Short Term Loans at MSU
Consumer Alert: Beware of "Payday Advance" Loans
Consider carefully whether to take out a payday advance loan to cover books or other purchases. You could pay as much as 391% interest!
Check out these warnings:
Three loans are available on a short term basis to students at Michigan State University.
MSU Short Term Loans
Through the Office of Financial Aid, MSU provides funds for low interest (7% per year) Short Term Loans. Loans are usually granted in amounts up to
- $450 (undergraduate students)
- $800 (graduate students)
- $1700 (medical students)
to students who are registered for the current semester and who can demonstrate the ability to repay within 60 days. Larger loans are sometimes granted with anticipated financial aid as the means of repayment. Short Term Loan applications are available online in StuInfo or on paper at the Office of Financial Aid.
For fastest service apply for a Short Term Loan on the web in StuInfo. If you meet the criteria you will be instantly approved and you may pick up your loan funds the same business day, or if you prefer, you may sign your loan promissory note electronically and have your funds direct deposited into your bank account.
If you are not approved online you may complete a paper application at the Office of Financial Aid.
ASMSU Loans
Associated Students of Michigan State University (ASMSU) offers interest-free loans up to $100 through the 6th week of each semester (for undergraduate students only).
COGS Loans
Through the Office of Financial Aid, the Council of Graduate Students (COGS) offers loans up to $500 to MSU graduate students. These loans are due in 60 days and are interest-free. COGS loans are administered solely by the Office of Financial Aid and all instructions, policies and conditions apply. To apply for a COGS loan you need to submit a paper Short Term Loan Application and specify that you want consideration for these funds.
Repayment
MSU loans not paid by the due date may result in a late fee and a hold on the student's account that prevents a student from enrolling or registering for classes, or from receiving an academic degree or transcript.
