Students who do not qualify for these interest subsidies are responsible for the interest while they are enrolled. Repayment begins after the student leaves school. For parents who want to borrow money for their children's college education. Parents must be credit-approved. Repayment begins 60 days after loan funds are disbursed.
Loans are available from participating banks, lending institutions and schools.
The grant may be used toward tuition, room and board, books or other educational costs and requires no repayment. Loans funded by the federal government and awarded by the institution. The loans offer low interest rates and are repayable over an extended period. Detroit Free Press and may not be republished without permission.