Michigan CUs pledge $6.7 million in job retraining support
LANSING, Mich. (12/8/06)--Credit unions in four areas of Michigan are providing a combined total of $6.7 million in unsecured educational loans to members seeking job retraining due to the loss of manufacturing jobs.
Credit unions that serve the areas of Lansing, Kalamazoo, Marshall and Grand Rapids will offer the Career Transition Program (CTP) loans at below-market interest rates. No loan payments are required for the first 24 months after the loan is disbursed, with all interest forgiven during that time.
Participating members will save a minimum of $950 on a $10,000 loan when the credit union loans are compared to unsubsidized Stafford loans, and as much as $5,100 when compared to an unsecured loan for a 10-year term.
Participating credit unions include:
- Lansing area: Eaton County Educational CU, Charlotte; Lansing Automakers FCU and NuUnion CU, Lansing;
- Kalamazoo area: First Community FCU, Parchment;
- Marshall: Marshall Community CU; and
- Grand Rapids: Meijer CU, Grand Rapids.
The state government is offering an additional $1.5 million in assistance to help students purchase textbooks, as well as $200,000 to provide career counseling and placement.
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