Different loan types for college students in Michigan are:
1: Subsidized Loans: Are available to undergraduate students who meet certain financial need criteria. If you qualify for this type of loan, the federal government will pay the interest on the loan while you are in school at least half time and during periods when you are authorized to defer your loan payments.
2: Unsubsidized Loans: Are available to undergraduate, graduate and professional students regardless of financial need.
*Interest rates on Direct Stafford loans are fixed at 6.8 percent.
Dependant Undergraduate Students
1: Subsidized Loans: Are available to undergraduate students who meet certain financial need criteria. If you qualify for this type of loan, the federal government will pay the interest on the loan while you are in school at least half time and during periods when you are authorized to defer your loan payments.
2: Unsubsidized Loans: Are available to undergraduate, graduate and professional students regardless of financial need.
*Interest rates on Direct Stafford loans are fixed at 6.8 percent.
Dependant Undergraduate Students
- $5,500 if you are a first-year student enrolled in a program of study that is at least a full academic year.
- $6,500 if you are a second-year student enrolled in a program of study that is at least a full academic year.
- $7,500 if you are enrolled in your third or subsequent year of a program of study that is at least a full academic year.
- Independent undergraduate students
- $9,500 if you are a first-year student enrolled in a program of study that is at least a full academic year.
- $10,500 if you are a second-year student enrolled in a program of study that is at least a full academic year.
- $12,500 if you are enrolled in your third or subsequent year of a program of study that is at least a full academic year.
It would take 7 years to pay off all of the student loans, if i pay $300 a month with a 6.8% interest rate!