R 390.1626 Eligibility for loans.

Rule 6. To be eligible for a loan, all of the following requirements shall be met: (a) A borrower or the student shall be a Michigan resident. (b) The student shall have been accepted for enrollment or shall be currently in attendance at an eligible school and be making satisfactory academic progress as determined by the eligible school. (c) A borrower shall have submitted an application during the application period authorized by the authority. (d) A borrower shall be a United States citizen or permanent resident. (e) A borrower shall be not less than 18 years old or an emancipated minor, pursuant to the provisions of section 4 of 1968 PA 293, MCL 722.4. (f) One of the following loan criteria shall be met: (1) A borrower or cosigner or cosigners shall meet the credit standards. (2) The eligible school and borrower shall meet specific student loan eligibility criteria as determined by the authority. (g) The student shall demonstrate eligibility based on the cost of attendance less estimated financial aid. (h) A borrower or the student shall not currently be in default on any federal or state educational loans.