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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.
The Michigan Alternative Student Loan (MI-LOAN) Program is offered by the State of Michigan for the exclusive use of students who are attending Michigan degree-granting colleges and universities. The MI-LOAN Program consists of two programs; the Creditworthy Loan Program and the Credit Ready Loan Program.
If your student loan balance is suddenly showing zero, some of the many reasons could be: Your federal student aid or private student loans were forgiven. You've completed one of the student loan forgiveness programs. You qualify for Public Service Loan Forgiveness (PSLF), or.
The consequences of default can range from ineligibility to receive more federal financial aid or having the default reported to credit bureaus, to forced collections practices like tax refund and Social Security benefit confiscation, and paycheck garnishment, as well as associated fees.
Questions regarding your defaulted student loan account should be directed to the collections unit at 800-214-9320.