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Michigan Guaranty Agency

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Michigan Guaranty Agency

Announcements

December 2, 2022

Federal Student Aid posted Fresh Start Initiative Guidance to Guaranty Agencies (GA). The link below informs the GAs of their obligations regarding the Federal Family Education Loan (FFEL) Program loans that are in default in accordance with the Fresh Start Initiative.

Fresh Start Initiative Guidance to Guaranty Agencies (GAs)


December 1, 2022

The Michigan Guaranty Agency (MGA) student loan portfolio is now fully serviced by Pennsylvania Higher Education Assistance Agency (PHEAA). PHEAA can assist with:

  • Making payments
  • Payment plan options including rehabilitation
  • Loan information including balance, payments, and interest rates
  • Loan Forgiveness and Discharge
  • Forbearance or Deferment

Questions regarding your defaulted student loan account should be directed to the collections unit at 800-214-9320.

Questions regarding loans in repayment should be directed to your loan servicer or the Default Prevention Unity at 800-445-0216.

November 22, 2022

The student loan payment pause is extended until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. Payments will restart 60 days later. If the debt relief program has not been implemented and the litigation has not been resolved by June 30, 2023 - payments will resume 60 days after that date. Visit the link below for updates.

COVID-19 Emergency Relief and Federal Student Aid

On August 17, 2022

The U.S. Department of Education announced the Fresh Start initiative. The links below have additional information.

Dear Colleague Letter           Fresh Start Fact Sheet

Who is my Loan Servicer?

There are several student loan servicers in Michigan making it difficult to keep track of them all. 

Federal Loan Forgiveness, Cancellation and Discharge

In certain situations, you can have your federal student loan forgiven, canceled, or discharged. Find out whether you qualify due to your job or other circumstances.

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You Don’t Have to Pay for Help With Your Federal Student Loans

Many student loan debt relief companies charge a fee to provide services that you can take care of yourself for free by contacting your loan servicer. At no cost, your loan servicer may be able to help you lower your monthly loan payment; change your repayment plan; consolidate multiple federal student loans; see if you qualify for loan forgiveness or other programs; and may be able to help you work toward getting your loans out of default. 

For more information, contact us.

Contact Us

MICHIGAN GUARANTY AGENCY

P.O. Box 30047
Lansing, MI 48909-7547
Tel: (800) 642-5626
Fax: (517) 335-7449