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 The Michigan Guaranty Agency (MGA) operates
three loan programs in the Federal Family Education Loan Program. MGA's mission is to make low-interest, long-term educational loans available to students attending participating postsecondary institutions, and their parents. The loans are intended to enhance educational opportunities and improve the chance of success for program participants. This Web site contains resources for financial aid officers, lenders, and information for students and parents to help understand the student loan process and financing a higher education. |
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MGA Default Aversion Symposia News
On Wednesday, October 28, 2009, MGA in conjunction with the Michigan Student Financial Aid Association (MSFAA) held the fifth installment of its Default Aversion Symposium series, titled "Three-year CDR Calculation and Programs to Enhance Student Success."
Video and PowerPoint presentations by John Pierson, U.S. Department of Education, Federal Student Aid and Angela Johnson, Assistant Dean of Student Affairs, Cuyahoga Community College are available on MGA's Web site. More
| New Interest Rates and Repayment Option
On July 1, 2009,
interest rates for student loans will change for Federal Stafford subsidized loans and all federal loans with an adjustable interest rate.
Continue to interest rate chart.
Also effective July 1, a new repayment option, the
Income-based Repayment (IBR) plan becomes available. Under IBR, your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size.
Continue to view all repayment plans and additional information on the IBR program. | MGA Participating Lender List (rev. 7/28/09 3:00 pm) 
MGA has updated its Participating Lender List to provide the most up-to-the-minute information available regarding our FFELP lending partners. This revised list is offered as an Excel document, which will allow users to sort information by lender code, lender name, servicer, etc. It also provides information regarding additional lending criteria which a lender may utilize. |
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