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.
History: 1990 AACS; 1995 AACS; 1998-2000 AACS.