Michigans Advantage Consolidation* |
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The Michigan Advantage Consolidation (MAC) student loan program applied to FFELP loans fully disbursed and consolidated between March 1, 2005 and April 17, 2008. Effective June 30, 2010, student loans with MHESLA will no longer become eligible for an interest rate subsidy from MHESLA. If a borrower's 36th payment is due on or before July 31, 2010, by making this payment on or before June 30, 2010, the loan may still qualify for the reduced interest rate benefit (all future payments must be made on time).
BENEFITS CONSISTED OF:
Automatic Electronic payments
(Electronic Payment Savings) |
.25% |
Interest Rate Reduction |
Interest Rate Reduction
(for consolidation loans of $7,500 or more, and after the first 36 consecutive and continued on-time monthly payments) |
1.00% |
Interest Rate Reduction |
| SAVINGS: |
1.25% |
Interest Rate Reduction |
*All borrower benefits are subject to available funding.
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