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Your loan servicer should let you know when your student loan debt is discharged. Anyone who chooses to opt out of the discharge will return to repayment when student loan repayment resumes, with interest resuming on September 1 and payments due starting in October. Subscribe to the CNBC Select Newsletter!
(1) A licensee or registrant may charge, contract for, receive, or collect on a secondary mortgage loan an interest rate not exceeding the interest rate permitted by the credit reform act, 1995 PA 162, MCL 445.1851 to 445.1864.
Michigan: A pilot program to pay monthly loan payments for school district employees. The new state School Aid budget includes $225 million that school districts can apply for to pay the monthly loan payments for employees.
You may be eligible for income-driven repayment (IDR) loan forgiveness if you've have been in repayment for 20 or 25 years. An IDR plan bases your monthly payment on your income and family size.
The Michigan State Loan Repayment Program (MSLRP) helps employers recruit and retain primary medical, dental, and mental healthcare providers by providing loan repayment to those entering into service obligations.
Borrowers are eligible for forgiveness if they have accumulated the equivalent of either 20 or 25 years of qualifying months depending on their loan type and income-driven repayment plan.
Michigan is amongst the top 10 states for most borrowers eligible for forgiveness, with the combined value of loans to be discharged valued by the department at over $1.2 billion. Debts will be wiped out within 30 days of eligible borrowers being notified by the Department of Education.