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The Michigan Higher Education Assistance Authority (MHEAA) was created by the State of Michigan in 1960 through Public Act 77. One of the major components of MHEAA is the Michigan Guaranty Agency (MGA), the federally designated guarantor of federal student loans in Michigan. In that capacity, MHEAA-MGA primarily backs Michigan students by ...
Michigan borrowers carry an average federal and private student loan debt balance of $33,487, which is 9% less than the U.S. average of $36,689. In September, the state announced the Futures for ...
In Michigan, $47 million in federal student loans will be forgiven in a first round of forgiveness under the SAVE plan, according to the U.S. Department of Education's data.
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service.
An education loan is a loan taken out by the student (or parent) to pay for educational expenses. Unlike scholarships and grants, this money must be repaid with interest. Educational loan options include federal student loans, federal parent loans, private loans, and consolidation loans.
Grants are monetary awards for college-related costs, like tuition, room and board, books, fees and other related expenses. Unlike loans, grants don’t have to be paid back, and there’s no ...
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