Financial Break for NMU Students Losing Scholarship

Northern Michigan University has a bit of a break for students who had the rug pulled out from under them when the Michigan Promise scholarship was eliminated.

It’s an interest-free loan for every student who had the scholarship before the legislature pulled the plug on it in the state budget.

More than 1,200 NMU students were counting on a total of $1.5 million from the program to help them pay for school.

Those interest-free loans will cover the value of every student’s anticipated award, worth up to $2,000.

Students who had the Michigan Promise scholarship but don’t take the loan will see the amount of their scholarship show up as part of their tuition bills starting in January.

The payments can be spread over 20 months, with a minimum payment of $50.

And the first one of those payments is due next June.

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