Higher Education Student Loan Programs
- Higher Education Student Loan ProgramsThe Michigan Finance Authority is authorized to provide both federally guaranteed and private loans for students and parents of students pursuing post secondary education. MFA is the successor, per Executive Order 2010-2, to both the Michigan Higher Education Student Loan Authority (MHESLA) and the Michigan Higher Education Assistance Authority (MHEAA).
Michigan Guaranty Agency (MGA)
- Michigan Guaranty Agency (MGA)The Michigan Guaranty Agency (MGA) is a federally designated guarantor of Federal Family Education Loan Program (FFELP) loans 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 purchasing defaulted loans from FFELP lenders across Michigan. During its nearly 45-year history with the FFELP, MGA has guaranteed over $14 billion in loans. Beginning July 1, 2010, no new loans are guaranteed under the FFELP, however, MGA has $4 billion in outstanding loans that must be monitored, claims processed, or default payments collected.
Michigan Alternative Student Loan (MI-LOAN®) Program
- Michigan Alternative Student Loan (MI-LOAN®) ProgramThe Michigan Alternative Student Loan (MI-LOAN®) Program is a private student loan program for students who are attending Michigan degree-granting colleges and universities. This program helps students bridge the gap between college costs and traditional federal financial aid resources.
The MI-LOAN Program has been suspended since February 2008. The department will continue to monitor market conditions to determine the feasibility of reconstituting the MI-LOAN Program in the future.
Federal Family Educational Loan Program (FFELP)
- Federal Family Educational Loan Program (FFELP)
The Federal Family Education Loan Program (FFELP) included the Subsidized Federal Stafford Loan Program, the Unsubsidized Federal Stafford Loan Program, the Federal PLUS Loan Program and the Federal Consolidation Loan Program.
The Health Care and Education Reconciliation Act of 2010 eliminated new lending under FFELP, as of July 1, 2010. All new Stafford, PLUS, and Consolidation Loans will come directly from the U.S. Department of Education under the Federal Direct Loan Program (FDLP). Please contact your school's financial aid office for more information about federal loan options.
Existing FFELP Borrowers have several repayment options to avoid the consequences of delinquency and default. Learn more about your repayment options and be sure to check out our Financial Resources Database, full of games and exercises to help you plan a successful financial future.