Rule 390.1431

Mich. Admin. Code R. 390.1431

Negotiations and execution of loans; cosigners.

(By authority conferred on the higher education assistance authority by section 5 of Act No. 77 of the Public Acts of 1960, being S390.955 of the Michigan Compiled Laws)Student Financial Services Board

Negotiations and execution of educational loans are limited to lenders and participating schools that deal with eligible students or borrowers and the authority. The authority shall not require a cosigner on the note. The lender may require a cosigner on the promissory note.

History: 1979 AC; 1984 AACS; 1990 AACS.