In 2003 MGA formed a Default Aversion Task Force to address the increasing difficulty many Michigan students were facing in the repayment of their federal student loans. The task force, whose membership consisted of financial aid professionals from public, private, and career schools throughout the state, suggested a Default Aversion Symposium Series which would enable schools to mutually explore the best methods to keep students out of default.

Recently, representatives from the U.S. Department of Education Federal Student Aid Default Prevention group attended the 2006 MSFAA Summer Training to kick-off the Michigan Statewide Default Prevention Project with the goal of further engaging Michigan schools in default prevention activities. This series of symposia will assist you in your efforts. While helping students avoid loan default is a responsibility everyone in the financial aid community shares, giving students the necessary tools to not only complete their postsecondary educations but to successfully navigate life can be personally rewarding.

Part I: Understanding and Treating the Underlying Causes of Default
In March 2005, the Michigan Guaranty Agency (MGA) hosted part I of the Default Aversion Symposium Series at Schoolcraft College in Livonia featuring two nationally renowned experts in student loan debt and financial literacy. Because student loan default is often a symptom of a much larger financial health issue, this symposium allowed schools throughout the state to collaborate on some of their best practices in addressing the financial/debt crisis facing today's students.

Part II: Methodologies, Research, and Exploration: Getting Help to Those Who Need It Most
Held on November 21, 2006, this installment focused on successfully proven methodologies and research techniques that allow schools to better understand and identify students who may be more likely to default, thereby allowing schools to better allocate resources to those who need it most.

Part III: A Holistic Approach to Default Aversion
In April 2007 MGA continued its symposium series exploring the theory default aversion does not take place in a vacuum. This session focused on the many dynamic and interdependent pieces of the default aversion puzzle. When financial aid administrators work in tandem with other parties who have a vested interest in student success, a synergistic approach develops which yields highly efficient and successful results. Participants explored potential partners in default aversion (even those outside of higher education), how to get the best results with partners, and new tactics to help bolster a school's default aversion efforts.

Default Aversion Symposium IV
The Michigan Guaranty Agency in conjunction with the Michigan Student Financial Aid Association held the fourth installment of its of its default aversion symposium series: "Financial Literacy and Student Success," on October 22, 2008, at Lansing Community College West Campus, Lansing, Michigan.

This installment built on the third symposium's introduction of student success. Increasingly, research indicates that the key to default prevention is having students stay in school and complete their programs or degrees. The keys to student success lie in a successful foundation of strong classroom skills and financial literacy. This symposium comprised nationally recognized and local authorities in the areas of student success and financial literacy.