Michigan: You didn’t really need a student loan, did you?

Cripes. Michigan continues to swirl around the drain:

Michigan Higher Education Student Loan Authority suspends it’s participation in Federal Student loans (PDF)

“Due to the ongoing turmoil in the capital markets MHESLA is forced to suspend its participation in the Federal Family Education Loan Program (FFELP) beginning April 21, 2008….This action follows the February 15, 2008 suspension of the MI-LOAN alternative loan program.

Additional coverage by the Detroit Free Press.

So, you can still get a student loan. Just not at low interest rates.
And, this also assumes individual students have better luck getting a loan than the State of Michigan.  Michigan continues to have the highest unemployment rate in the nation, BTW.

Sigh.

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