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.
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 loans@mtu.edu.
What must I do to be eligible to receive a TECHAID Student Loan?
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
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.