The Michigan Alternative Student Loan (MI-LOAN®) Program

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.

Due to the current and unprecedented capital markets disruption, there is not sufficient available capital to continue making MI-LOANs. After considerable analysis and significant efforts to secure sufficient MI-LOAN capital to make new MI-LOANS, the difficult decision to temporarily suspend MI-LOANs had to be made. Therefore, the MI-LOAN Program will be temporarily suspended at the close of business on Friday, February 15, 2008. When conditions warrant and funds become available, the MI-LOAN Program will be reinstated.

This temporary suspension will not affect any MI-LOANs for which school certifications have been received as of February 15, 2008, and those loans will continue to be disbursed in accordance with current MI-LOAN procedures. As the school certification process takes time, new MI-LOAN applications will not be accepted after the close of business on Wednesday, February 13, 2008.

MI-LOAN PROGRAM FEATURES:
Borrower - Student, Parent or Legal Guardian
No Minimum Enrollment Required
Choice of a Fixed or Variable Interest Rate
Maximum 25-year Repayment Period
Up to 5-years of Forbearance & Release of Cosigner Option
Electronic Payment Savings

MI-LOAN Program Overview
• Michigan Higher Education Student Loan Authority (MHESLA) Publications
List of publications and brochures to help borrowers understand their student loan benefits, options, and repayment obligations.
• Eligible Schools
• Frequently Asked Questions
• Forbearance Options
• MI-LOAN Program Overview and Interest Rates

*All borrower benefits are subject to available funding.