MI-LOAN

The MI-LOAN program is intended to provide students and their families an alternate source of loan funds to assist in meeting the costs of a college education. Students can borrow up to the difference between the cost of education and any other financial aid per year for a total of $125,000. The MI-LOAN variable interest rate formula is base on LIBOR annual average plus 1.50%, and is adjusted annually on July 1st. The applicant also has the option of a fixed interest rate. The applicant must make the decision at the time of application. Refer to www.miloanprogram.com for current interest rates.

Eligibility Requirements

• To qualify for a creditworthy loan, you must be a student or the parent (biological or adoptive parent or legal guardian) of a student
• The student must be accepted for enrollment or attending a Michigan degree-granting college or university and, if applicable, making Satisfactory Academic Progress (SAP) toward obtaining a degree or certification, as determined by the school.
• The applicant and cosigner(s), if applicable, must be at least 18 years of age and a United States citizen or a permanent resident of the United States
• The applicant and cosigner(s), if applicable, must not be currently in default on any educational loans
• The applicant and cosigner(s), if applicable, must meet the creditworthy credit standards
• The student must be enrolled for at least one credit. Unlike most aid program, students attending less than half time can qualify for a MI-LOAN

For more detailed information and/or an application, please contact the Financial Aid Office at Northwestern Michigan College or the MI-LOAN Program website at www.miloanprogram.com .