Michigan Department of Treasury providing student loan assistance

Posted at 9:46 AM, Apr 28, 2020
and last updated 2020-04-28 13:18:03-04

(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.”

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