Mike Davies
March 2017

Michigan Student Loan Program to Provide Counseling for Borrowers

The student loan borrowers are able to work with counselors to figure out a plan of attack for their repayment. Those borrowers will also be happy to know they will learn how to make a household budget and better understand their credit scores.

Michigan’s residents are getting extra student loan help. Former students who are delinquent on their federal student loans are entitled to free one-on-one counseling. Michigan’s Treasury Department says they are partnering up with a division of the National Student Loan Program on a one-year trial basis.

The student loan borrowers are able to work with counselors to figure out a plan of attack for their repayment. Those borrowers will also be happy to know they will learn how to make a household budget and better understand their credit scores.

It appears that states are more and more getting behind their residents when it comes to student loans. Other states like Maine, Maryland, and Virginia have also been contributing to their local borrower’s needs. Since America still carries a $1.3 trillion debt in student loans, any help student loan borrowers can get is surely welcome. Especially, with the average person leaves school with over $30,000 in debt. Universities have entrance and exit interviews with student loan borrowers, and when implemented properly they can help. However, it’s hard to actually know what repayment will be like until borrowers reach it. That’s why a unique program like this to help borrowers who have made a bad turn get back on track and avoid defaulting on their loans should probably see countrywide implementation. It could save lots of borrowers from default, which 20% of borrowers have already defaulted.

In order to qualify for this help, borrowers must have federal student loans from a public or private nonprofit Michigan higher education institution, they must be currently delinquent on their student loans, and finally to agree to provide their credit score twice during the one-year pilot period to qualify. The pilot program will run all the way until January 1st, 2018.


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Mike Davies

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