Loans consist of borrowed funds, which must be repaid. They are available to most US citizens and permanent residents. Each loan program, whether federal or private, 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 federal loans if their FAFSA results are released to Michigan Tech. 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 of Federal Direct Loans to complete an entrance counseling session and a master promissory note before loan funds can be disbursed. Exit counseling is subsequently required when they graduate, withdraw, or otherwise cease to attend school at least half-time.
Lenders of alternative loans will have their own requirements to complete before loan funds can be disbursed.