Privacy Policies

The Gramm-Leach-Bliley Act, Public Law 106-102, requires a financial institution to provide its customers with a notice of the institution's privacy policies and practices. The privacy policies and practices of the Michigan Guaranty Agency and the Student Loan Programs within the Student Financial Services Bureau are provided below.

Michigan Guaranty Agency

MICHIGAN GUARANTY AGENCY (MGA)
NOTICE OF PRIVACY PRACTICES

FACTS: WHAT DOES MGA DO WITH YOUR PERSONAL INFORMATION?

WHY?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

WHAT?

The types of personal information we collect and share depend on the product or service you have with us. This information can include Social Security number and transaction history, account balances and payment history, and credit history and credit scores.

When you are no longer our customer, we continue to share your information as described in this notice.

HOW?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons MGA chooses to share; and whether you can limit this sharing.

Reasons for sharing information

Does MGA do this?

Can you limit this sharing?

For our everyday business partners: Process your transactions, maintain your account, respond to court orders and legal investigations, report to credit bureaus, or otherwise with your consent.

Yes

No

For marketing: To offer our products and services to you

Yes

No

For joint marketing with other financial companies

No

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For our affiliates’ everyday business purposes (information about your transactions, experiences, or creditworthiness)

No

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For other companies to market to you

No

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Common Questions

Who are you? We are Michigan Guaranty Agency (MGA). We are the holder of one or more of your student loans. You can learn more about us at www.mgaloan.com.

How does MGA protect my personal information? To protect your personal information from unauthorized access, we use security measures that comply with federal law, like computer safeguards and secured files and buildings.

How does MGA collect my personal information? We collect your personal information, for example, when you apply for a loan, provide account information, pay your bills or send us a check, or give us your contact information. We also collect your personal information from others, such as credit bureaus or nonaffiliated companies.

Why cant I limit all sharing? Federal law gives you the right to limit only:

  • Sharing information about your creditworthiness for affiliates’ everyday business purposes
  • Sharing with affiliates to allow them to market to you
  • Sharing with nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

How do you define affiliates? Companies related by common ownership or control. They can be financial and nonfinancial companies. MGA does not share with our affiliates.

How do you define nonaffiliates? Companies not related by common ownership or control. They can be financial and nonfinancial companies. MGA does not share with nonaffiliates so they can market to you.

How do you define joint marketing? A formal agreement between nonaffiliated financial companies that together market financial products or services to you. MGA does not jointly market.

Where can I find information about your privacy policy online? Visit www.mga-borroweraccess.org/notice-of-privacy-practices.html to read our full policy.

Student Loan Programs

Your privacy is a serious matter-not only to you, but also to us. Student Loan Programs (SLP) recognizes that you expect the personal information you provide and any financial transactions that may transpire to be kept confidential and private. SLP has the same expectations. This notification will inform you of our privacy policies and practices with regard to nonpublic personal information.

SLP administers three different student loan programs: Michigan Direct Student Loan Program, State Secondary Market, and Michigan Alternative Student Loan (MI-LOAN) Program. In the course of administering these programs and providing student loan services, nonpublic personal information is collected regarding students, applicants and borrowers from the following sources:

  • Information received from you, the student and your cosigner(s), as applicable, and the school of attendance on applications, other forms, or through other methods;
  • Information we receive from Federal Family Education Loan Program participants, their agents, and other associated parties;
  • Information about your financial transactions with us; and
  • Information we receive from consumer reporting agencies.

SLP does not disclose nonpublic personal information about our current/former applicants or borrowers, their cosigners, and students, to anyone, unless the person concerned authorizes the disclosure, or as permitted or required by law. Federal law permits or requires disclosure of nonpublic personal information in certain instances; such as to loan servicers, student loan guaranty agencies, postsecondary schools, auditors, and consumer reporting agencies. Disclosure in these instances is solely in administration of the programs and to provide you with the services you have requested. SLP does not provide information to marketing agencies, or to any party not associated with administration of the programs unless required by law.

The nonpublic personal information we receive is used exclusively for the purpose for which it was intended, and access to this information is restricted to those employees who need to know the information to process your request and provide services to you. To ensure your nonpublic personal information is secure, SLP maintains physical, electronic and procedural safeguards that comply with federal regulations.

If you have any questions regarding our privacy policy, please contact us at 1-888-643-7521.