SFA - Self-Help Financial Aid

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Self-Help Financial Aid

Self-help financial aid programs are assistance programs that require the student to either (1) repay the received assistance through student loans or (2) work for the assistance in the form of a work-study program.

Student Loans

Students that do not have all of their need met through other forms of financial aid may want to consider applying for federal or private loans.

The Michigan Guaranty Agency is the official State of Michigan guarantor of federal student loans and the Michigan Higher Education Student Loan Authority is the official State of Michigan lender of federal and private education loans.

Federal Loan Programs

Federal Stafford Loans
Federal Stafford Loans are offered directly to students from the government and participating lending institutions.

Federal PLUS Loans
Federal Plus Loans are offered to parents of eligible students who are enrolled in eligible postsecondary schools.

Borrower Benefits
The Michigan Higher Education Student Loan Authority (MHESLA) yields many borrower benefits including zero percent (0%) interest rates, rebates on origination fees, and much more.

Federal Perkins Loans
This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government.

Federal Consolidation Loans
Federal Consolidation Loans are offered to borrowers that are interested in combining all of their outstanding federal student loans into one loan, with one lender, and one payment.

Private Loan Programs

The Michigan Alternative Student Loan (MI-LOAN®) Program
The MI-LOAN is a low interest private alternative loan for students that need assistance in covering their college costs.

Work-Study

In many respects work-study programs are a form of financial aid "self-help" in that they provide students a source of money, but only through student employment. Most often work-study jobs allow students to work on their institution's campus. Michigan students may receive funds from one of the following work-study programs: