage over a three year span. The award is tuition and mandatory fees covered for the first two years (at a participating public or private Michigan school). After that, you can get a maximum of $2,000 for tuition in a for year Michigan degree program.
• Michigan Tuition Grant- For students who demonstrate financial need on their FAFSA, the state will award up to $1,512 per year (10 semesters or 15 terms limit).
• Children of Veterans Tuition Grant- For children (aged 17-25) of veterans who have been killed, permanently disabled or missing in action, the state will award up to $11,200 for four academic years of college. (Part-time is allowed.)
• Police Officer’s and Firefighter’s Survivor Tuition Grant- For children of police officers and firefighters who have been killed, the state will pay tuition costs for 9 semesters or 14 terms (less any other aid). Must be 21 when first applying.

Michigan also participates in a federal Teacher Loan Forgiveness program.

Find more Michigan college grants and scholarships that you might be eligible to apply for.