Loans consist of borrowed funds, which must be repaid. They are available to most US citizens and permanent residents. Each loan program has certain maximum limits for borrowing; however, students may not borrow more than the cost of attendance less any other financial aid received. Accepted students are automatically considered for loans if their FAFSA results are released to Michigan Tech and they have indicated on the FAFSA an interest in receiving loans. Students must apply for loan renewal each year and make progress in obtaining their degree according to the Satisfactory Progress Policy.
Federal law requires first-time borrowers to complete Direct Loan Entrance Counseling before loan funds can be disbursed. Exit counseling is required, by Federal law, for borrowers of Direct Subsidized and Unsubsidized Loans when they graduate, withdraw, or otherwise cease to attend school at least half time.
Please access the Department of Education Website and select "Take the Entrance Counseling session" or "Take the Exit Counseling session" depending on your needs.