TECHAID Student Loans are a kind of financial aid that allows students to borrow money directly from Michigan Tech to help pay for their education.
Because funding available for TECHAID Loans is limited each year, Michigan Tech is not able to offer a TECHAID Loan to every student who applies for one. Students are encouraged to exhaust other loan options that may be available to them before applying for a TECHAID Loan.
How do I apply for a TECHAID Student Loan?
Students interested in being considered for a TECHAID Student Loan should contact the Student Financial Services Center at firstname.lastname@example.org.
What must I do to be eligible to receive a TECHAID Student Loan?
How much can I borrow?
The amount a student can borrow varies depending on the student's level of financial need and the availability of funds.
What is the interest rate for my TECHAID Student Loan?
The interest rate for a TECHAID Student Loan will be fixed at 5.00 percent. Interest on your TECHAID Student Loan does not accumulate until repayment begins.
Does Michigan Tech charge any fees to originate my TECHAID Student Loan?
No. Michigan Tech does not change any fees to originate a TECHAID Student Loan.
How do I repay my TECHAID Student Loan?
- Students must start repaying their TECHAID Loan six months after they graduate, leave school, or drop below half-time enrollment.
- Students will have five years to repay their TECHAID Loan.
- Students who have a TECHAID Loan must complete Exit Counseling through ECSI if they graduate, leave school, or drop below half-time enrollment.
- Students who have a TECHAID Loan will make their payments through ECSI, the loan servicer responsible for their loan.
- Payments for a TECHAID Loan are separate from any payments the student makes for any Federal Direct Loans they may have.
- For further information about repayment of a TECHAID Student Loan, please visit the Financial Services and Operations website.