Hundreds of millions to build and repair schools

(NEWSCHANNEL 3) - Hundreds of millions of dollars are on the way to help Michigan repair and build new schools.

The state is getting over $425 million in stimulus funds.

Districts can borrow the money to build, make repairs or buy land for a new school.

The best part is the loans have a low or zero-percent interest rate.

Schools can use any kind of funding options, as it looks like more cuts could be on the way.

Wednesday a Senate committee approved a K-through-12 budget that would cut funding by $118 per student next year.

Schools are already trying to recover from the $165 per-student cut this year.

College funding falls under the budget ax as well. Colleges will see a 3 percent cut.

Before any of this becomes official it would still have to pass in the full House and Senate and get Governor Granholm's approval.