(WXYZ) — Michiganders who have student loans guaranteed by the state will be provided assistance during the COVID-19 pandemic, the Michigan Department of Treasury announced.
Collection activities on Federal Family Education Loan Program student loans will be halted until September 30.
“College students should not have to worry about defaulting on their monthly loan payments during the continuing, unprecedented public health crisis,” Gov. Gretchen Whitmer said. “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.”
Borrowers who are currently in repayment agreements will not be penalized if a payment is missed through September 30.
“The COVID-19 pandemic is both a public health emergency and an economic emergency,” State Treasurer Rachael Eubanks said. “If you are encountering financial hardship and cannot pay your state-backed student loans, please contact us so we can walk through your options for assistance.”
Additional Coronavirus information and resources:
Click here for a page with resources including a COVID-19 overview from the CDC, details on cases in Michigan, a timeline of Governor Gretchen Whitmer's orders since the outbreak, coronavirus' impact on Southeast Michigan, and links to more information from the Michigan Department of Health and Human Services, the CDC and the WHO.
View a global coronavirus tracker with data from Johns Hopkins University.
Find out how you can help metro Detroit restaurants struggling during the pandemic.
See all of our Helping Each Other stories.
See complete coverage on our Coronavirus Continuing Coverage page.