The Michigan Guaranty Agency (MGA) is a component of the Michigan Higher Education Assistance Authority (MHEAA) and was established by Michigan Public Act 77 of 1960. MGA operates guarantees for three loan programs which are intended to guarantee subsidized and unsubsidized Federal Stafford loans, Federal PLUS loans, and Federal Consolidation loans made by banks, credit unions, savings and loan associations, insurance companies, certain federal agencies and by the Michigan Higher Education Student Loan Authority (MHESLA).
The purpose of MHEAA's loan programs 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.
Famous quotes containing the word agency:
“It is possible that the telephone has been responsible for more business inefficiency than any other agency except laudanum.... In the old days when you wanted to get in touch with a man you wrote a note, sprinkled it with sand, and gave it to a man on horseback. It probably was delivered within half an hour, depending on how big a lunch the horse had had. But in these busy days of rush-rush-rush, it is sometimes a week before you can catch your man on the telephone.”
—Robert Benchley (1889–1945)