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.
Students interested in being considered for a TECHAID Student Loan should contact the Student Financial Services Center at loans@mtu.edu.
Students must:
- complete a FAFSA
- have sufficient financial need
- be enrolled at least half time in the semester in which the loan is received
- be a degree-seeking student at Michigan Tech
- meet the Satisfactory Progress requirements
- accept all available Federal Direct Loans for the academic year
The amount a student can borrow varies depending on the student's level of financial need and the availability of funds.
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.
No. Michigan Tech does not change any fees to originate a 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.