Federal Family Education Loan Program (FFELP)

Existing FFELP loans originally issued by MFA-SLP are serviced by Nelnet who can assist with:

  • Enroll in auto debit* to make automatic recurring payments and, upon approval, receive a 0.25% interest rate reduction.
    *Auto debit interest rate reduction is only available to borrowers in current repayment status.


Borrower Benefits Notification

Effective June 30, 2010, the Michigan Finance Authority (as successor to the Michigan Higher Education Student Loan Authority) discontinued interest rate subsidies in the form of the below borrower benefit programs:

Prompt Pay Savings (loans made in 1997-2002)

Michigan Students First (loans made in 2003-2008)

Michigan Engineering Incentive (loans made in 2005-2008)

Michigan Advantage Consolidation (loans made in 2005-2008)

Borrowers that qualified for one of the above borrower benefit programs by making the requisite on-time payments before June 30, 2010, can maintain their borrower benefits subject to the relevant program terms.  Borrowers that did not qualify by June 30, 2010, were not able to become eligible for a borrower benefit due to the discontinuation of the above programs.

 

For assistance call 888-643-7521 or e-mail SLP@michigan.gov

All borrower options and benefits are subject to change.