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 The Michigan Guaranty Agency (MGA) operates
three loan programs in the Federal Family Education Loan Program. MGA's mission is to make low-interest, long-term educational loans available to students attending participating postsecondary institutions, and their parents. The loans are intended to enhance educational opportunities and improve the chance of success for program participants. This Web site contains resources for financial aid officers, lenders, and information for students and parents to help understand the student loan process and financing a higher education. |
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Register For MGA's 2009 Fall School Workshops
MGA's 2009 Fall School Workshops will be held on Tuesday, November 17 at Grand Rapids Community College (Tassell M-TEC) in Grand Rapids and Wednesday, November 18 at Schoolcraft College's VisTaTech Center in Livonia. Agenda items include: Federal update, Veterans Benefits, Federal Delivery System Update, Professional Judgment in Today's Economy, and a Life Cycle of a Federal Loan.
These workshops are intended for the financial aid office staff of Michigan's postsecondary educational institutions. More or register now.
| New Interest Rates and Repayment Option
On July 1, 2009,
interest rates for student loans will change for Federal Stafford subsidized loans and all federal loans with an adjustable interest rate.
Continue to interest rate chart.
Also effective July 1, a new repayment option, the
Income-based Repayment (IBR) plan becomes available. Under IBR, your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size.
Continue to view all repayment plans and additional information on the IBR program. | MGA Participating Lender List (rev. 7/28/09 3:00 pm) 
MGA has updated its Participating Lender List to provide the most up-to-the-minute information available regarding our FFELP lending partners. This revised list is offered as an Excel document, which will allow users to sort information by lender code, lender name, servicer, etc. It also provides information regarding additional lending criteria which a lender may utilize. |
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