The MI-LOAN student loan program has been suspended indefinitely due to funding problems.
MI-LOAN is a state-run program that gives private loans to students at in-state schools.
State suspends loan program
The suspension, which begins today, doesn’t affect those who already have the loan, but no new loans will be accepted during the suspension, said Terry Stanton, spokesman for the Michigan Department of Treasury.
More than 300 MSU students use the program, borrowing a total of $3 million, according to the Office of Financial Aid.
About 8,500 students statewide received loans from MI-LOAN last year.
For more on this story, see Monday’s edition of The State News.
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