LANSING, Mich. – Michigan residents with student loans guaranteed by the state will receive assistance amid the coronavirus (COVID-19) pandemic.
The Michigan Department of Treasury is suspending collection activities on delinquent student loans that are part of the Federal Family Education Loan Program (FFELP). Loan borrowers will not be penalized for missing payments through September 30, 2020.
“College students should not have to worry about defaulting on their monthly loan payments during the continuing, unprecedented public health crisis,” said Michigan Gov. Gretchen Whitmer. “This program will help alleviate a tremendous amount of stress from students with financial hardships as they determine the next steps in completing their education and competing for jobs in the 21st century workforce.”
Individuals encountering repayment issues with their FFELP loans serviced by the Michigan Guaranty Agency can call 800-642-5626 for help. More information can be found on the MI Student Aid website here.