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The Michigan Alternative Student Loan (MI-LOAN®) Program is offered by the State of Michigan, through the
Michigan Higher Education Student Loan Authority
(MHESLA), for the exclusive use of students who are attending
Michigan degree-granting colleges and universities. This alternative loan
program is intended to help students bridge the gap between college costs and
traditional federal financial aid resources.
Due to the current and unprecedented capital markets disruption, there is not sufficient available capital to continue making MI-LOANs. After considerable analysis and significant efforts to secure sufficient MI-LOAN capital to make new MI-LOANS, the difficult decision to temporarily suspend MI-LOANs had to be made. Therefore, the MI-LOAN Program will be temporarily suspended at the close of business on Friday, February 15, 2008. When conditions warrant and funds become available, the MI-LOAN Program will be reinstated.
This temporary suspension will not affect any MI-LOANs for which school certifications have been received as of February 15, 2008, and those loans will continue to be disbursed in accordance with current MI-LOAN procedures. As the school certification process takes time, new MI-LOAN applications will not be accepted after the close of business on Wednesday, February 13, 2008.
MI-LOAN
PROGRAM FEATURES:
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MI-LOAN Program Overview
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| *All borrower benefits are subject to available funding. |
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