MI Resources for the Student Loan Process

The State of Michigan has been providing financial assistance programs for its students since 1964 and has provided millions of students with roughly $4 billion in scholarship assistance, guaranteed over $15 billion in student loans, and issued $3 million in private loans to help Michigan students achieve their higher education goals. This page is intended to explain the myriad of loan types, payment plans, and what can be expected during all phases of repayment. 

A student loan is a type of financial aid that is used to pay for college or career school. Student loans do need to be paid back with interest. The student loan process can be hard to navigate, due to the number of steps as well as the variety of loan types and payment plans. If you are prepared with the knowledge necessary to take on this process, it can be completed with minimal stress.

Here, you will find a collection of resources that can be used as a guide for anyone from a student looking to make an informed decision on student loans, to someone in the repayment process. Regardless of what step you're on in the journey, there are resources to help.

Exploring the Cost of College

Here you can find links to the Net Price Calculators for many colleges and universities to help familiarize yourself with and determine the total costs of a higher education.

U.S. Department of Education Net Price Calculator

Michigan Public University Financial Aid Pages

Michigan Independent Colleges & Universities Net Price Calculator


Understanding Student Loan Basics

Deciding to take on student debt can be a complicated decision so it's best to make sure you are prepared. If you're new to the process, it's best to start with the basics. In the resources within this section, you'll find information about the types of student loans, college cost calculators, and more to get you on the right track. 

Federal Student Aid - FAFSA

Understanding Federal Student Loans

Federal Student Loan Programs

Comparing School Aid Offers


Accessing Student Loans 

If student loans are a part of how you are financing your costs of higher education, below are some general links to help you learn about the application process for students and parents.

How Financial Aid Works

Completing the Free Application for Federal Student Aid (FAFSA)

Complete Your Federal Student Aid Counseling Requirement

Applying for a Direct PLUS Loan for Parents


Managing and Making Smart Decisions with Student Loans

Taking out student loans is a huge decision. Deciding how much to borrow is only one aspect. Making smart decisions requires understanding your options and using the available information to finance your education.

How Much Should You Borrow for a Degree?

How Much Should You Borrow to Pay for College?

4 Tips for Figuring Out How Much to Borrow

The Right Way to Borrow for College

Student Loan Strategies: How to Borrow Smartly

Borrowing for College Just Got a Little Less Expensive


Repayment of Loans 

All loans must be repaid. But depending on which loans you've used, there may be a number of options for repayment after you leave school.  Make sure you know what options are available for your loans by learning about repayment.

Basics of Student Loan Repayment 

Federal Student Aid Loan Simulator

Who's My Student Loan Servicer?

Tips for Repaying Your Student Loans

Should I Refinance a Federal Loan into a Private Loan? 

Student Loan Forgiveness


Additional Resources

National Association of Student Financial Aid Administrators

Student Loan Borrower Assistance NCLC

How do I identify student loan or student aid scams?

Factors Affecting the Costs of College