29 April 2020 Michigan Department of Treasury stops student loan garnishments until September 30, 2020, due to COVID-19 The Michigan Department of Treasury announced that to provide assistance during the COVID-19 emergency, collection activities on delinquent Federal Family Education Loan Program (FFELP) student loans made by a financial institution and serviced by the Michigan Guaranty Agency will be halted until September 30, 2020. Additionally, the state Treasury Department has stopped all Michigan wage garnishments and offsets to pay outstanding FFELP student loans serviced by the Michigan Guaranty Agency, also through September 30, 2020. Finally, borrowers who are currently in repayment agreements will not be penalized if a payment is missed through September 30, 2020. Individuals who have FFELP loans serviced by the Michigan Guaranty Agency and are encountering repayment issues are encouraged to call 800-642-5626 where service representatives can discuss payment options with borrowers. To learn more about state student finance programs, go to www.michigan.gov/mistudentaid. More information about the Michigan Guaranty Agency is available here.
Document ID: 2020-1154 | |||||||||||
