Michigan Student Loans And Financial Aid Programs
Michigan has several private student loan and financial aid programs that can help you pay for college. If you're going to be attending college in Michigan, you need to be looking to take advantage of these programs.
These programs are designed to help make college more affordable - so that you can get the education you need. These programs can include scholarships, grants, and student loans.
Don't forget that there are Federal student loan programs available as well. You can find out more on how to get a Federal student loan here.
There is also a specific order of operations to pay for college that we recommend students follow. These programs specific to the State of Michigan can help you to avoid borrowing more money than you need to.
Michigan Student Loan Programs
Michigan stopped offering loans to its residents in 2010. However, there are still Federal student loans available to students who attend college in Michigan.
If you're just looking for private student loan options, we recommend:
- Credible - Like the Kayak of student loans, they help you shop around and compare options. Try Credible here.
- Commonbond - One of the best private student loan lenders. Try Commonbond.
If you're looking for other options, check out our list of where to find the best student loan rates.
Michigan Scholarship Programs
Michigan has several scholarships available to students who are residents of the state.
Fostering Futures Scholarship
The Fostering Futures Scholarship provides scholarships to young adults who have experienced foster care. The State of Michigan works with individuals, community organizations, and businesses to encourage charitable contributions that go towards Fostering Futures Scholarship funds.
Learn more about the Fostering Futures Scholarship.
Michigan Competitive Scholarship
The Michigan Competitive Scholarship (MCS) was established in 1964 to foster the pursuit of postsecondary education. MCS is awarded to students showing promise of satisfactory completion of postsecondary study.
MCS program is available to undergraduate students pursuing their first degrees at an approved Michigan postsecondary institution. Students must demonstrate both financial need and merit. Eligible applicants must have a qualifying SAT score of at least 1200 (starting with the Class of 2017). Applicants must file the Free Application for Federal Student Aid (FAFSA) by March 1 to receive priority consideration.
Learn more about the Michigan Competitive Scholarship.
Michigan Grant Programs
Michigan also has a grant program to provide need based financial aid to Michigan residents.
Grants are one of the best forms of financial aid because, in most circumstances, you don't have to pay the money back.
Children of Veterans Tuition Grant
The Children of Veterans Tuition Grant (CVTG) was previously called Education of Children of Veterans, Public Act 245 of 1935 and was administered and funded by the Michigan Trust Fund. In 2005, CVTG was established under Public Act 248 to provide an undergraduate tuition program for children of certain deceased or disabled members of the armed forces of the United States.
The maximum award is $11,200.
You can learn more about Children of Veterans Tuition Grant.
Michigan Tuition Grant
The Michigan Tuition Grant (MTG) was established to provide students with increased access and choice to attend Independent non-profit, degree-granting, Michigan postsecondary institutions.
MTG is available to undergraduate students and is based on financial need for use at Independent non-profit degree-granting colleges and universities in Michigan. Awards are restricted to the cost of tuition and fees.
You can learn more about the Michigan Tuition Grant.
Police Officer’s and Fire Fighter’s Survivor Tuition Grant
The Police Officer’s and Fire Fighter’s Survivor Tuition Act (STG) was established to provide for a waiver of tuition at state public institutions of higher education for children and surviving spouses of Michigan police officers and firefighters killed in the line of duty.
Students must be the spouse or the natural or adopted child of a deceased officer or firefighter. Children must be under the age of 21 at the time of the death; and must also apply for the first time before the age of 26.
Learn more about the Police Officer's and Fire FIghter's Survivor Tuition Grant.
If you already have student loans and are looking for options as a Michigan resident, check out our Michigan Student Loan Forgiveness Program page. That page has all the different options available to Michigan residents to potentially get some of your student loan debt forgiven.
You might also look at refinancing your student loans and saving money in interest while also potentially lowering your payment. Check out our guide on the Best Places To Refinance Your Student Loans.
If you're looking for ways to save for college in Michigan, check out the Michigan 529 Plan and College Savings Guide.
Finally, check out the other student loan and financial aid programs by state.