Michigan First Credit Union Review 2020: Is it the Right Option for You?

Michigan First Credit Union initially opened in 1926 in Detroit, when nine teachers pooled their resources, allowing one another to borrow small amounts of cash with low interest rates. Michigan First Credit Union is only available in the state of Michigan.

Michigan First Credit Union
Undergraduates Best for
3 /5
$ Not Stated /mo
Starting Price
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Table of Contents

    Why Get a Student Loan From Michigan First Credit Union?

    You’d be well advised to take out a private student loan if you’re wondering how to cover the expensive costs of your education.

    What Student Loans Does Michigan First Credit Union Offer?

    There are two options for loans here if you’re a student or graduate looking for financial assistance, which are as follows:

    • Take out an undergraduate line of credit to cover your upcoming tuition fees
    • Refinance a current student loan that you're paying off

    Student Loan Refinancing Information

    If you’ve realized that your monthly payments for your student loan could be lower, financing is a great option.

    • Variable rates that begin at 4.24% 
    • Fixed rates from 6.49%
    • Terms that last up to 15 years
    • No origination fees

    Fixed Rates From


    Variable Rates From


    Loan Repayment Terms

    Either five, 10, or 15

    Loan Amount

    Not stated

    Private Student Loans

    The only option for a private loan offered here is to be used by undergraduates. The details aren't entirely clear, as they will differ depending on how much is borrowed and the term length, which can be up to 15 years. It’s clear that your APR will never go above 18.00%.

    More About the Rates and Fees of Michigan First Credit Union’s Loan Options

    Here are the costs of one of these undergraduate loans.

    Fixed Rates From

    Not available

    Variable Rates From

    6.25% to 7.25%

    Application Fee


    Origination fee


    Disbursement fee


    Late fee

    Not stated

    Returned payment fee

    Not stated

    Prepayment penalty


    Michigan First Credit Union Pros & Cons


    • There’s a generous grace period to give you time to find employment after graduating
    • Simple online application


    • The rates are fairly high, and may people won’t be eligible

    How to Apply for a Michigan First Credit Union Student Loan

    You’ll need to become a member of this credit union before you can apply for a loan, and you'll only be able to do that if you live, work, or are going to attend school anywhere in Michigan.

    For eligible members, the application process is very straightforward. Just head to the website, choose student loans, and then ‘Apply Now’. The on-screen instructions will guide you through some forms into which you'll need to input all of your relevant personal details, and should only take around 10 to 15 minutes.


    Michigan First Credit Union offers undergraduates an acceptable loan that can save them a reasonable amount of money, and the option to refinance is something that not every financier provides. However, the starting rates could be lower, and those studying graduate degrees, or not within Michigan won’t be able to find support here.

    You might prefer to try College Ave, where there are similar options and grace periods, but rates start at 3.49%, and you can apply regardless of which state you live or study in.