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The Michigan Guaranty Agency (MGA) is a component of the Michigan Higher Education Assistance Authority (MHEAA) and was established by Michigan Public Act 77 of 1960. MGA operates guarantees for three loan programs which are intended to guarantee subsidized and unsubsidized Federal Stafford loans, Federal PLUS loans, and Federal Consolidation loans made by banks, credit unions, savings and ...
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 ...
The program replaced the earlier Federal Family Education Loan (FFEL) program which issued "guaranteed loans" — loans originated and funded by private lenders but guaranteed by the government. The FFEL program was eliminated because of a perception that it benefited private student loan companies at the expense of taxpayers, but did not help ...
As of this year, Americans now owe $1.77 trillion in federal and private student loan debt and while the Biden administration tried to decrease that amount, the Supreme Court issued a decision ...
President Joe Biden announced the much-anticipated administration's plan for loan forgiveness on Aug. 24. But while the plan was mostly widely lauded, details were scarce, until now. Student Loan...
U.S. Education Department says 6,040 Michigan borrowers will benefit in the first round of student loan forgiveness under the SAVE plan.
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