Sponsor and How to Apply	Sponsor: University of Michigan Office of Financial Aid (OFA) How to apply:  Contact OFA to complete an International Student Loan application and attach all documentation that will support the request.  Documentation includes a budget sheet, proof of the emergency, and demonstrated ability to meet the majority of attendance costs.  Students will be notified in a timely manner of their eligibility for the loan, usually within one week of submitting an application.
Eligible Borrower and Loan Amount	International students attending the University of Michigan-Ann Arbor full-time (12 hours per term for undergraduates; 8 hours per term for graduate students) Students must be making satisfactory academic progress. Student must experience an unanticipated financial crisis during the period in which the loan is requested.  Documentation of the crisis is required.  An unanticipated financial crisis does NOT include increase in tuition, increase in need because of change in family size, or increase in living costs because of inflation. Applicants must document their ability to meet the majority of attendance costs. The amount of the loan will be determined by the need of the student, but in no case can it exceed $1,500.
Loan Terms, Interest Rates, and Repayment Terms	Annual interest rate of 3% will accrue on the loan beginning on the day the student receives the loan and ending when the loan has been paid in full. The repayment date of all loans originating in the Fall/Winter terms will be negotiated with the student but will not be extended beyond August 1 of the academic year in which the Loan originates; loans originating during Spring/Summer terms must be repaid by December 1.  Students can receive only one International Student Loan per academic year. Students must not have outstanding University Loans in excess of $2,500 (this includes any combination of Emergency Loans, University Loans, and International Student Loans).