Financial Aid and Student Loans in Michigan

Most people don’t have family members that are willing and able to fund their entire education. Paying for college can be downright difficult. Many students in Michigan need to use loans, grants, and scholarships to cover the cost of their degrees. Fortunately, there are plenty of options that can help you reduce the overall financial burden of a college education.

At Funding U, we offer in-depth information about the best funding options for your college degree. Our checklist of payment options is the perfect first step to getting the money you need to pursue higher education. We also offer no co-signer loans that allow you to access student loans without the need of a financial guarantor.

This page will offer you information on Michigan scholarships, grants, and loans. 

What Scholarship Programs Does Michigan Have?

If you’re a resident of Michigan, there are various scholarships available to you. Considering there is also access to university scholarships and federal scholarships, Michigan residents are in a good spot to receive additional funding for their college education.

Let’s check out the different Michigan scholarships available to residents of the state:

Michigan Competitive Scholarship

The Michigan Competitive Scholarship is both a need-based and merit-based scholarship for Michigan students. To be eligible, you will need a combined SAT score of at least 1,200. Additionally, you must fill out a free application for Federal Student Aid (FAFSA). The initial deadline is March 1st of each year.

The Michigan Competitive Scholarship has helped students attend higher education since 1964. You will need to be enrolled in an eligible university to receive this funding.

Fostering Futures Scholarship

The Fostering Futures Scholarship is a unique scholarship specifically designated for students that got raised in foster care. The purpose of the scholarship is to provide educational opportunities to children that have experienced hardship.

The scholarship is only eligible to students who are Michigan residents (you must also be a U.S. citizen or permanent resident). There are also various other criteria that you must meet to apply for the Fostering Futures Scholarship:

• Filing a FAFSA
• Experienced foster care on or after the age of 13 because of abuse or neglect
• Be pursuing an undergraduate degree
• Enrollment of at least six credit hours at an eligible university

The scholarship can offer up to $3,000 per year in funding. The funding does vary depending on specific circumstances.

University Scholarships in Michigan

If you’re not eligible to apply for the other scholarships, it doesn’t mean you won’t be able to receive assistance towards your tuition. Fortunately, most universities in Michigan also have in-house scholarships. Speak to a university admissions counselor about the merit-based and need-based scholarships that they offer to Michigan residents.

What Grant Programs Does Michigan Have?

Michigan residents are fortunate enough to take advantage of in-state grant programs that are exclusive to Michigan students. Thus, Michigan students benefit from both state and federal assistance programs.

Below, let’s take a look at the grant options that are available in Michigan:

Michigan Tuition Grant

The Michigan Tuition Grant is a grant that offers assistance to students that want to attend independent colleges. The college will also need to be non-profit and provide degrees to students. The most you can receive per academic year is $2,800.

To apply for this grant, you must complete a free application for Financial Aid (FAFSA) by March 1st. There are other criteria, including a minimum of half-time enrollment, a high-school diploma or equivalent, financial need, and more.

Children of Veterans Tuition Grant

The Children of Veterans Tuition Grant is for students who have a parent that was a member of the U.S. Armed Forces and is either deceased or disabled. Depending on need and eligibility, students can receive up to $11,200 per year using the grant.

There is a lot of eligibility criteria for the grant, so let’s take a look at some of the top eligibility requirements below:

• Aged between 16 and 26
• File a FAFSA
• Free of convictions of certain violent felonies
• You currently wish to pursue an undergraduate degree

Additionally, your parent (a veteran) must meet one of these specific requirements:

• Considered MIA in a foreign location.
• Permanently (or totally) disabled because of a service-connected issue.
• Killed or died during a war that America is or was involved in.
• Permanently disabled or killed because of service-related disease or illness.

Police Officers and Firefighters Survivor Tuition Grant

The Police Officer’s and Firefighters Survivor Tuition Grant is a unique grant that can waive the cost of tuition for eligible students. To be eligible for this funding, you must be the child or spouse of a deceased firefighter or police officer (killed in the line of duty). Legally adopted children are also eligible for the grant.

If you are the child of a deceased firefighter or police officer, you must be under the age of 26 when you apply. You must also have been under the age of 21 when the death of your parent occurred. Lastly, the Police Officer’s and Fire Fighter’s Survivor Tuition Grant will only waive the cost of state institutions.

What Student Loans Programs Does Michigan Have?

Michigan used to be one of the few states that offered it’s a state-managed student loan system to residents. However, the program ceased operation in 2010, and Michigan residents now must apply for the same types of student loans as other residents around the country.

Let’s explore the different student loan options available in Michigan:

Federal student loans

Prospective Michigan students can receive federal financial aid assistance by completing the Free Application for Federal Student Aid(FAFSA). 

Private co-signed student loans

There are many private student loan opportunities for those who need additional assistance on top of federal student loans. Many banks, credit unions, and dedicated lending companies offer private student loans, but almost all require a co-signer.

No co-signer student loans in Michigan

Funding U began because we identified thousands of students who were unable to qualify for a private student loan because they didn’t have an eligible co-signer. While we’re no longer the only provider of such loans, we offer no co-signer student loans to career-focused students currently enrolled full time in college. The requirements for receiving a loan are dependent upon the GPA of the student and the graduation rate of the institution they attend. To learn more about our no co-signer student loans click here.

What Schools Does Funding U Lend To In Michigan?

Generally speaking, Funding U’s no co-signer loans are offered to students at eligible four-year, non-profit, undergraduate degree-granting universities (which means we do not lend to for-profit schools, 2-year schools, graduate schools, or trade schools). Our eligibility requirements are based on models that aim to predict how likely a student is to graduate, and because of that we have minimum GPA requirements that students must meet and minimum 6-year graduation rates that schools must reach in order to be eligible. To find out more about how we determine our eligibility, click here.

Below is a table listing all of the schools in Michigan that Funding U is currently lending to, with additional details on which grades we are currently lending to, based on the school’s 6-year graduation rate.