Loans can be a useful tool to help students pay for their Michigan Tech education. Loans consist of borrowed funds, which must be repaid. They are available to most US citizens and permanent residents. Each loan program, whether federal or private, has certain maximum limits for borrowing; and students may not borrow more than the cost of attendance less any other financial aid received.
- Federal Direct Loans are available for students who meet the Department of Education’s eligibility criteria.
- Students must complete their FAFSA each year to apply.
- The amount a student can borrow depends on their grade level and their FAFSA dependency status.
- Federal Direct PLUS (Parent) Loans are available for parents of dependent, undergraduate students who meet the Department of Education’s eligibility criteria.
- Parents must complete an application, and their dependent student must complete their FAFSA each year to apply.
- A parent can borrow up to their dependent student’s cost of attendance, less any other financial aid the student has.
- Alternative Loans from banks or other lending institutions are available for parents or students who meet the lender’s eligibility criteria.
- An application is required to be considered, and some lenders may require a cosigner.
- The amount a student or parent can borrow is variable up to the student’s cost of attendance, less any other financial aid the student has.
- Federal Direct PLUS (Graduate) Loans are available for graduate students who meet the Department of Education’s eligibility criteria.
- Students must complete an application and complete their FAFSA each year to apply.
- A graduate student can borrow up to their cost of attendance, less any other financial aid they have.
- TECHAID Student Loans are available for undergraduate students with sufficient financial need.
- Students must complete their FAFSA and contact the Student Financial Services Center to apply.
- The amount a student can borrow is variable, depending on the student’s level of financial need and the availability of funds.
The Loan Repayment Options available to a student or parent can vary, depending on the kind of loan they have.