Michigan Guaranty Agency
The Michigan Guaranty Agency (MGA) administers the Federal Family Education Loan Program (FFELP) which includes the Subsidized Federal Stafford Loan Program, the Unsubsidized Federal Stafford Loan Program, the Federal PLUS Loan Program, and the Federal Consolidation Loan Program. It does so by guaranteeing the purchase of defaulted loans from FFELP lenders across Michigan. During its more than 45-year history with FFELP, MGA has guaranteed over $14 billion in loans. Beginning July 1, 2010, no new loans are guaranteed under FFELP, however, MGA has over $1.7 billion in outstanding loans that must be monitored, claims processed, or default payments collected.
MGA also provides services to postsecondary institutions that include outreach activities aimed at postsecondary students and other training opportunities. Services to borrowers are done through borrower information programs, financial literacy training, and customer assistance with all aspects of repayment.
Make a payment on my MGA defaulted loan
- MGA Web Advisor MGA offers the option to make on-line payments on your defaulted student loan being collected in-house. By clicking on the Michigan Guaranty Agency Web Advisor link, you will be able to make a one-time payment or enroll for recurring monthly payments. This method is free, safe, and secure.
MGA Forms and Documents
- Lenders, Servicers, and Schools
- Employers- Administrative Wage Garnishment (“AWG”) process
- Applications for Reduced Repayment
- ED Issues Warning About Student Loan Debt Relief and Credit Repair Advertisements
The Department of Education has issued a warning about companies that charge borrowers for repayment options offered free through the federal student loan programs. The warning also highlights the tactics many of these companies use that require you to provide information or sign documents that can create additional problems. Read the article here.
- ED Launches Online Student Loan Management Tool The Department of Education has released a new online, interactive student loan management resource called the "Financial Awareness Counseling Tool" that provides students with financial management basics such as information about their current loan debt and estimates for student loan debt levels after graduation. The tool is accessible here.