State to offer
no-interest college loans to tech, engineering
students March 18, 2005 5:13 PM The state has launched a no-interest-loan program for students who seek degrees in engineering and technology fields and upon graduation stay in Michigan.
The program, called the Michigan Engineering Incentive, is designed to encourage more students to pursue such careers and to stay in the state, providing businesses with needed workers. | |
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| Lawrence Technological University and
Michigan State University are the first schools to participate.
Future student borrowers at participating universities can receive a zero
percent interest rate on loan repayments, as long as they continue to live
and work in Michigan and remain current on loan payments.
The loans are administered through the Michigan Higher Education Student Loan Authority, within the Michigan Department of Treasury.
“It is more important than ever that Michigan keep its best and brightest students,” Gov. Jennifer Granholm said in a Friday news release announcing the program. “These young people will play an important role in creating the high-tech workforce Michigan needs to succeed in a 21st century economy.” |