Treasury: Free Financial Counseling Program Available for Delinquent Student Loan Borrowers

Contact: Danelle Gittus (gittusd@michigan.gov), Ron Leix (leixr@michigan.gov) or call 517-335-2167
Agency: Treasury

February 1, 2017

Michigan residents who are delinquent on their federal student loans can receive free one-on-one counseling to return to a path of financial success, according to the Michigan Department of Treasury (Treasury).

Through a partnership with Inceptia—a division of the National Student Loan Program (NSLP) —Treasury is providing a one-year pilot program that assists borrowers by providing free financial literacy information and student loan delinquency counseling. Michigan student loan borrowers currently delinquent on their student loans can opt-in to this program.

“Helping borrowers address their student loan delinquency is a priority for the well-being of our state,” said Anne Wohlfert, administrator of Treasury’s Student Financial Services Bureau. “This program provides the assistance and guidance needed so Michiganders can follow a path toward financial success. When we proactively problem-solve student loan delinquency, our communities become stronger and more resilient.”

As a part of the program, participants work with counselors to develop a repayment plan that helps them return to good financial standing. In addition, participants learn how to create a household budget and better understand their credit score.

To qualify, individuals must have federal student loans from a public or private nonprofit Michigan higher education institution, currently be delinquent on their student loans and agree to provide their credit score twice during the pilot period. The pilot program runs until Jan. 1, 2018.

To sign up or learn more about the program, go to Inceptia’s borrower portal at www.loanassistmichigan.org

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