Michigan Student Loans
There are basically two types of student loans available in Michigan, just as in most other states. These loans are broadly categorized as federal student loans and private student loans. Michigan student loans can be further classified as either direct-to-consumer loans or school channel loans. Direct student loans are given directly to the borrower, allowing them to allocate the funds as they see fit.
Conversely, school channel loans are given to the borrower’s school and are then applied against the borrower’s tuition. Direct-to-consumer loans are more flexible, and for this reason, student borrowers prefer these Michigan student loans over school channel Michigan student loans. There are numerous options of student loans to choose from, so be sure to compare you options before you borrow. To help you out, some of the best Michigan student loans include:
- Student Financial Bureau Loans
- Great Lakes Student Loans
- Sallie Mae Student Loans
- Private Bank Loans (Charter One, Discover, etc.)
Terms and Conditions of Michigan Student Loans
The terms and conditions vary for different types of student loans, but the following are general requirements that most all lenders will require you to meet. In most cases, the borrower must be a U.S. citizen with a valid SSN and a healthy credit score. Foreign students can apply with an American cosigner who has a good credit score, but only for private student loans. Having a cosigner for a private Michigan student loan is almost essential to getting approval as a student, and will also help to bring down the APR and to increase repayment options. To find the Michigan student loans that are best for you, just use our Student Loan Comparison tool above. You can search, compare, and apply for any number of Michigan student loans offered by premier national lenders as well as local banks and credit unions.
How do I apply for Michigan student loans?
You can apply for student loans in Michigan by filling out the FAFSA. This application collects your financial data to find out if you are eligible for financial aid or not. You may qualify for Perkins loans, Stafford loans, Parent PLUS loans, or GradPLUS loans. The FAFSA application is available online at fafsa.ed.gov.